First Internet Bancorp's (INBK) Market Perform Rating Reaffirmed at Keefe, Bruyette & Woods

Key Points

• First Internet Bancorp's stock rating has been reaffirmed as "market perform" by Keefe, Bruyette & Woods, with a revised price target of $27.00, indicating potential upside of 17.42% from its previous close.
• The bank reported an earnings miss for the last quarter, with an EPS of $0.02 against expectations of $0.33, while revenue was $33.55 million, exceeding projections.
• Institutional investors hold a significant stake in First Internet Bancorp, owning 65.46% of the company's stock, with notable increases in holdings from several firms during the recent quarters.

Keefe, Bruyette & Woods reissued their market perform rating on shares of First Internet Bancorp (NASDAQ:INBK - Free Report) in a research note released on Monday,Benzinga reports. The brokerage currently has a $27.00 price objective on the bank's stock, down from their prior price objective of $30.00.

Several other research firms have also recently commented on INBK. Hovde Group lowered their target price on First Internet Bancorp from $32.00 to $29.00 and set an "outperform" rating for the company in a research note on Monday. Wall Street Zen raised First Internet Bancorp from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Finally, Piper Sandler cut their price target on First Internet Bancorp from $32.00 to $24.00 and set a "neutral" rating on the stock in a research note on Monday, April 28th.

First Internet Bancorp Price Performance

Shares of INBK traded down $0.31 during mid-day trading on Monday, hitting $21.95. 29,319 shares of the company traded hands, compared to its average volume of 50,956. The business has a 50-day moving average of $25.30 and a 200 day moving average of $26.97. The stock has a market capitalization of $190.92 million, a price-to-earnings ratio of 12.47 and a beta of 0.72. First Internet Bancorp has a one year low of $19.54 and a one year high of $43.26. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 1.29.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last released its earnings results on Wednesday, July 23rd. The bank reported $0.02 EPS for the quarter, missing the consensus estimate of $0.33 by ($0.31). The firm had revenue of $33.55 million during the quarter, compared to analyst estimates of $30.08 million. First Internet Bancorp had a net margin of 4.36% and a return on equity of 3.04%. As a group, equities analysts expect that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

First Internet Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date was Monday, June 30th. First Internet Bancorp's dividend payout ratio (DPR) is presently 13.64%.

Institutional Investors Weigh In On First Internet Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Deutsche Bank AG boosted its holdings in First Internet Bancorp by 4.5% during the fourth quarter. Deutsche Bank AG now owns 7,789 shares of the bank's stock worth $280,000 after purchasing an additional 335 shares during the last quarter. Sei Investments Co. lifted its holdings in First Internet Bancorp by 2.8% during the 4th quarter. Sei Investments Co. now owns 13,045 shares of the bank's stock valued at $470,000 after purchasing an additional 360 shares during the last quarter. Ancora Advisors LLC lifted its holdings in First Internet Bancorp by 0.5% during the 4th quarter. Ancora Advisors LLC now owns 130,767 shares of the bank's stock valued at $4,706,000 after purchasing an additional 700 shares during the last quarter. Bank of America Corp DE lifted its holdings in First Internet Bancorp by 3.5% during the 4th quarter. Bank of America Corp DE now owns 20,800 shares of the bank's stock valued at $749,000 after purchasing an additional 707 shares during the last quarter. Finally, Hsbc Holdings PLC lifted its holdings in First Internet Bancorp by 7.0% during the 1st quarter. Hsbc Holdings PLC now owns 11,579 shares of the bank's stock valued at $302,000 after purchasing an additional 758 shares during the last quarter. 65.46% of the stock is currently owned by institutional investors and hedge funds.

About First Internet Bancorp

First Internet Bancorp operates as the bank holding company for First Internet Bank of Indiana that provides commercial, small business, consumer, and municipal banking products and services to individuals and commercial customers in the United States. The company accepts non-interest bearing and interest-bearing demand deposit, commercial deposit, savings, money market, and Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.