First Internet Bancorp (NASDAQ:INBK – Get Rating) stock has been given an average rating of “hold” by the six analysts currently covering the company, reports MarketBeat Ratings. Five analysts have given the stock a hold rating. The average 12-month target price among brokers who have rated the stock over the past year is $32.50.
INBK has been the subject of a number of new analyst reports. TheStreet downgraded First Internet Bancorp from a “b-” rating to a “c” rating in a research note on Wednesday, November 30th. StockNews.com downgraded First Internet Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, October 26.
First Internet Bancorp is trading down 1.9%
First Internet Bancorp shares opened at $27.17 on Wednesday. The stock has a 50-day simple moving average of $25.42 and a 200-day simple moving average of $29.18. First Internet Bancorp has a 12-month low of $22.01 and a 12-month high of $50.28. The company has a market cap of $251.05 million, a P/E of 7.34 and a beta of 0.54. The company has a current ratio of 1.09, a quick ratio of 1.08 and a debt-to-equity ratio of 1.92.
First Internet Bancorp (NASDAQ:INBK – Get Rating) last announced its quarterly results on Wednesday, January 25th. The bank reported earnings per share (EPS) of $0.68 for the quarter, beating the consensus estimate of $0.73 ($0.05). The company had revenue of $27.48 million for the quarter, compared to the consensus estimate of $26.70 million. First Internet Bancorp had a return on equity of 10.14% and a net margin of 19.95%. On average, sell-side analysts expect First Internet Bancorp to report earnings per share of 2.25 for the current fiscal year.
First Internet Bancorp announces dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, January 17th. A dividend of $0.06 per share was paid to shareholders of record on Friday, December 30th. The ex-dividend date of this dividend was Thursday December 29th. That equates to an annualized dividend of $0.24 and a dividend yield of 0.88%. First Internet Bancorp’s payout percentage is 6.49%.
Institutional inflows and outflows
Several institutional investors and hedge funds have recently changed their positions in INBK. Patriot Financial Partners GP LP bought a new position in First Internet Bancorp stock valued at $3,703,000 during the fourth quarter. Wellington Management Group LLP acquired a new interest in First Internet Bancorp in Q1 for approximately $4,203,000. Fiduciary Trust Co. increased its stake in First Internet Bancorp by 41.6% in the third quarter. Fiduciary Trust Co. now owns 127,466 shares of the bank, valued at $4,316,000, after purchasing an additional 37,427 shares last quarter. Prudential Financial Inc. increased its stake in First Internet Bancorp by 104.6% in the first quarter. Prudential Financial Inc. now owns 69,588 shares of the bank, valued at $2,993,000, after purchasing an additional 35,580 shares last quarter. Finally, AQR Capital Management LLC increased its stake in First Internet Bancorp by 285.0% during the second quarter. AQR Capital Management LLC now owns 36,714 shares of the bank, valued at $1,352,000, after purchasing an additional 27,177 shares last quarter. Institutional investors own 70.72% of the company’s shares.
About First Internet Bancorp (Get Review)
First Internet Bancorp is engaged in the provision of online business and retail banking products and services. It provides senior residential mortgage loans, consumer loans, credit card and CRE loans in Indiana and other parts of the Midwest in the form of office, retail, industrial and multi-family loans with credit tenant lease financing.
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