First Internet Bancorp (INBK) Receives $43.67 Consensus Target Price from Brokerages
First Internet Bancorp (NASDAQ:INBK) has received an average recommendation of “Buy” from the six brokerages that are currently covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $43.67.
Several equities research analysts recently weighed in on INBK shares. TheStreet raised First Internet Bancorp from a “c+” rating to a “b” rating in a report on Thursday, November 16th. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $44.00 price objective on shares of First Internet Bancorp in a report on Friday, October 20th. Hovde Group lifted their price objective on First Internet Bancorp from $37.00 to $43.00 and gave the stock an “outperform” rating in a report on Monday, October 23rd. Zacks Investment Research raised First Internet Bancorp from a “sell” rating to a “buy” rating and set a $44.00 price objective for the company in a report on Tuesday, November 21st. Finally, Maxim Group lifted their price objective on First Internet Bancorp from $37.00 to $44.00 and gave the stock a “buy” rating in a report on Monday, October 23rd.
In related news, Chairman David B. Becker bought 5,000 shares of First Internet Bancorp stock in a transaction on Wednesday, September 20th. The stock was acquired at an average price of $30.02 per share, with a total value of $150,100.00. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jerry L. Williams bought 2,100 shares of First Internet Bancorp stock in a transaction on Wednesday, September 20th. The shares were bought at an average cost of $30.05 per share, with a total value of $63,105.00. Following the acquisition, the director now directly owns 35,836 shares in the company, valued at $1,076,871.80. The disclosure for this purchase can be found here. 7.60% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. The Manufacturers Life Insurance Company grew its holdings in shares of 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 purchasing an additional 159 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of 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 purchasing an additional 363 shares in the last quarter. Bank of Montreal Can grew its holdings in shares of 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 purchasing an additional 468 shares in the last quarter. Teachers Advisors LLC grew its holdings in shares of First Internet Bancorp by 9.1% during the second quarter. Teachers Advisors LLC now owns 10,653 shares of the bank’s stock worth $299,000 after purchasing an additional 893 shares in the last quarter. Finally, Connors Investor Services Inc. grew its holdings in shares of First Internet Bancorp by 10.1% during the second quarter. Connors Investor Services Inc. now owns 10,911 shares of the bank’s stock worth $306,000 after purchasing an additional 1,000 shares in the last quarter. 63.87% of the stock is owned by institutional investors.
Shares of First Internet Bancorp (NASDAQ INBK) traded up $1.00 on Wednesday, reaching $39.00. The company had a trading volume of 208,571 shares, compared to its average volume of 31,813. First Internet Bancorp has a 52 week low of $25.48 and a 52 week high of $41.20. The stock has a market cap of $319.62 and a price-to-earnings ratio of 15.90. 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 (NASDAQ:INBK) last announced its quarterly earnings data on Friday, October 20th. The bank reported $0.71 earnings per share for the quarter, topping the 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. sell-side analysts predict that First Internet Bancorp will post 2.36 EPS for the current year.
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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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