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.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings data on Friday, October 20th. The bank reported $0.71 EPS for the quarter, topping 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 during the quarter, compared to analyst estimates of $16.90 million. research analysts forecast that First Internet Bancorp will post 2.36 EPS for the current fiscal year.

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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