Brokerages Set First Internet Bancorp (NASDAQ:INBK) Price Target at $25.67

First Internet Bancorp (NASDAQ:INBK) has been given an average rating of “Hold” by the five brokerages that are currently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $25.6667.

A number of analysts have issued reports on INBK shares. Weiss Ratings reiterated a “sell (d)” rating on shares of First Internet Bancorp in a research note on Friday, March 27th. Piper Sandler lifted their target price on shares of First Internet Bancorp from $23.50 to $24.00 and gave the company a “neutral” rating in a research note on Friday, May 1st. Keefe, Bruyette & Woods lifted their target price on shares of First Internet Bancorp from $23.00 to $24.00 and gave the company a “market perform” rating in a research note on Friday, May 1st. Wall Street Zen upgraded shares of First Internet Bancorp from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. Finally, Zacks Research upgraded shares of First Internet Bancorp from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th.

Hedge Funds Weigh In On First Internet Bancorp

A number of institutional investors have recently modified their holdings of INBK. Royal Bank of Canada raised its position in shares of First Internet Bancorp by 78.5% in the first quarter. Royal Bank of Canada now owns 13,789 shares of the bank’s stock valued at $369,000 after purchasing an additional 6,064 shares during the period. Empowered Funds LLC raised its position in shares of First Internet Bancorp by 81.4% in the first quarter. Empowered Funds LLC now owns 13,135 shares of the bank’s stock valued at $352,000 after purchasing an additional 5,893 shares during the period. Jane Street Group LLC bought a new position in shares of First Internet Bancorp in the first quarter valued at approximately $297,000. First Trust Advisors LP raised its position in shares of First Internet Bancorp by 4.9% in the second quarter. First Trust Advisors LP now owns 31,683 shares of the bank’s stock valued at $852,000 after purchasing an additional 1,474 shares during the period. Finally, Jump Financial LLC bought a new position in shares of First Internet Bancorp in the second quarter valued at approximately $236,000. Institutional investors own 65.46% of the company’s stock.

First Internet Bancorp Price Performance

NASDAQ INBK opened at $25.79 on Wednesday. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.96. The stock has a market capitalization of $224.89 million, a PE ratio of -6.70 and a beta of 0.85. The company has a 50 day moving average price of $23.98 and a two-hundred day moving average price of $21.96. First Internet Bancorp has a 12-month low of $17.05 and a 12-month high of $28.51.

First Internet Bancorp (NASDAQ:INBK) last posted its earnings results on Thursday, April 30th. The bank reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.21. The firm had revenue of $43.12 million during the quarter, compared to analysts’ expectations of $45.67 million. First Internet Bancorp had a negative net margin of 9.60% and a negative return on equity of 1.14%. As a group, equities analysts predict that First Internet Bancorp will post 1.98 earnings per share for the current fiscal year.

First Internet Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a $0.06 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.9%. First Internet Bancorp’s dividend payout ratio (DPR) is currently -6.23%.

First Internet Bancorp Company Profile

First Internet Bancorp is the bank holding company for First Internet Bank of Indiana, a pioneer in digital banking in the United States. Established with a focus on online-only operations, the company offers fully integrated, web-based financial solutions without the overhead of physical branches. Headquartered in Indianapolis, Indiana, First Internet Bancorp leverages technology to deliver streamlined banking services to customers across the country.

The company’s core offerings include a range of deposit products such as checking accounts, savings accounts, money market accounts, certificates of deposit (CDs) and individual retirement accounts (IRAs).