Keefe, Bruyette & Woods reissued their market perform rating on shares of First Internet Bancorp (NASDAQ:INBK – Free Report) in a research note released on Friday, Benzinga reports. The brokerage currently has a $36.00 price target on the bank’s stock, up from their prior price target of $34.00.
Other equities research analysts have also issued research reports about the company. StockNews.com upgraded First Internet Bancorp from a sell rating to a hold rating in a research report on Friday, January 5th. Hovde Group lowered their price target on shares of First Internet Bancorp from $38.50 to $38.00 and set an outperform rating on the stock in a report on Friday. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Hold and an average price target of $35.75.
Check Out Our Latest Stock Analysis on First Internet Bancorp
First Internet Bancorp Stock Performance
First Internet Bancorp Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.77%. The ex-dividend date was Wednesday, March 27th. First Internet Bancorp’s dividend payout ratio (DPR) is presently 12.63%.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Public Employees Retirement System of Ohio raised its position in First Internet Bancorp by 27.5% during the third quarter. Public Employees Retirement System of Ohio now owns 12,018 shares of the bank’s stock worth $195,000 after acquiring an additional 2,592 shares during the period. Barclays PLC boosted its stake in shares of First Internet Bancorp by 42.1% in the third quarter. Barclays PLC now owns 15,342 shares of the bank’s stock worth $249,000 after acquiring an additional 4,543 shares during the last quarter. Citigroup Inc. raised its stake in First Internet Bancorp by 101,984.6% in the 3rd quarter. Citigroup Inc. now owns 26,542 shares of the bank’s stock valued at $430,000 after purchasing an additional 26,516 shares during the last quarter. Quadrature Capital Ltd raised its stake in First Internet Bancorp by 44.4% in the 3rd quarter. Quadrature Capital Ltd now owns 35,502 shares of the bank’s stock valued at $569,000 after purchasing an additional 10,916 shares during the last quarter. Finally, Denali Advisors LLC boosted its stake in First Internet Bancorp by 98.0% during the 3rd quarter. Denali Advisors LLC now owns 40,000 shares of the bank’s stock worth $648,000 after purchasing an additional 19,800 shares during the last quarter. Hedge funds and other institutional investors own 65.46% of the company’s stock.
About First Internet Bancorp
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, Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.
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