First Internet Bancorp (INBK) Rating Reiterated by Keefe, Bruyette & Woods
First Internet Bancorp (NASDAQ:INBK)‘s stock had its “buy” rating restated by equities research analysts at Keefe, Bruyette & Woods in a research note issued to investors on Thursday. They currently have a $36.00 price objective on the bank’s stock. Keefe, Bruyette & Woods’ target price points to a potential upside of 17.65% from the company’s previous close.
Several other equities analysts have also recently weighed in on INBK. Zacks Investment Research raised First Internet Bancorp from a “hold” rating to a “strong-buy” rating and set a $34.00 target price on the stock in a research note on Tuesday. Maxim Group reaffirmed a “buy” rating and set a $37.00 target price on shares of First Internet Bancorp in a research note on Monday, April 24th. Finally, Hovde Group began coverage on First Internet Bancorp in a research note on Monday, April 17th. They set an “outperform” rating and a $32.50 target price on the stock. Four analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $34.88.
First Internet Bancorp (INBK) traded down 2.24% during midday trading on Thursday, hitting $30.60. 19,556 shares of the company’s stock traded hands. The company has a 50 day moving average of $28.28 and a 200-day moving average of $29.10. The company has a market capitalization of $199.30 million, a PE ratio of 13.78 and a beta of -0.10. First Internet Bancorp has a 52 week low of $22.12 and a 52 week high of $33.00.
First Internet Bancorp (NASDAQ:INBK) last released its earnings results on Thursday, July 20th. The bank reported $0.61 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.06. First Internet Bancorp had a return on equity of 9.12% and a net margin of 16.58%. The company had revenue of $15.71 million for the quarter, compared to analysts’ expectations of $15 million. Equities research analysts predict that First Internet Bancorp will post $2.36 earnings per share for the current year.
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In other First Internet Bancorp news, Director John K. Keach, Jr. bought 1,000 shares of the stock in a transaction on Thursday, May 25th. The shares were bought at an average price of $26.39 per share, with a total value of $26,390.00. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 7.60% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE boosted its position in First Internet Bancorp by 11.7% in the first 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. Bank of Montreal Can boosted its stake in shares of First Internet Bancorp by 11.7% in the second quarter. Bank of Montreal Can now owns 4,468 shares of the bank’s stock valued at $125,000 after buying an additional 468 shares during the last quarter. Acrospire Investment Management LLC boosted its stake in shares of First Internet Bancorp by 109.7% in the first quarter. Acrospire Investment Management LLC now owns 5,751 shares of the bank’s stock valued at $170,000 after buying an additional 3,008 shares during the last quarter. Barings LLC purchased a new stake in shares of First Internet Bancorp during the first quarter valued at approximately $227,000. Finally, Dimensional Fund Advisors LP purchased a new stake in shares of First Internet Bancorp during the first quarter valued at approximately $673,000. 57.46% of the stock is currently owned by institutional investors.
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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