Zacks Investment Research lowered shares of First Internet Bancorp (NASDAQ:INBK) from a buy rating to a hold rating in a research report sent to investors on Thursday.

According to Zacks, “First Internet Bancorp is a bank holding company that conducts its business activities through its subsidiary, First Internet Bank of Indiana. The Bank operates through the internet primarily in the United States. Its services includes checking accounts, regular and money market savings accounts, consumer loans, conforming mortgages, jumbo mortgages, home equity loans and lines of credit, and commercial loans. First Internet Bancorp is based in Indianapolis, United States. “

A number of other research analysts also recently weighed in on the company. ValuEngine downgraded First Internet Bancorp from a buy rating to a hold rating in a report on Saturday, January 13th. BidaskClub downgraded First Internet Bancorp from a buy rating to a hold rating in a report on Tuesday, December 12th. TheStreet upgraded First Internet Bancorp from a c+ rating to a b rating in a report on Thursday, November 16th. Maxim Group lifted their price target on First Internet Bancorp from $37.00 to $44.00 and gave the company a buy rating in a report on Monday, October 23rd. Finally, Hovde Group lifted their price target on First Internet Bancorp from $37.00 to $43.00 and gave the company an outperform rating in a report on Monday, October 23rd. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company has a consensus rating of Buy and a consensus target price of $44.25.

Shares of First Internet Bancorp (INBK) traded up $1.20 during mid-day trading on Thursday, hitting $41.35. The stock had a trading volume of 43,738 shares, compared to its average volume of 20,753. First Internet Bancorp has a twelve month low of $25.48 and a twelve month high of $42.40. The company has a quick ratio of 0.99, a current ratio of 1.01 and a debt-to-equity ratio of 1.82. The stock has a market capitalization of $337.70 and a P/E ratio of 19.14.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings results on Friday, January 19th. The bank reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.02. First Internet Bancorp had a return on equity of 9.45% and a net margin of 15.99%. The business had revenue of $17.90 million for the quarter, compared to the consensus estimate of $19.00 million. analysts anticipate that First Internet Bancorp will post 3.3 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Thursday, December 28th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.58%. First Internet Bancorp’s dividend payout ratio is 11.11%.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Schwab Charles Investment Management Inc. grew its stake in First Internet Bancorp by 93.3% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 15,267 shares of the bank’s stock valued at $583,000 after purchasing an additional 7,367 shares in the last quarter. Thomson Horstmann & Bryant Inc. grew its stake in First Internet Bancorp by 2.8% in the fourth quarter. Thomson Horstmann & Bryant Inc. now owns 265,923 shares of the bank’s stock valued at $10,144,000 after purchasing an additional 7,221 shares in the last quarter. Wealthsource Partners LLC purchased a new position in First Internet Bancorp in the third quarter valued at about $222,000. Argent Capital Management LLC grew its stake in First Internet Bancorp by 2.2% in the third quarter. Argent Capital Management LLC now owns 124,755 shares of the bank’s stock valued at $4,030,000 after purchasing an additional 2,725 shares in the last quarter. Finally, Valeo Financial Advisors LLC purchased a new position in First Internet Bancorp in the third quarter valued at about $134,000. Hedge funds and other institutional investors own 63.87% of the company’s stock.

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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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