Keefe, Bruyette & Woods Boosts First Internet Bancorp (NASDAQ:INBK) Price Target to $42.00

First Internet Bancorp (NASDAQ:INBK) had its target price upped by Keefe, Bruyette & Woods from $36.00 to $42.00 in a research report released on Friday, Benzinga reports. The firm currently has a market perform rating on the bank’s stock.

Several other equities research analysts also recently commented on the company. Piper Sandler reduced their target price on First Internet Bancorp from $35.00 to $34.00 and set a neutral rating for the company in a report on Monday, April 29th. Hovde Group increased their target price on shares of First Internet Bancorp from $38.00 to $44.00 and gave the stock an outperform rating in a research report on Friday. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of Hold and a consensus price target of $42.88.

First Internet Bancorp Stock Down 3.7 %

INBK stock opened at $37.67 on Friday. The company has a debt-to-equity ratio of 1.85, a current ratio of 1.02 and a quick ratio of 1.02. The firm has a fifty day moving average price of $29.81 and a two-hundred day moving average price of $30.88. First Internet Bancorp has a 1-year low of $14.11 and a 1-year high of $39.46. The firm has a market cap of $326.22 million, a price-to-earnings ratio of 19.83 and a beta of 0.68.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings data on Wednesday, July 24th. The bank reported $0.72 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.72. The business had revenue of $81.99 million during the quarter, compared to the consensus estimate of $30.55 million. First Internet Bancorp had a return on equity of 5.27% and a net margin of 6.12%. During the same period in the previous year, the firm posted $0.44 earnings per share. Research analysts predict that First Internet Bancorp will post 3.1 EPS for the current year.

First Internet Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were paid a $0.06 dividend. The ex-dividend date of this dividend was Friday, June 28th. This represents a $0.24 annualized dividend and a dividend yield of 0.64%. First Internet Bancorp’s payout ratio is 12.63%.

Hedge Funds Weigh In On First Internet Bancorp

Several large investors have recently bought and sold shares of the stock. Sapient Capital LLC bought a new position in First Internet Bancorp during the 4th quarter worth approximately $3,094,000. Foundry Partners LLC boosted its position in shares of First Internet Bancorp by 56.6% during the first quarter. Foundry Partners LLC now owns 97,245 shares of the bank’s stock worth $3,378,000 after purchasing an additional 35,140 shares in the last quarter. Acadian Asset Management LLC grew its holdings in shares of First Internet Bancorp by 263.2% in the 1st quarter. Acadian Asset Management LLC now owns 97,600 shares of the bank’s stock valued at $3,389,000 after buying an additional 70,725 shares during the period. Quadrature Capital Ltd increased its position in shares of First Internet Bancorp by 33.0% in the 4th quarter. Quadrature Capital Ltd now owns 47,209 shares of the bank’s stock valued at $1,142,000 after buying an additional 11,707 shares in the last quarter. Finally, Acuitas Investments LLC acquired a new position in First Internet Bancorp in the fourth quarter valued at about $1,940,000. 65.46% of the stock is currently owned by institutional investors and hedge funds.

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.