First Internet Bancorp (INBK) Given Consensus Recommendation of “Strong Buy” by Brokerages
First Internet Bancorp (NASDAQ:INBK) has earned an average broker rating score of 1.25 (Strong Buy) from the four analysts that provide coverage for the stock, Zacks Investment Research reports. One analyst has rated the stock with a buy recommendation and three have assigned a strong buy recommendation to the company.
Analysts have set a 1-year consensus price target of $42.33 for the company and are anticipating that the company will post $0.61 earnings per share for the current quarter, according to Zacks. Zacks has also assigned First Internet Bancorp an industry rank of 108 out of 265 based on the ratings given to related companies.
INBK has been the topic of several recent research reports. Keefe, Bruyette & Woods reissued a “buy” rating and set a $44.00 price objective on shares of First Internet Bancorp in a report on Friday, October 20th. Zacks Investment Research raised First Internet Bancorp from a “sell” rating to a “buy” rating and set a $44.00 target price for the company in a research report on Tuesday, November 21st. TheStreet raised First Internet Bancorp from a “c+” rating to a “b” rating in a research report on Thursday, November 16th. Maxim Group raised their target price on First Internet Bancorp from $37.00 to $44.00 and gave the stock a “buy” rating in a research report on Monday, October 23rd. Finally, Hovde Group raised 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, October 23rd.
Large investors have recently made changes to their positions in the stock. Bank of America Corp DE raised its position in First Internet Bancorp by 11.7% during the 1st quarter. Bank of America Corp DE now owns 3,477 shares of the bank’s stock worth $103,000 after purchasing an additional 363 shares during the last quarter. Citigroup Inc. raised its position in shares of First Internet Bancorp by 3,143.3% in the 2nd quarter. Citigroup Inc. now owns 4,119 shares of the bank’s stock worth $115,000 after acquiring an additional 3,992 shares in the last quarter. Valeo Financial Advisors LLC bought a new position in shares of First Internet Bancorp in the 3rd quarter worth about $134,000. Bank of Montreal Can raised its position in shares of First Internet Bancorp by 11.7% in the 2nd quarter. Bank of Montreal Can now owns 4,468 shares of the bank’s stock worth $125,000 after acquiring an additional 468 shares in the last quarter. Finally, Strs Ohio raised its position in shares of First Internet Bancorp by 96.0% in the 3rd quarter. Strs Ohio now owns 4,900 shares of the bank’s stock worth $158,000 after acquiring an additional 2,400 shares in the last quarter. 63.79% of the stock is owned by institutional investors and hedge funds.
Shares of First Internet Bancorp (NASDAQ:INBK) opened at $39.90 on Friday. The company has a current ratio of 1.01, a quick ratio of 0.99 and a debt-to-equity ratio of 1.82. First Internet Bancorp has a twelve month low of $25.48 and a twelve month high of $40.65. The firm has a market capitalization of $335.60, a price-to-earnings ratio of 16.67 and a beta of 0.10.
First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings data on Friday, October 20th. The bank reported $0.71 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.08. First Internet Bancorp had a return on equity of 8.87% and a net margin of 17.60%. The company had revenue of $17.33 million for the quarter, compared to the consensus estimate of $16.90 million. research analysts forecast that First Internet Bancorp will post 2.36 earnings per share for the current year.
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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