First Internet Bancorp (NASDAQ:INBK) Upgraded to “Strong-Buy” at Benchmark

Benchmark upgraded shares of First Internet Bancorp (NASDAQ:INBK) to a strong-buy rating in a research report released on Wednesday morning,Zacks.com reports.

Other equities analysts also recently issued research reports about the company. Keefe, Bruyette & Woods upped their target price on First Internet Bancorp from $23.00 to $24.00 and gave the company a “market perform” rating in a report on Friday, May 1st. Weiss Ratings reiterated a “sell (d)” rating on shares of First Internet Bancorp in a report on Wednesday. Wall Street Zen raised shares of First Internet Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. Piper Sandler upped their price objective on shares of First Internet Bancorp from $23.50 to $24.00 and gave the stock a “neutral” rating in a report on Friday, May 1st. Finally, Zacks Research raised shares of First Internet Bancorp from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $27.50.

First Internet Bancorp Stock Performance

NASDAQ:INBK opened at $27.41 on Wednesday. The business has a 50 day moving average of $24.40 and a 200 day moving average of $22.27. The company has a market capitalization of $239.02 million, a price-to-earnings ratio of -7.12 and a beta of 0.85. First Internet Bancorp has a 1-year low of $17.05 and a 1-year high of $28.51. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.88 and a quick ratio of 0.87.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings results on Thursday, April 30th. The bank reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.21. The business had revenue of $43.12 million for the quarter, compared to analysts’ expectations of $45.67 million. First Internet Bancorp had a negative net margin of 9.60% and a negative return on equity of 1.14%. On average, sell-side analysts predict that First Internet Bancorp will post 1.98 earnings per share for the current fiscal year.

First Internet Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.9%. The ex-dividend date is Tuesday, June 30th. First Internet Bancorp’s payout ratio is -6.23%.

Institutional Investors Weigh In On First Internet Bancorp

Several institutional investors and hedge funds have recently modified their holdings of INBK. Tower Research Capital LLC TRC boosted its holdings in shares of First Internet Bancorp by 202.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,789 shares of the bank’s stock valued at $48,000 after purchasing an additional 1,198 shares during the last quarter. GAMMA Investing LLC increased its position in First Internet Bancorp by 1,123.5% in the fourth quarter. GAMMA Investing LLC now owns 3,181 shares of the bank’s stock worth $66,000 after purchasing an additional 2,921 shares during the last quarter. Deutsche Bank AG raised its stake in First Internet Bancorp by 4,390.4% during the fourth quarter. Deutsche Bank AG now owns 5,164 shares of the bank’s stock valued at $108,000 after purchasing an additional 5,049 shares in the last quarter. Public Employees Retirement System of Ohio grew its stake in shares of First Internet Bancorp by 19.9% in the 4th quarter. Public Employees Retirement System of Ohio now owns 6,024 shares of the bank’s stock worth $126,000 after buying an additional 1,000 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its holdings in shares of First Internet Bancorp by 62.8% in the 4th quarter. Wells Fargo & Company MN now owns 8,759 shares of the bank’s stock valued at $183,000 after acquiring an additional 3,379 shares during the last quarter. Institutional investors own 65.46% of the company’s stock.

About First Internet Bancorp

First Internet Bancorp is the bank holding company for First Internet Bank of Indiana, a pioneer in digital banking in the United States. Established with a focus on online-only operations, the company offers fully integrated, web-based financial solutions without the overhead of physical branches. Headquartered in Indianapolis, Indiana, First Internet Bancorp leverages technology to deliver streamlined banking services to customers across the country.

The company’s core offerings include a range of deposit products such as checking accounts, savings accounts, money market accounts, certificates of deposit (CDs) and individual retirement accounts (IRAs).