First Internet Bancorp (NASDAQ:INBK) had its price target hoisted by equities researchers at Hovde Group from $37.00 to $43.00 in a research report issued to clients and investors on Monday. The brokerage currently has an “outperform” rating on the bank’s stock. Hovde Group’s price target would suggest a potential upside of 16.22% from the company’s current price.

A number of other research analysts have also recently issued reports on the stock. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $44.00 price target on shares of First Internet Bancorp in a report on Friday. Zacks Investment Research cut shares of First Internet Bancorp from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 20th.

Shares of First Internet Bancorp (INBK) opened at 37.00 on Monday. The company’s 50 day moving average is $32.43 and its 200 day moving average is $29.70. First Internet Bancorp has a 12 month low of $24.00 and a 12 month high of $37.67. The company has a market cap of $240.98 million, a P/E ratio of 16.66 and a beta of -0.06.

First Internet Bancorp (NASDAQ:INBK) last posted its earnings results on Friday, October 20th. The bank reported $0.71 EPS for the quarter, beating the Zacks’ 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 during the quarter, compared to analysts’ expectations of $16.90 million. On average, equities research analysts predict that First Internet Bancorp will post $2.34 EPS for the current fiscal year.

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In other First Internet Bancorp news, Director Jerry L. Williams acquired 2,100 shares of the business’s stock in a transaction dated Wednesday, September 20th. The shares were purchased at an average price of $30.05 per share, for a total transaction of $63,105.00. Following the completion of the purchase, the director now directly owns 35,836 shares of the company’s stock, valued at $1,076,871.80. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman David B. Becker acquired 5,000 shares of the business’s stock in a transaction dated Wednesday, September 20th. The stock was acquired at an average price of $30.02 per share, for a total transaction of $150,100.00. The disclosure for this purchase can be found here. 7.60% of the stock is owned by corporate insiders.

Several large investors have recently added to or reduced their stakes in INBK. Heartland Advisors Inc. increased its stake in shares of First Internet Bancorp by 12.5% in the first quarter. Heartland Advisors Inc. now owns 225,000 shares of the bank’s stock worth $6,638,000 after acquiring an additional 25,000 shares during the period. Bank of New York Mellon Corp grew its position in First Internet Bancorp by 18.1% during the first 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. Acrospire Investment Management LLC grew its position in First Internet Bancorp by 109.7% during 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 period. Stifel Financial Corp grew its position in First Internet Bancorp by 4.3% during the first quarter. Stifel Financial Corp now owns 140,526 shares of the bank’s stock valued at $4,146,000 after buying an additional 5,733 shares during the period. Finally, Cornerstone Capital Management Holdings LLC. grew its position in First Internet Bancorp by 6.5% during the first quarter. Cornerstone Capital Management Holdings LLC. now owns 38,870 shares of the bank’s stock valued at $1,145,000 after buying an additional 2,370 shares during the period. Hedge funds and other institutional investors own 45.00% 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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