First Internet Bancorp (INBK) Receives Buy Rating from Maxim Group

First Internet Bancorp (NASDAQ:INBK)‘s stock had its “buy” rating reaffirmed by equities research analysts at Maxim Group in a report released on Friday. They presently have a $46.00 target price on the bank’s stock. Maxim Group’s target price indicates a potential upside of 14.57% from the company’s previous close.

The analysts wrote, “INBK reported 4Q17 core EPS of $0.63, beating consensus of $0.62. It was a strong quarter, in our view, driven by 11.9% (not annualized) linked-quarter growth in loans (despite portfolio loan sales), which in turn produced 6.3% growth in average earning assets. Combined with a 7bp widening of the net interest margin (NIM), net interest income was up 8.2%. The loan growth was mainly attributable to INBK’s new public finance group, as well as single- tenant lease financing. Mortgage banking income was down 40% (due to seasonality/lower mortgage originations and a lower gain-on-sale margin), though partially offset by sales of single-tenant lease financing loans.””

A number of other research analysts also recently weighed in on INBK. ValuEngine downgraded First Internet Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, January 13th. Zacks Investment Research upgraded First Internet Bancorp from a “hold” rating to a “buy” rating and set a $44.00 target price on the stock in a research note on Friday, January 12th. BidaskClub cut First Internet Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, December 12th. Hovde Group boosted their price target 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. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $44.00 price target on shares of First Internet Bancorp in a research report on Friday, October 20th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $44.25.

Shares of First Internet Bancorp (NASDAQ:INBK) traded down $0.35 during trading on Friday, hitting $40.15. The stock had a trading volume of 15,700 shares, compared to its average volume of 25,092. The firm has a market capitalization of $348.22, a price-to-earnings ratio of 16.80 and a beta of 0.13. The company has a quick ratio of 0.99, a current ratio of 1.01 and a debt-to-equity ratio of 1.82. First Internet Bancorp has a 12 month low of $25.48 and a 12 month high of $42.40.

First Internet Bancorp (NASDAQ:INBK) last announced its earnings results on Thursday, January 18th. The bank reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.02. The company had revenue of $17.90 million for the quarter, compared to analyst estimates of $19.00 million. First Internet Bancorp had a return on equity of 8.87% and a net margin of 17.60%. equities analysts anticipate that First Internet Bancorp will post 2.36 earnings per share for the current fiscal year.

Several large investors have recently made changes to their positions in INBK. Stieven Capital Advisors L.P. lifted its position in shares of First Internet Bancorp by 39.5% during the 3rd quarter. Stieven Capital Advisors L.P. now owns 698,400 shares of the bank’s stock worth $22,558,000 after purchasing an additional 197,800 shares during the last quarter. Heartland Advisors Inc. lifted its position in shares of First Internet Bancorp by 54.8% during the 3rd quarter. Heartland Advisors Inc. now owns 350,720 shares of the bank’s stock worth $11,328,000 after purchasing an additional 124,220 shares during the last quarter. Thomson Horstmann & Bryant Inc. lifted its position in shares of First Internet Bancorp by 2.8% during the 4th quarter. Thomson Horstmann & Bryant Inc. now owns 265,923 shares of the bank’s stock worth $10,144,000 after purchasing an additional 7,221 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of First Internet Bancorp by 1.1% during the 2nd quarter. Vanguard Group Inc. now owns 255,203 shares of the bank’s stock worth $7,158,000 after purchasing an additional 2,760 shares during the last quarter. Finally, Foundry Partners LLC lifted its position in shares of First Internet Bancorp by 15.7% during the 3rd quarter. Foundry Partners LLC now owns 192,187 shares of the bank’s stock worth $6,208,000 after purchasing an additional 26,124 shares during the last quarter. 63.87% of the stock is owned by institutional investors.

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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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