Analysts Set First Internet Bancorp (NASDAQ:INBK) Target Price at $31.25

First Internet Bancorp (NASDAQ:INBK) has received an average recommendation of “Moderate Buy” from the four analysts that are currently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $31.75.

A number of equities analysts recently weighed in on the stock. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $36.00 price objective (up from $34.00) on shares of First Internet Bancorp in a research report on Friday. StockNews.com upgraded shares of First Internet Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, January 5th. Finally, Hovde Group lowered their price objective on shares of First Internet Bancorp from $38.50 to $38.00 and set an “outperform” rating on the stock in a research report on Friday.

Institutional Investors Weigh In On First Internet Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the business. Public Employees Retirement System of Ohio lifted its holdings in First Internet Bancorp by 27.5% in the third quarter. Public Employees Retirement System of Ohio now owns 12,018 shares of the bank’s stock valued at $195,000 after acquiring an additional 2,592 shares during the period. Barclays PLC lifted its holdings in First Internet Bancorp by 42.1% in the third quarter. Barclays PLC now owns 15,342 shares of the bank’s stock valued at $249,000 after acquiring an additional 4,543 shares during the period. Citigroup Inc. lifted its holdings in First Internet Bancorp by 101,984.6% in the third quarter. Citigroup Inc. now owns 26,542 shares of the bank’s stock valued at $430,000 after acquiring an additional 26,516 shares during the period. Quadrature Capital Ltd lifted its holdings in First Internet Bancorp by 44.4% in the third quarter. Quadrature Capital Ltd now owns 35,502 shares of the bank’s stock valued at $569,000 after acquiring an additional 10,916 shares during the period. Finally, Denali Advisors LLC lifted its holdings in First Internet Bancorp by 98.0% in the third quarter. Denali Advisors LLC now owns 40,000 shares of the bank’s stock valued at $648,000 after acquiring an additional 19,800 shares during the period. Institutional investors and hedge funds own 65.46% of the company’s stock.

First Internet Bancorp Stock Performance

Shares of INBK opened at $31.05 on Friday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.98. The firm has a market cap of $268.89 million, a PE ratio of 16.34 and a beta of 0.72. The company’s 50 day simple moving average is $32.23 and its 200-day simple moving average is $26.28. First Internet Bancorp has a 12-month low of $9.68 and a 12-month high of $35.72.

First Internet Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a $0.06 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $0.24 dividend on an annualized basis and a yield of 0.77%. First Internet Bancorp’s dividend payout ratio (DPR) is 12.63%.

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, Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.