First Internet Bancorp’s (INBK) Market Perform Rating Reaffirmed at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reissued their market perform rating on shares of First Internet Bancorp (NASDAQ:INBK) in a research note issued to investors on Friday morning,Benzinga reports. Keefe, Bruyette & Woods currently has a $40.00 target price on the bank’s stock, down from their prior target price of $45.00.

First Internet Bancorp Trading Up 0.9 %

Shares of INBK opened at $33.58 on Friday. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.98 and a current ratio of 0.99. First Internet Bancorp has a 52-week low of $24.18 and a 52-week high of $43.26. The firm has a market cap of $291.14 million, a price-to-earnings ratio of 11.62 and a beta of 0.73. The business’s fifty day moving average is $37.93 and its 200-day moving average is $36.04.

First Internet Bancorp (NASDAQ:INBK) last posted its earnings results on Wednesday, January 22nd. The bank reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.51). First Internet Bancorp had a return on equity of 5.86% and a net margin of 7.45%. Equities analysts anticipate that First Internet Bancorp will post 4.25 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.71%. The ex-dividend date was Tuesday, December 31st. First Internet Bancorp’s dividend payout ratio (DPR) is presently 8.30%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its holdings in shares of First Internet Bancorp by 9.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 489,663 shares of the bank’s stock worth $13,230,000 after acquiring an additional 42,227 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of First Internet Bancorp by 2.0% in the third quarter. Geode Capital Management LLC now owns 201,641 shares of the bank’s stock valued at $6,909,000 after purchasing an additional 3,967 shares in the last quarter. Foundry Partners LLC boosted its position in shares of First Internet Bancorp by 8.9% during the third quarter. Foundry Partners LLC now owns 121,827 shares of the bank’s stock valued at $4,174,000 after buying an additional 9,977 shares during the last quarter. State Street Corp grew its holdings in First Internet Bancorp by 8.9% during the third quarter. State Street Corp now owns 106,282 shares of the bank’s stock worth $3,648,000 after buying an additional 8,701 shares in the last quarter. Finally, Franklin Resources Inc. raised its position in First Internet Bancorp by 3.1% in the 3rd quarter. Franklin Resources Inc. now owns 99,620 shares of the bank’s stock valued at $3,539,000 after buying an additional 2,981 shares during the last quarter. Institutional investors own 65.46% of the company’s stock.

First Internet Bancorp Company Profile

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.