First Internet Bancorp (NASDAQ:INBK) reached a new 52-week low on Monday . The company traded as low as $29.95 and last traded at $30.60, with a volume of 3413 shares. The stock had previously closed at $31.40.

INBK has been the topic of a number of recent research reports. ValuEngine downgraded shares of First Internet Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, August 2nd. BidaskClub downgraded shares of First Internet Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, July 12th. FIG Partners downgraded shares of First Internet Bancorp from an “outperform” rating to a “market-perform” rating in a research note on Monday, July 23rd. Finally, Zacks Investment Research upgraded shares of First Internet Bancorp from a “sell” rating to a “hold” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $45.00.

The company has a current ratio of 1.05, a quick ratio of 1.04 and a debt-to-equity ratio of 1.50. The company has a market cap of $315.63 million, a P/E ratio of 12.97 and a beta of 0.02.

First Internet Bancorp (NASDAQ:INBK) last issued its earnings results on Friday, July 20th. The bank reported $0.67 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.70 by ($0.03). First Internet Bancorp had a net margin of 18.39% and a return on equity of 9.36%. The firm had revenue of $17.64 million during the quarter, compared to analyst estimates of $20.03 million. equities research analysts forecast that First Internet Bancorp will post 2.59 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Stockholders of record on Friday, September 28th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $0.24 annualized dividend and a dividend yield of 0.77%. First Internet Bancorp’s dividend payout ratio is presently 10.04%.

In other news, CEO David B. Becker bought 2,500 shares of First Internet Bancorp stock in a transaction dated Friday, July 27th. The shares were bought at an average price of $30.89 per share, for a total transaction of $77,225.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Jerry L. Williams bought 3,000 shares of First Internet Bancorp stock in a transaction dated Thursday, July 26th. The stock was purchased at an average price of $31.00 per share, for a total transaction of $93,000.00. Following the purchase, the director now directly owns 39,885 shares in the company, valued at approximately $1,236,435. The disclosure for this purchase can be found here. 6.20% of the stock is currently owned by insiders.

Several large investors have recently modified their holdings of INBK. Victory Capital Management Inc. lifted its position in First Internet Bancorp by 6.3% during the 1st quarter. Victory Capital Management Inc. now owns 37,750 shares of the bank’s stock worth $1,397,000 after buying an additional 2,232 shares in the last quarter. Prudential Financial Inc. acquired a new position in First Internet Bancorp during the 1st quarter worth about $282,000. Northern Trust Corp lifted its position in First Internet Bancorp by 4.8% during the 1st quarter. Northern Trust Corp now owns 103,337 shares of the bank’s stock worth $3,824,000 after buying an additional 4,726 shares in the last quarter. BlackRock Inc. lifted its position in First Internet Bancorp by 3.8% during the 1st quarter. BlackRock Inc. now owns 409,037 shares of the bank’s stock worth $15,135,000 after buying an additional 14,899 shares in the last quarter. Finally, New York State Common Retirement Fund lifted its position in First Internet Bancorp by 232.1% during the 1st quarter. New York State Common Retirement Fund now owns 20,592 shares of the bank’s stock worth $762,000 after buying an additional 14,392 shares in the last quarter. Institutional investors own 68.45% of the company’s stock.

First Internet Bancorp Company Profile (NASDAQ:INBK)

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 accounts, non-interest bearing and interest-bearing demand deposits, money market accounts, brokered deposit accounts, and certificates of deposit.

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