First Internet Bancorp (INBK) Rating Increased to B at TheStreet
First Internet Bancorp (NASDAQ:INBK) was upgraded by analysts at TheStreet from a “c+” rating to a “b” rating in a report issued on Thursday.
A number of other brokerages also recently weighed in on INBK. Hovde Group increased their price target on First Internet Bancorp from $37.00 to $43.00 and gave the stock an “outperform” rating in a report on Monday, October 23rd. Maxim Group increased their price target on First Internet Bancorp from $37.00 to $44.00 and gave the stock a “buy” rating in a report on Monday, October 23rd. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $44.00 price target on shares of First Internet Bancorp in a report on Friday, October 20th. Finally, Zacks Investment Research upgraded First Internet Bancorp from a “hold” rating to a “strong-buy” rating and set a $34.00 price target for the company in a report on Tuesday, July 25th. One research analyst has rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $41.25.
First Internet Bancorp (NASDAQ INBK) traded down $0.15 during midday trading on Thursday, reaching $36.70. The company had a trading volume of 24,472 shares, compared to its average volume of 36,320. The firm has a market capitalization of $309.95, a P/E ratio of 15.59 and a beta of 0.10. First Internet Bancorp has a 1-year low of $25.48 and a 1-year high of $39.20. The company has a quick ratio of 0.99, a current ratio of 1.01 and a debt-to-equity ratio of 1.82.
First Internet Bancorp (NASDAQ:INBK) last posted its quarterly earnings data on Friday, October 20th. The bank reported $0.71 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.08. First Internet Bancorp had a return on equity of 8.87% and a net margin of 17.60%. The business had revenue of $17.33 million during the quarter, compared to the consensus estimate of $16.90 million. sell-side analysts anticipate that First Internet Bancorp will post 2.36 earnings per share for the current year.
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In other news, Chairman David B. Becker bought 5,000 shares of First Internet Bancorp stock in a transaction dated Wednesday, September 20th. The stock was bought at an average cost of $30.02 per share, for a total transaction of $150,100.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jerry L. Williams bought 2,100 shares of First Internet Bancorp stock in a transaction dated Wednesday, September 20th. The stock was purchased at an average price of $30.05 per share, with a total value of $63,105.00. Following the completion of the purchase, the director now owns 35,836 shares in the company, valued at $1,076,871.80. The disclosure for this purchase can be found here. Company insiders own 7.60% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of INBK. Bank of New York Mellon Corp grew its stake in shares of First Internet Bancorp by 18.1% in the 1st quarter. Bank of New York Mellon Corp now owns 27,233 shares of the bank’s stock valued at $804,000 after buying an additional 4,182 shares during the period. Vanguard Group Inc. grew its stake in shares of First Internet Bancorp by 23.5% in the 1st quarter. Vanguard Group Inc. now owns 252,443 shares of the bank’s stock valued at $7,447,000 after buying an additional 48,053 shares during the period. Geode Capital Management LLC grew its stake in shares of First Internet Bancorp by 7.8% in the 1st quarter. Geode Capital Management LLC now owns 44,844 shares of the bank’s stock valued at $1,322,000 after buying an additional 3,229 shares during the period. Dimensional Fund Advisors LP acquired a new stake in shares of First Internet Bancorp in the 1st quarter valued at about $673,000. Finally, Bank of America Corp DE grew its stake in shares of First Internet Bancorp by 11.7% in the 1st quarter. Bank of America Corp DE now owns 3,477 shares of the bank’s stock valued at $103,000 after buying an additional 363 shares during the period. Institutional investors own 49.97% of the company’s stock.
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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