First Internet Bancorp (INBK) Stock Rating Reaffirmed by Keefe, Bruyette & Woods
First Internet Bancorp (NASDAQ:INBK)‘s stock had its “buy” rating reiterated by analysts at Keefe, Bruyette & Woods in a report issued on Friday. They presently have a $44.00 price objective on the bank’s stock. Keefe, Bruyette & Woods’ target price points to a potential upside of 18.92% from the company’s current price.
Separately, Zacks Investment Research raised shares of First Internet Bancorp from a “hold” rating to a “strong-buy” rating and set a $34.00 price target on the stock in a research note on Tuesday, July 25th.
First Internet Bancorp (NASDAQ:INBK) traded up 8.03% during midday trading on Friday, hitting $37.00. 178,496 shares of the stock were exchanged. The stock has a market cap of $240.98 million, a price-to-earnings ratio of 16.66 and a beta of -0.06. The firm has a 50 day moving average of $32.43 and a 200-day moving average of $29.70. First Internet Bancorp has a 12-month low of $24.00 and a 12-month high of $37.67.
First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings results on Friday, October 20th. The bank reported $0.71 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.08. First Internet Bancorp had a net margin of 17.60% and a return on equity of 9.74%. The company had revenue of $17.33 million for the quarter, compared to analysts’ expectations of $16.90 million. On average, equities analysts expect that First Internet Bancorp will post $2.34 earnings per share for the current year.
In related news, Chairman David B. Becker bought 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 20th. The shares were acquired at an average cost of $30.02 per share, with a total value of $150,100.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jerry L. Williams bought 2,100 shares of the firm’s stock in a transaction that occurred on Wednesday, September 20th. The stock was bought at an average cost of $30.05 per share, for a total transaction of $63,105.00. Following the completion of the transaction, the director now directly owns 35,836 shares of the company’s stock, valued at approximately $1,076,871.80. The disclosure for this purchase can be found here. 7.60% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in INBK. Franklin Resources Inc. boosted 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 acquiring an additional 131,800 shares during the last quarter. Vanguard Group Inc. boosted 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 acquiring an additional 48,053 shares during the last quarter. Dimensional Fund Advisors LP boosted 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 acquiring an additional 23,528 shares during the last quarter. Kennedy Capital Management Inc. boosted its position in shares of First Internet Bancorp by 6.6% in the second quarter. Kennedy Capital Management Inc. now owns 266,218 shares of the bank’s stock worth $7,467,000 after acquiring an additional 16,467 shares during the last quarter. Finally, Penn Capital Management Co. Inc. acquired a new stake in shares of First Internet Bancorp in the second quarter worth approximately $451,000. 45.00% of the stock is currently owned by institutional investors and hedge funds.
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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