Zacks: First Internet Bancorp (INBK) Receives Average Recommendation of “Strong Buy” from Brokerages
Shares of First Internet Bancorp (NASDAQ:INBK) have received an average broker rating score of 1.25 (Strong Buy) from the four analysts that cover the company, Zacks Investment Research reports. One equities research analyst has rated the stock with a buy recommendation and three have issued a strong buy recommendation on the company.
Brokers have set a 1-year consensus price target of $34.50 for the company and are forecasting that the company will post $0.72 EPS for the current quarter, according to Zacks. Zacks has also given First Internet Bancorp an industry rank of 70 out of 265 based on the ratings given to its competitors.
A number of analysts recently weighed in on INBK shares. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $36.00 target price on shares of First Internet Bancorp in a report on Thursday, July 27th. Zacks Investment Research raised shares of First Internet Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, June 21st.
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Shares of First Internet Bancorp (INBK) opened at 33.00 on Friday. The company’s 50 day moving average is $30.68 and its 200 day moving average is $29.24. First Internet Bancorp has a 52-week low of $22.54 and a 52-week high of $33.15. The firm has a market cap of $214.93 million, a price-to-earnings ratio of 14.86 and a beta of -0.05.
First Internet Bancorp (NASDAQ:INBK) last posted its earnings results on Thursday, July 20th. The bank reported $0.61 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.06. The business had revenue of $15.71 million for the quarter, compared to analyst estimates of $15 million. First Internet Bancorp had a net margin of 16.58% and a return on equity of 8.91%. Analysts anticipate that First Internet Bancorp will post $2.41 earnings per share for the current year.
Institutional investors have recently modified their holdings of the company. Franklin Resources Inc. raised its position in shares of First Internet Bancorp by 239.6% in the second quarter. Franklin Resources Inc. now owns 186,800 shares of the bank’s stock worth $5,240,000 after buying an additional 131,800 shares during the last quarter. Vanguard Group Inc. raised its position in shares of First Internet Bancorp by 23.5% in the first quarter. Vanguard Group Inc. now owns 252,443 shares of the bank’s stock worth $7,447,000 after buying an additional 48,053 shares during the last quarter. Kennedy Capital Management Inc. raised its position in shares of First Internet Bancorp by 17.7% in the first quarter. Kennedy Capital Management Inc. now owns 249,751 shares of the bank’s stock worth $7,368,000 after buying an additional 37,480 shares during the last quarter. Signia Capital Management LLC raised its position in shares of First Internet Bancorp by 33.7% in the first quarter. Signia Capital Management LLC now owns 120,127 shares of the bank’s stock worth $3,544,000 after buying an additional 30,262 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of First Internet Bancorp by 103.1% in the second quarter. Dimensional Fund Advisors LP now owns 46,348 shares of the bank’s stock worth $1,300,000 after buying an additional 23,528 shares during the last quarter. 58.13% of the stock is currently owned by hedge funds and other institutional investors.
About First Internet Bancorp
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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