First Internet Bancorp (INBK) Given Consensus Rating of “Strong Buy” by Brokerages
Shares of First Internet Bancorp (NASDAQ:INBK) have earned an average broker rating score of 1.25 (Strong Buy) from the four analysts that provide coverage for the company, Zacks Investment Research reports. One investment analyst has rated the stock with a buy rating and three have assigned a strong buy rating to the company.
Analysts have set a one year consensus target price of $42.33 for the company and are forecasting that the company will post $0.61 EPS for the current quarter, according to Zacks. Zacks has also assigned First Internet Bancorp an industry rank of 162 out of 265 based on the ratings given to related companies.
INBK has been the subject of a number of research analyst reports. Maxim Group lifted 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 $36.00 price target on shares of First Internet Bancorp in a report on Thursday, July 27th. Zacks Investment Research cut First Internet Bancorp from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 20th. Finally, Hovde Group lifted 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.
In related news, Director Jerry L. Williams acquired 2,100 shares of the business’s stock in a transaction on Wednesday, September 20th. The stock was purchased 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman David B. Becker acquired 5,000 shares of the business’s stock in a transaction on Wednesday, September 20th. The shares were bought at an average price of $30.02 per share, with a total value of $150,100.00. The disclosure for this purchase can be found here. Company insiders own 7.60% of the company’s stock.
Hedge funds have recently modified their holdings of the business. Bank of America Corp DE lifted its position in First Internet Bancorp by 11.7% during the first quarter. Bank of America Corp DE now owns 3,477 shares of the bank’s stock worth $103,000 after acquiring an additional 363 shares during the last quarter. Citigroup Inc. lifted its position in First Internet Bancorp by 3,143.3% during the second quarter. Citigroup Inc. now owns 4,119 shares of the bank’s stock worth $115,000 after acquiring an additional 3,992 shares during the last quarter. Bank of Montreal Can lifted its position in First Internet Bancorp by 11.7% during the second quarter. Bank of Montreal Can now owns 4,468 shares of the bank’s stock worth $125,000 after acquiring an additional 468 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in First Internet Bancorp by 3.2% during the second quarter. The Manufacturers Life Insurance Company now owns 5,144 shares of the bank’s stock worth $144,000 after acquiring an additional 159 shares during the last quarter. Finally, Strs Ohio lifted its position in First Internet Bancorp by 96.0% during the third quarter. Strs Ohio now owns 4,900 shares of the bank’s stock worth $158,000 after acquiring an additional 2,400 shares during the last quarter. Hedge funds and other institutional investors own 45.03% of the company’s stock.
Shares of First Internet Bancorp (NASDAQ INBK) traded down $0.35 during trading on Friday, reaching $37.40. 26,779 shares of the company’s stock traded hands, compared to its average volume of 57,626. First Internet Bancorp has a twelve month low of $24.60 and a twelve month high of $39.20. The company has a debt-to-equity ratio of 2.88, a current ratio of 1.02 and a quick ratio of 1.01. The stock has a market capitalization of $314.58, a PE ratio of 15.65 and a beta of -0.02.
First Internet Bancorp (NASDAQ:INBK) last posted its quarterly earnings results on Friday, October 20th. The bank reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.08. First Internet Bancorp had a return on equity of 9.74% and a net margin of 17.60%. The business had revenue of $17.33 million during the quarter, compared to analysts’ expectations of $16.90 million. research analysts forecast that First Internet Bancorp will post 2.36 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 16th. Investors of record on Friday, September 29th were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.64%. The ex-dividend date was Thursday, September 28th. First Internet Bancorp’s payout ratio is currently 10.04%.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for First Internet Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Internet Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.