First Internet Bancorp (NASDAQ:INBK) Stock Has Average Price Target of $29.38

Shares of First Internet Bancorp (NASDAQ:INBK) have received an average rating of “Moderate Buy” from the six analysts that are currently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $29.38.

A number of brokerages have recently issued reports on INBK. Benchmark boosted their price objective on First Internet Bancorp from $33.00 to $35.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Piper Sandler boosted 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. Weiss Ratings reiterated a “sell (d+)” rating on shares of First Internet Bancorp in a research report on Friday, October 2nd. Finally, Zacks Research upgraded First Internet Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Monday, September 28th.

Institutional Investors Weigh In On First Internet Bancorp

Institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of First Internet Bancorp in the 2nd quarter worth $20,209,000. Heartland Advisors Inc. raised its position in First Internet Bancorp by 33.4% in the 1st quarter. Heartland Advisors Inc. now owns 384,900 shares of the bank’s stock worth $7,844,000 after purchasing an additional 96,305 shares during the period. Aegis Financial Corp raised its holdings in shares of First Internet Bancorp by 41.5% in the first quarter. Aegis Financial Corp now owns 354,261 shares of the bank’s stock worth $7,220,000 after buying an additional 103,941 shares during the period. Quantinno Capital Management LP grew its stake in First Internet Bancorp by 14.5% in the 1st quarter. Quantinno Capital Management LP now owns 162,421 shares of the bank’s stock worth $3,310,000 after acquiring an additional 20,582 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in First Internet Bancorp by 18.6% in the first quarter. Bank of America Corp DE now owns 61,022 shares of the bank’s stock worth $1,244,000 after buying an additional 9,563 shares in the last quarter. Institutional investors own 65.46% of the company’s stock.

First Internet Bancorp Price Performance

Shares of NASDAQ INBK opened at $25.66 on Tuesday. The business’s 50 day moving average price is $27.71 and its two-hundred day moving average price is $26.01. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.95. The company has a market cap of $224.01 million, a PE ratio of -7.13 and a beta of 0.87. First Internet Bancorp has a twelve month low of $17.05 and a twelve month high of $31.09.

First Internet Bancorp (NASDAQ:INBK) last posted its quarterly earnings data on Thursday, July 30th. The bank reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $0.12. The firm had revenue of $41.12 million during the quarter, compared to the consensus estimate of $43.83 million. First Internet Bancorp had a negative net margin of 9.01% and a negative return on equity of 0.55%. First Internet Bancorp has set its FY 2026 guidance at 2.350-2.450 EPS. On average, analysts predict that First Internet Bancorp will post 2.36 EPS for the current year.

First Internet Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Thursday, October 1st were given a $0.06 dividend. The ex-dividend date was Thursday, October 1st. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.9%. First Internet Bancorp’s payout ratio is presently -6.67%.

About First Internet Bancorp

First Internet Bancorp is the bank holding company for First Internet Bank, a digital-focused financial institution headquartered in Fishers, Indiana. Founded in 1999, First Internet Bank was established as an internet-based bank and has expanded its services through online and mobile banking, as well as a network of banking offices.

First Internet Bank provides a range of deposit and lending products for individuals, businesses, and institutions. Its services include checking and savings accounts, certificates of deposit, commercial and industrial lending, commercial real estate and construction loans, residential mortgage lending, consumer loans, and small business lending.