First Internet Bancorp (INBK) Receives Average Recommendation of “Buy” from Brokerages
First Internet Bancorp (NASDAQ:INBK) has received an average recommendation of “Buy” from the six research firms that are currently covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $43.67.
INBK has been the subject of several recent analyst reports. Zacks Investment Research lowered First Internet Bancorp from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 20th. 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. Hovde Group upped their target price on First Internet Bancorp from $37.00 to $43.00 and gave the stock an “outperform” rating in a research note on Monday, October 23rd. Maxim Group upped their target price on First Internet Bancorp from $37.00 to $44.00 and gave the stock a “buy” rating in a research note on Monday, October 23rd. Finally, TheStreet raised First Internet Bancorp from a “c+” rating to a “b” rating in a research note on Thursday, November 16th.
First Internet Bancorp (NASDAQ INBK) opened at $38.30 on Wednesday. First Internet Bancorp has a twelve month low of $25.48 and a twelve month high of $41.20. The company has a current ratio of 1.01, a quick ratio of 0.99 and a debt-to-equity ratio of 1.82. The company has a market capitalization of $320.88, a PE ratio of 16.23 and a beta of 0.12.
In other First Internet Bancorp news, Chairman David B. Becker bought 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 20th. The stock was bought at an average price of $30.02 per share, for a total transaction of $150,100.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jerry L. Williams bought 2,100 shares of the firm’s stock in a transaction that occurred on Wednesday, September 20th. The shares were acquired at an average price of $30.05 per share, with a total value of $63,105.00. Following the acquisition, the director now owns 35,836 shares of the company’s stock, valued at $1,076,871.80. The disclosure for this purchase can be found here. Insiders own 7.60% of the company’s stock.
Several institutional investors have recently made changes to their positions in INBK. Vanguard Group Inc. raised its holdings in shares of First Internet Bancorp by 23.5% during the first quarter. Vanguard Group Inc. now owns 252,443 shares of the bank’s stock valued at $7,447,000 after acquiring an additional 48,053 shares in the last quarter. Geode Capital Management LLC raised its holdings in First Internet Bancorp by 7.8% in the first quarter. Geode Capital Management LLC now owns 44,844 shares of the bank’s stock worth $1,322,000 after purchasing an additional 3,229 shares in the last quarter. Dimensional Fund Advisors LP bought a new position in First Internet Bancorp in the first quarter worth $673,000. Bank of America Corp DE raised its holdings in 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 purchasing an additional 363 shares in the last quarter. Finally, Bank of Montreal Can raised its holdings in 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 purchasing an additional 468 shares in the last quarter. Institutional investors own 63.87% of the company’s stock.
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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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