First Internet Bancorp (NASDAQ:INBK – Free Report) had its price target lifted by Craig Hallum from $40.00 to $45.00 in a research note published on Friday, Benzinga reports. Craig Hallum currently has a buy rating on the bank’s stock.
Several other research analysts have also issued reports on INBK. Hovde Group increased their target price on First Internet Bancorp from $38.00 to $44.00 and gave the company an outperform rating in a research note on Friday. Piper Sandler cut their target price on First Internet Bancorp from $35.00 to $34.00 and set a neutral rating for the company in a research note on Monday, April 29th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of First Internet Bancorp from $36.00 to $42.00 and gave the stock a market perform rating in a research note on Friday. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of Hold and an average price target of $42.88.
View Our Latest Stock Report on First Internet Bancorp
First Internet Bancorp Price Performance
First Internet Bancorp (NASDAQ:INBK – Get Free Report) last announced its earnings results on Wednesday, July 24th. The bank reported $0.72 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.72. The business had revenue of $81.99 million for the quarter, compared to the consensus estimate of $30.55 million. First Internet Bancorp had a net margin of 6.12% and a return on equity of 5.27%. During the same period last year, the firm posted $0.44 earnings per share. On average, research analysts forecast that First Internet Bancorp will post 3.1 earnings per share for the current fiscal year.
First Internet Bancorp Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were given a $0.06 dividend. The ex-dividend date of this dividend was Friday, June 28th. This represents a $0.24 annualized dividend and a yield of 0.64%. First Internet Bancorp’s payout ratio is currently 12.63%.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently made changes to their positions in the company. Valeo Financial Advisors LLC boosted its holdings in shares of First Internet Bancorp by 2.6% during the second quarter. Valeo Financial Advisors LLC now owns 23,967 shares of the bank’s stock worth $648,000 after purchasing an additional 606 shares during the period. Public Employees Retirement System of Ohio raised its position in First Internet Bancorp by 27.5% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 12,018 shares of the bank’s stock valued at $195,000 after purchasing an additional 2,592 shares during the last quarter. Quadrature Capital Ltd raised its holdings in shares of First Internet Bancorp by 33.0% during the fourth quarter. Quadrature Capital Ltd now owns 47,209 shares of the bank’s stock valued at $1,142,000 after acquiring an additional 11,707 shares in the last quarter. Ancora Advisors LLC increased its position in First Internet Bancorp by 7.0% during the 1st quarter. Ancora Advisors LLC now owns 216,712 shares of the bank’s stock valued at $7,529,000 after purchasing an additional 14,190 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in First Internet Bancorp by 149.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 38,972 shares of the bank’s stock worth $1,053,000 after purchasing an additional 23,376 shares in the last quarter. 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, and Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.
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