First Internet Bancorp’s (INBK) “Market Perform” Rating Reaffirmed at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reissued their market perform rating on shares of First Internet Bancorp (NASDAQ:INBK) in a report released on Friday,Benzinga reports. The firm currently has a $40.00 price objective on the bank’s stock, down from their previous price objective of $45.00.

First Internet Bancorp Trading Up 0.9 %

Shares of First Internet Bancorp stock opened at $33.58 on Friday. The stock has a market capitalization of $291.14 million, a P/E ratio of 11.62 and a beta of 0.73. First Internet Bancorp has a 52-week low of $24.18 and a 52-week high of $43.26. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.98 and a current ratio of 0.99. The stock’s 50-day simple moving average is $37.93 and its 200 day simple moving average is $36.04.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.92 by ($0.51). First Internet Bancorp had a net margin of 7.45% and a return on equity of 5.86%. As a group, research analysts anticipate that First Internet Bancorp will post 4.25 EPS for the current year.

First Internet Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $0.24 dividend on an annualized basis and a yield of 0.71%. First Internet Bancorp’s payout ratio is 8.30%.

Hedge Funds Weigh In On First Internet Bancorp

Hedge funds have recently made changes to their positions in the business. Valeo Financial Advisors LLC lifted its position in First Internet Bancorp by 1.3% during the third quarter. Valeo Financial Advisors LLC now owns 24,278 shares of the bank’s stock valued at $832,000 after purchasing an additional 311 shares during the period. R Squared Ltd purchased a new position in shares of First Internet Bancorp in the 4th quarter worth $33,000. SG Americas Securities LLC grew its holdings in shares of First Internet Bancorp by 22.5% in the fourth quarter. SG Americas Securities LLC now owns 5,181 shares of the bank’s stock worth $186,000 after acquiring an additional 953 shares during the period. MetLife Investment Management LLC increased its position in First Internet Bancorp by 129.1% during the third quarter. MetLife Investment Management LLC now owns 4,737 shares of the bank’s stock valued at $162,000 after acquiring an additional 2,669 shares during the last quarter. Finally, American Century Companies Inc. increased its position in shares of First Internet Bancorp by 3.4% during the 2nd quarter. American Century Companies Inc. now owns 86,239 shares of the bank’s stock valued at $2,330,000 after purchasing an additional 2,857 shares during the last quarter. 65.46% of the stock is owned by hedge funds and other institutional investors.

About First Internet Bancorp

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.