First Internet Bancorp (NASDAQ:INBK – Get Rating) shares have been given a consensus rating of “Hold” by the six brokerage houses that cover the company, reports MarketBeat. One research analyst has rated the stock with a sell rating and two have issued a hold rating on the company. The average 12-month target price, set by analysts who updated their coverage of the stock over the last year, is $23.38.
A number of research analysts have issued reports on INBK stocks. StockNews.com assumed coverage of First Internet Bancorp in a research note on Thursday, May 18th. They rated the company a sell. Keefe, Bruyette & Woods lowered their target price on First Internet Bancorp shares to $27.00 from $30.00 and rated the stock as “market performance” in a research note on Thursday, April 6. Piper Sandler lowered his price target on First Internet Bancorp from $20.00 to $16.50 in a report on Monday, May 1st. Finally, Craig Hallum lowered his price target on First Internet Bancorp from $27.00 to $18.00 in a research note on Friday, April 28.
Price history of First Internet Bancorp
NASDAQ INBK shares opened at $12.30 on Friday. The company has a market cap of $109.59 million, a P/E of 5.08 and a beta of 0.47. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt to equity ratio of 2.02. The 50-day moving average price of the stock is $13.98 and the 200-day moving average price is $21.17. First Internet Bancorp has a 12-month low of $9.68 and a 12-month high of $40.12.
First Internet Bancorp announces dividend
The company also recently announced a quarterly dividend, which was paid on Monday, April 17th. A dividend of $0.06 per share was paid to shareholders of record as of Friday, March 31. The ex-dividend date of this dividend was Thursday, March 30th. That equates to an annualized dividend of $0.24 and a dividend yield of 1.95%. First Internet Bancorp’s dividend payout ratio is currently 9.92%.
In addition, Director Ann C. Dee purchased 2,000 shares of the company’s stock in a transaction on Wednesday, March 29. The shares were purchased at an average price of $17.26 per share for a total value of $34,520.00. Following the completion of the acquisition, the director now owns 4,850 shares of the company, valued at approximately $83,711. The transaction was disclosed in a document filed with the SEC, available at this link. In related news, Director Aasif M. Bade bought 10,000 shares of the stock in a transaction that took place on Wednesday, May 10. The shares were acquired at an average price of $10.76 per share for a total value of $107,600.00. Upon completion of the purchase, the director now directly owns 22,500 shares of the company, valued at approximately $242,100. The acquisition was disclosed in a filing with the Securities & Exchange Commission, available at this link. In addition, in a transaction dated Wednesday, March 29, Director Ann C. Dee acquired 2,000 shares of the company. The stock was purchased at an average price of $17.26 per share for a total transaction of $34,520.00. Following the acquisition, the director now directly owns 4,850 shares of the company, valued at $83,711. The disclosure for this purchase can be found here. Over the past three months, insiders bought 17,000 shares of the company’s stock for $204,620. 7.10% of the shares are owned by company insiders.
Institutional inflows and outflows
Hedge funds and other institutional investors have recently added to or reduced their holdings in the stock. Russell Investments Group Ltd. acquired a new interest in First Internet Bancorp valued at approximately $38,000 during the first quarter. Tower Research Capital LLC TRC increased its stake in First Internet Bancorp by 148.9% during the third quarter. Tower Research Capital LLC TRC now owns 1,267 shares of the bank, valued at $42,000, after buying another 758 shares last quarter. Column Capital Advisors LLC bought a new stake in First Internet Bancorp valued at approximately $50,000 in Q1. Barclays PLC increased its stake in First Internet Bancorp by 521.7% in the fourth quarter. Barclays PLC now owns 2,325 shares of the bank, valued at $56,000, after buying another 1,951 shares last quarter. Finally, UBS Group AG increased its position in First Internet Bancorp by 5,450.0% in the fourth quarter. UBS Group AG now owns 2,442 shares of the bank, valued at $59,000, after purchasing another 2,398 shares last quarter. 70.72% of shares are currently owned by hedge funds and other institutional investors.
About First Internet Bancorp (received a review)
First Internet Bancorp is engaged in the provision of online products and services to commercial and retail banks. The Company provides senior residential mortgage, consumer, credit card and commercial real estate loans in Indiana and other parts of the Midwest in the form of office, retail, industrial and multi-family loans with tenant lease credit financing.
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