First Internet Bancorp (NASDAQ:INBK) had its price objective increased by analysts at Maxim Group from $37.00 to $44.00 in a note issued to investors on Monday. The firm presently has a “buy” rating on the bank’s stock. Maxim Group’s price objective indicates a potential upside of 18.76% from the stock’s previous close.

INBK has been the topic of several other research reports. Keefe, Bruyette & Woods restated a “buy” rating and set a $44.00 target price on shares of First Internet Bancorp in a research report on Friday. Zacks Investment Research downgraded First Internet Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 20th. Finally, Hovde Group increased their target price on First Internet Bancorp from $37.00 to $43.00 and gave the stock an “outperform” rating in a research report on Monday.

Shares of First Internet Bancorp (NASDAQ INBK) traded up 0.14% during trading on Monday, reaching $37.05. The company’s stock had a trading volume of 145,772 shares. The stock has a market cap of $241.31 million, a P/E ratio of 16.68 and a beta of -0.06. First Internet Bancorp has a 52-week low of $24.00 and a 52-week high of $37.80. The stock has a 50-day moving average of $32.43 and a 200-day moving average of $29.70.

First Internet Bancorp (NASDAQ:INBK) last posted its earnings results on Friday, October 20th. The bank reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.08. The firm had revenue of $17.33 million for the quarter, compared to the consensus estimate of $16.90 million. First Internet Bancorp had a return on equity of 9.74% and a net margin of 17.60%. Analysts predict that First Internet Bancorp will post $2.36 earnings per share for the current fiscal year.

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In other First Internet Bancorp news, Chairman David B. Becker acquired 5,000 shares of the stock in a transaction that occurred on Wednesday, September 20th. The shares were bought at an average price of $30.02 per share, for a total transaction of $150,100.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jerry L. Williams acquired 2,100 shares of the stock in a transaction that occurred on Wednesday, September 20th. The stock was acquired at an average price of $30.05 per share, for a total transaction of $63,105.00. Following 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. Corporate insiders own 7.60% of the company’s stock.

Several hedge funds have recently modified their holdings of the stock. The Manufacturers Life Insurance Company raised its position in shares of First Internet Bancorp by 3.2% in the second quarter. The Manufacturers Life Insurance Company now owns 5,144 shares of the bank’s stock worth $144,000 after buying an additional 159 shares in the last quarter. Bank of America Corp DE raised its position in shares of 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 worth $103,000 after buying an additional 363 shares in the last quarter. Bank of Montreal Can raised its position 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 worth $125,000 after buying an additional 468 shares in the last quarter. Teachers Advisors LLC raised its position in shares of First Internet Bancorp by 9.1% in the second quarter. Teachers Advisors LLC now owns 10,653 shares of the bank’s stock worth $299,000 after buying an additional 893 shares in the last quarter. Finally, Connors Investor Services Inc. raised its position in shares of First Internet Bancorp by 10.1% in the second quarter. Connors Investor Services Inc. now owns 10,911 shares of the bank’s stock worth $306,000 after buying an additional 1,000 shares in the last quarter. Institutional investors own 45.00% of the company’s stock.

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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