Keefe, Bruyette & Woods Lowers First Internet Bancorp (NASDAQ:INBK) Price Target to $30.00

First Internet Bancorp (NASDAQ:INBK - Free Report) had its price target reduced by Keefe, Bruyette & Woods from $35.00 to $30.00 in a research note published on Tuesday morning,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the bank's stock.

Other research analysts also recently issued research reports about the stock. Piper Sandler reduced their price target on shares of First Internet Bancorp from $32.00 to $24.00 and set a "neutral" rating on the stock in a research report on Monday, April 28th. StockNews.com cut shares of First Internet Bancorp from a "buy" rating to a "hold" rating in a research note on Thursday, March 27th. Finally, Hovde Group dropped their price objective on shares of First Internet Bancorp from $39.00 to $28.00 and set an "outperform" rating for the company in a research report on Friday, April 25th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, First Internet Bancorp presently has an average rating of "Hold" and a consensus price target of $31.75.

First Internet Bancorp Price Performance

Shares of INBK traded up $0.83 during trading hours on Tuesday, hitting $22.04. The stock had a trading volume of 234,782 shares, compared to its average volume of 46,839. First Internet Bancorp has a 52 week low of $19.54 and a 52 week high of $43.26. The stock has a market capitalization of $191.68 million, a price-to-earnings ratio of 7.63 and a beta of 0.52. The company's fifty day moving average is $25.49 and its two-hundred day moving average is $32.71. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.98.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The bank reported $0.11 EPS for the quarter, missing the consensus estimate of $0.75 by ($0.64). First Internet Bancorp had a return on equity of 5.86% and a net margin of 7.45%. The business had revenue of $76.83 million during the quarter, compared to analyst estimates of $26.73 million. On average, analysts anticipate that First Internet Bancorp will post 4.11 EPS for the current year.

First Internet Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a $0.06 dividend. The ex-dividend date was Monday, March 31st. This represents a $0.24 annualized dividend and a yield of 1.09%. First Internet Bancorp's dividend payout ratio is currently 9.96%.

Institutional Trading of First Internet Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP grew its stake in shares of First Internet Bancorp by 1.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 509,661 shares of the bank's stock worth $18,343,000 after purchasing an additional 9,190 shares during the period. Vanguard Group Inc. grew its position in shares of First Internet Bancorp by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 440,356 shares of the bank's stock worth $15,848,000 after buying an additional 7,066 shares during the period. Patriot Financial Partners GP LP raised its position in shares of First Internet Bancorp by 14.7% in the 4th quarter. Patriot Financial Partners GP LP now owns 373,482 shares of the bank's stock valued at $13,442,000 after acquiring an additional 48,000 shares during the period. Geode Capital Management LLC boosted its stake in First Internet Bancorp by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 201,641 shares of the bank's stock worth $6,909,000 after acquiring an additional 3,967 shares during the last quarter. Finally, Foundry Partners LLC grew its holdings in First Internet Bancorp by 11.5% during the fourth quarter. Foundry Partners LLC now owns 135,834 shares of the bank's stock valued at $4,889,000 after purchasing an additional 14,007 shares during the period. Institutional investors own 65.46% of the company's stock.

First Internet Bancorp Company Profile

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.