Keefe, Bruyette & Woods Cuts First Internet Bancorp (NASDAQ:INBK) Price Target to $25.00

First Internet Bancorp (NASDAQ:INBK) had its price target decreased by Keefe, Bruyette & Woods from $27.00 to $25.00 in a research note released on Friday,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the bank’s stock.

Several other research firms have also recently issued reports on INBK. Wall Street Zen cut First Internet Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, August 2nd. Weiss Ratings restated a “sell (d+)” rating on shares of First Internet Bancorp in a report on Wednesday, October 8th. Zacks Research upgraded First Internet Bancorp from a “strong sell” rating to a “hold” rating in a report on Thursday, September 25th. Piper Sandler decreased their price objective on First Internet Bancorp from $27.00 to $26.00 and set a “neutral” rating on the stock in a report on Monday, July 28th. Finally, Hovde Group decreased their price objective on First Internet Bancorp from $29.00 to $26.00 and set an “outperform” rating on the stock in a report on Friday. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $25.67.

First Internet Bancorp Stock Performance

First Internet Bancorp stock opened at $19.85 on Friday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.90 and a current ratio of 0.93. The stock has a fifty day moving average of $23.30 and a two-hundred day moving average of $23.90. The company has a market capitalization of $172.89 million, a price-to-earnings ratio of -5.22 and a beta of 0.79. First Internet Bancorp has a fifty-two week low of $18.48 and a fifty-two week high of $43.26.

First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings results on Wednesday, October 22nd. The bank reported ($1.43) earnings per share for the quarter, missing the consensus estimate of $0.66 by ($2.09). The company had revenue of $43.53 million for the quarter, compared to analysts’ expectations of $33.48 million. First Internet Bancorp had a negative return on equity of 2.00% and a negative net margin of 9.35%. On average, analysts anticipate that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

First Internet Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were issued a $0.06 dividend. The ex-dividend date was Tuesday, September 30th. This represents a $0.24 dividend on an annualized basis and a yield of 1.2%. First Internet Bancorp’s dividend payout ratio (DPR) is presently -6.32%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. AlphaQuest LLC boosted its holdings in First Internet Bancorp by 239.4% in the first quarter. AlphaQuest LLC now owns 1,361 shares of the bank’s stock valued at $36,000 after acquiring an additional 960 shares during the last quarter. US Bancorp DE purchased a new position in First Internet Bancorp in the first quarter valued at about $38,000. Tower Research Capital LLC TRC raised its position in First Internet Bancorp by 202.7% in the second 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 period. Jump Financial LLC purchased a new position in First Internet Bancorp in the second quarter valued at about $236,000. Finally, Jane Street Group LLC purchased a new position in First Internet Bancorp in the first quarter valued at about $297,000. Institutional investors and hedge funds 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.