First Internet Bancorp (NASDAQ:INBK) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of First Internet Bancorp (NASDAQ:INBK) from a hold rating to a strong-buy rating in a research report sent to investors on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $17.00 price objective on the bank’s stock.

According to Zacks, “First Internet Bancorp is a bank holding company that conducts its business activities through its subsidiary, First Internet Bank of Indiana. The Bank operates through the internet primarily in the United States. Its services includes checking accounts, regular and money market savings accounts, consumer loans, conforming mortgages, jumbo mortgages, home equity loans and lines of credit, and commercial loans. First Internet Bancorp is based in Indianapolis, United States. “

INBK has been the subject of a number of other reports. Craig Hallum lowered their price target on shares of First Internet Bancorp from $33.00 to $30.00 and set a buy rating for the company in a report on Friday, April 24th. Janney Montgomery Scott raised shares of First Internet Bancorp from a neutral rating to a buy rating in a report on Friday, July 24th. ValuEngine lowered shares of First Internet Bancorp from a sell rating to a strong sell rating in a report on Wednesday, June 17th. Finally, Piper Sandler lowered their price target on shares of First Internet Bancorp from $21.00 to $20.00 and set an overweight rating for the company in a report on Friday, July 24th. Two investment analysts have rated the stock with a sell rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of Buy and a consensus price target of $24.00.

Shares of INBK stock opened at $14.65 on Wednesday. The company’s fifty day simple moving average is $15.85 and its 200-day simple moving average is $18.63. First Internet Bancorp has a 52 week low of $10.47 and a 52 week high of $28.50. The company has a current ratio of 1.00, a quick ratio of 0.99 and a debt-to-equity ratio of 1.92. The company has a market cap of $143.57 million, a PE ratio of 6.18 and a beta of 0.83.

First Internet Bancorp (NASDAQ:INBK) last issued its earnings results on Thursday, July 23rd. The bank reported $0.40 EPS for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.07. First Internet Bancorp had a net margin of 13.90% and a return on equity of 7.75%. The business had revenue of $19.40 million for the quarter, compared to the consensus estimate of $20.32 million. Equities research analysts expect that First Internet Bancorp will post 1.92 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.64%. The ex-dividend date of this dividend was Monday, June 29th. First Internet Bancorp’s dividend payout ratio is currently 9.56%.

A number of hedge funds have recently made changes to their positions in the business. Citigroup Inc. boosted its holdings in shares of First Internet Bancorp by 38.6% in the 4th quarter. Citigroup Inc. now owns 1,991 shares of the bank’s stock valued at $47,000 after buying an additional 554 shares during the period. Nwam LLC boosted its holdings in shares of First Internet Bancorp by 7.7% in the 1st quarter. Nwam LLC now owns 10,527 shares of the bank’s stock valued at $172,861,000 after buying an additional 750 shares during the period. First Midwest Bank Trust Division acquired a new position in shares of First Internet Bancorp in the 1st quarter valued at about $175,000. Donaldson Capital Management LLC boosted its holdings in shares of First Internet Bancorp by 24.3% in the 1st quarter. Donaldson Capital Management LLC now owns 12,781 shares of the bank’s stock valued at $210,000 after buying an additional 2,501 shares during the period. Finally, Matarin Capital Management LLC acquired a new position in shares of First Internet Bancorp in the 1st quarter valued at about $220,000. 69.83% of the stock is owned by institutional investors.

First Internet Bancorp Company Profile

First Internet Bancorp operates as a bank holding company for First Internet Bank of Indiana that provides commercial and retail banking products and services in the United States. The company offers savings and money market accounts, non-interest bearing and interest-bearing demand deposits, brokered deposit accounts, and certificates of deposit.

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