ValuEngine downgraded shares of First Internet Bancorp (NASDAQ:INBK) from a buy rating to a hold rating in a research note released on Saturday morning.

A number of other equities research analysts have also weighed in on INBK. Zacks Investment Research lowered First Internet Bancorp from a strong-buy rating to a hold rating in a research note on Wednesday, September 20th. Keefe, Bruyette & Woods reissued a buy rating and issued a $44.00 target price on shares of First Internet Bancorp in a research note on Friday, October 20th. Hovde Group boosted their target price on First Internet Bancorp from $37.00 to $43.00 and gave the company an outperform rating in a research note on Monday, October 23rd. Maxim Group boosted their target price on First Internet Bancorp from $37.00 to $44.00 and gave the company a buy rating in a research note on Monday, October 23rd. Finally, TheStreet raised First Internet Bancorp from a c+ rating to a b rating in a research note on Thursday, November 16th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock presently has a consensus rating of Buy and an average price target of $43.75.

Shares of First Internet Bancorp (INBK) traded up $0.30 during mid-day trading on Friday, reaching $40.95. The company’s stock had a trading volume of 20,449 shares, compared to its average volume of 30,686. The company has a debt-to-equity ratio of 1.82, a quick ratio of 0.99 and a current ratio of 1.01. First Internet Bancorp has a 52-week low of $25.48 and a 52-week high of $42.40. The company has a market capitalization of $344.43 and a price-to-earnings ratio of 17.13.

First Internet Bancorp (NASDAQ:INBK) last released its earnings results on Friday, October 20th. The bank reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.08. First Internet Bancorp had a return on equity of 8.87% and a net margin of 17.60%. The company had revenue of $17.33 million during the quarter, compared to analyst estimates of $16.90 million. equities analysts expect that First Internet Bancorp will post 2.36 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.59%. The ex-dividend date is Thursday, December 28th. First Internet Bancorp’s dividend payout ratio (DPR) is presently 10.04%.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Citigroup Inc. lifted its stake in shares of First Internet Bancorp by 3,143.3% in the 2nd quarter. Citigroup Inc. now owns 4,119 shares of the bank’s stock valued at $115,000 after acquiring an additional 3,992 shares during the last quarter. Valeo Financial Advisors LLC purchased a new position in First Internet Bancorp during the 3rd quarter valued at about $134,000. The Manufacturers Life Insurance Company increased its holdings in First Internet Bancorp by 3.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 5,144 shares of the bank’s stock valued at $144,000 after purchasing an additional 159 shares during the period. Strs Ohio increased its holdings in First Internet Bancorp by 96.0% during the 3rd quarter. Strs Ohio now owns 4,900 shares of the bank’s stock valued at $158,000 after purchasing an additional 2,400 shares during the period. Finally, SG Americas Securities LLC purchased a new position in First Internet Bancorp during the 3rd quarter valued at about $167,000. 63.87% of the stock is owned by institutional investors.

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About First Internet Bancorp

First Internet Bancorp is a bank holding company that conducts its business activities through its subsidiary, First Internet Bank of Indiana (the Bank). The Company offers a complement of products and services on a nationwide basis. The Company conducts its deposit operations primarily over the Internet.

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