First Internet Bancorp (NASDAQ:INBK) Upgraded to Strong-Buy at Zacks Research

Zacks Research upgraded shares of First Internet Bancorp (NASDAQ:INBK) from a hold rating to a strong-buy rating in a research note released on Monday,Zacks reports.

Several other research analysts have also recently weighed in on INBK. Wall Street Zen upgraded shares of First Internet Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. Piper Sandler lifted their target price on First Internet Bancorp from $26.00 to $29.50 and gave the company a “neutral” rating in a research note on Friday, July 31st. Benchmark boosted their target price on First Internet Bancorp from $33.00 to $35.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Finally, Weiss Ratings upgraded First Internet Bancorp from a “sell (d)” rating to a “sell (d+)” rating in a research report on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $29.38.

First Internet Bancorp Trading Down 0.2%

INBK opened at $26.11 on Monday. First Internet Bancorp has a 1-year low of $17.05 and a 1-year high of $31.09. The stock has a market capitalization of $228.04 million, a PE ratio of -7.25 and a beta of 0.83. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 0.95. The firm has a 50-day moving average price of $28.09 and a two-hundred day moving average price of $25.46.

First Internet Bancorp (NASDAQ:INBK) last announced its earnings results on Thursday, July 30th. The bank reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.12. First Internet Bancorp had a negative net margin of 9.01% and a negative return on equity of 0.55%. The company had revenue of $41.12 million for the quarter, compared to analyst estimates of $43.83 million. First Internet Bancorp has set its FY 2026 guidance at 2.350-2.450 EPS. As a group, equities analysts anticipate that First Internet Bancorp will post 2.36 earnings per share for the current fiscal year.

First Internet Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Thursday, October 1st will be issued a dividend of $0.06 per share. The ex-dividend date is Thursday, October 1st. This represents a $0.24 dividend on an annualized basis and a yield of 0.9%. First Internet Bancorp’s dividend payout ratio (DPR) is -6.67%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Corient Private Wealth LP acquired a new stake in First Internet Bancorp in the second quarter worth $253,000. Wellington Management Group LLP acquired a new position in shares of First Internet Bancorp in the 2nd quarter valued at $1,649,000. Empowered Funds LLC bought a new stake in shares of First Internet Bancorp in the 2nd quarter valued at $426,000. Public Employees Retirement System of Ohio bought a new stake in shares of First Internet Bancorp in the 2nd quarter valued at $228,000. Finally, Bank of America Corp DE acquired a new stake in First Internet Bancorp during the 2nd quarter worth $1,444,000. Institutional investors and hedge funds own 65.46% of the company’s stock.

About First Internet Bancorp

First Internet Bancorp is the bank holding company for First Internet Bank, a full-service digital financial institution headquartered in Fishers, Indiana. Founded in 1999, First Internet Bank was established as an internet-based bank and provides banking services through digital channels, supported by offices and lending operations serving customers in Indiana and other markets.

The bank offers commercial and consumer financial products, including checking and savings accounts, money market accounts, certificates of deposit, residential and commercial real estate lending, construction loans, commercial and industrial financing, small business lending, and municipal finance.