First Internet Bancorp (INBK) Given Consensus Rating of “Strong Buy” by Analysts

First Internet Bancorp (NASDAQ:INBK) has been given a consensus broker rating score of 1.25 (Strong Buy) from the four analysts that provide coverage for the company, Zacks Investment Research reports. One analyst has rated the stock with a buy recommendation and three have given a strong buy recommendation to the company. First Internet Bancorp’s rating score has improved by 6% from 90 days ago as a result of a number of analysts’ ratings changes.

Brokers have set a one year consensus target price of $34.50 for the company and are anticipating that the company will post $0.55 EPS for the current quarter, according to Zacks. Zacks has also given First Internet Bancorp an industry rank of 104 out of 265 based on the ratings given to its competitors.

A number of research firms have issued reports on INBK. Zacks Investment Research raised shares of First Internet Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, March 22nd. Hovde Group began coverage on shares of First Internet Bancorp in a report on Monday, April 17th. They issued an “outperform” rating and a $32.50 price target for the company. Finally, Maxim Group reaffirmed a “buy” rating and issued a $37.00 price target on shares of First Internet Bancorp in a report on Monday, April 24th.

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First Internet Bancorp (NASDAQ:INBK) traded down 1.499% during trading on Monday, hitting $27.925. The stock had a trading volume of 20,375 shares. The stock’s 50-day moving average price is $27.36 and its 200-day moving average price is $29.35. The company has a market capitalization of $181.43 million, a P/E ratio of 12.875 and a beta of -0.09. First Internet Bancorp has a 1-year low of $22.12 and a 1-year high of $33.00.

The business also recently declared a quarterly dividend, which will be paid on Monday, July 17th. Shareholders of record on Friday, June 30th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Wednesday, June 28th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.85%. First Internet Bancorp’s dividend payout ratio is currently 10.96%.

In related news, Director John K. Keach, Jr. purchased 1,000 shares of the firm’s stock in a transaction on Thursday, May 25th. The stock was acquired at an average price of $26.39 per share, with a total value of $26,390.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 7.60% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of America Corp DE boosted its position in First Internet Bancorp by 11.7% in the first quarter. Bank of America Corp DE now owns 3,477 shares of the bank’s stock worth $103,000 after buying an additional 363 shares in the last quarter. Acrospire Investment Management LLC boosted its position in First Internet Bancorp by 109.7% in the first quarter. Acrospire Investment Management LLC now owns 5,751 shares of the bank’s stock worth $170,000 after buying an additional 3,008 shares in the last quarter. Barings LLC bought a new position in First Internet Bancorp during the first quarter worth about $227,000. Teachers Advisors LLC boosted its position in First Internet Bancorp by 14.7% in the first quarter. Teachers Advisors LLC now owns 9,760 shares of the bank’s stock worth $288,000 after buying an additional 1,248 shares in the last quarter. Finally, Dimensional Fund Advisors LP bought a new position in First Internet Bancorp during the first quarter worth about $673,000. 57.42% of the stock is owned by institutional investors and hedge funds.

First Internet Bancorp Company Profile

First Internet Bancorp is a bank holding company that conducts its business activities through its subsidiary, First Internet Bank of Indiana (the Bank). The Company offers a complement of products and services on a nationwide basis. The Company conducts its deposit operations primarily over the Internet.

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