First Internet Bancorp (NASDAQ:INBK) Given Average Recommendation of "Moderate Buy" by Analysts

Shares of First Internet Bancorp (NASDAQ:INBK - Get Free Report) have been given a consensus rating of "Moderate Buy" by the four analysts that are presently covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $31.75.

Several research analysts have commented on the stock. Hovde Group dropped their price objective on shares of First Internet Bancorp from $38.50 to $38.00 and set an "outperform" rating for the company in a report on Friday. StockNews.com raised shares of First Internet Bancorp from a "sell" rating to a "hold" rating in a report on Friday, January 5th. Finally, Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $36.00 price target (up previously from $34.00) on shares of First Internet Bancorp in a report on Friday.

First Internet Bancorp Price Performance

First Internet Bancorp stock traded up $0.34 during mid-day trading on Friday, hitting $31.05. The stock had a trading volume of 69,916 shares, compared to its average volume of 54,517. The firm has a market capitalization of $268.92 million, a P/E ratio of 16.34 and a beta of 0.72. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.98. The firm's 50 day moving average is $32.28 and its 200 day moving average is $26.06. First Internet Bancorp has a one year low of $9.68 and a one year high of $35.72.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last released its quarterly earnings data on Wednesday, January 24th. The bank reported $0.48 EPS for the quarter, beating the consensus estimate of $0.24 by $0.24. First Internet Bancorp had a net margin of 5.84% and a return on equity of 4.68%. The business had revenue of $27.21 million during the quarter, compared to the consensus estimate of $24.50 million. On average, sell-side analysts forecast that First Internet Bancorp will post 3.01 earnings per share for the current fiscal year.

First Internet Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.77%. The ex-dividend date of this dividend was Wednesday, March 27th. First Internet Bancorp's payout ratio is 12.63%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Sapient Capital LLC purchased a new stake in First Internet Bancorp in the 4th quarter worth about $3,094,000. GSA Capital Partners LLP purchased a new position in shares of First Internet Bancorp during the third quarter worth approximately $1,031,000. Patriot Financial Partners GP LP increased its position in shares of First Internet Bancorp by 1.9% during the third quarter. Patriot Financial Partners GP LP now owns 155,482 shares of the bank's stock worth $2,520,000 after acquiring an additional 2,958 shares during the period. Citigroup Inc. increased its position in shares of First Internet Bancorp by 101,984.6% during the third quarter. Citigroup Inc. now owns 26,542 shares of the bank's stock worth $430,000 after acquiring an additional 26,516 shares during the period. Finally, Denali Advisors LLC increased its position in shares of First Internet Bancorp by 98.0% during the third quarter. Denali Advisors LLC now owns 40,000 shares of the bank's stock worth $648,000 after acquiring an additional 19,800 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, Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.