Zacks Investment Research upgraded shares of First Internet Bancorp (NASDAQ:INBK) from a hold rating to a strong-buy rating in a research note issued to investors on Tuesday. They currently have $34.00 price target on the bank’s stock.

According to Zacks, “First Internet Bancorp is a bank holding company that conducts its business activities through its subsidiary, First Internet Bank of Indiana. The Bank operates through the internet primarily in the United States. Its services includes checking accounts, regular and money market savings accounts, consumer loans, conforming mortgages, jumbo mortgages, home equity loans and lines of credit, and commercial loans. First Internet Bancorp is based in Indianapolis, United States. “

Several other equities research analysts have also weighed in on the company. Keefe, Bruyette & Woods reissued a buy rating and issued a $36.00 price objective on shares of First Internet Bancorp in a report on Monday, June 26th. Maxim Group reissued a buy rating and issued a $37.00 price objective on shares of First Internet Bancorp in a report on Monday, April 24th. Finally, Hovde Group started coverage on First Internet Bancorp in a report on Monday, April 17th. They issued an outperform rating and a $32.50 price objective for the company. Four research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $34.88.

Shares of First Internet Bancorp (NASDAQ INBK) traded up 2.61% during midday trading on Tuesday, hitting $31.40. 21,929 shares of the stock were exchanged. The firm has a market capitalization of $204.51 million, a price-to-earnings ratio of 14.14 and a beta of -0.10. First Internet Bancorp has a 1-year low of $22.12 and a 1-year high of $33.00. The stock’s 50-day moving average price is $28.51 and its 200-day moving average price is $29.13.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings data on Thursday, July 20th. The bank reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.06. First Internet Bancorp had a return on equity of 9.12% and a net margin of 16.58%. The company had revenue of $15.71 million during the quarter, compared to analyst estimates of $15 million. On average, analysts forecast that First Internet Bancorp will post $2.36 EPS for the current year.

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The business also recently announced a quarterly dividend, which was paid on Monday, July 17th. Shareholders of record on Friday, June 30th were paid a $0.06 dividend. The ex-dividend date was Wednesday, June 28th. This represents a $0.24 annualized dividend and a yield of 0.76%. First Internet Bancorp’s dividend payout ratio is currently 10.76%.

In related news, Director John K. Keach, Jr. bought 1,000 shares of the business’s stock in a transaction on Thursday, May 25th. The stock was acquired at an average price of $26.39 per share, for a total transaction of $26,390.00. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 7.60% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Heartland Advisors Inc. increased its position in shares of First Internet Bancorp by 12.5% in the first quarter. Heartland Advisors Inc. now owns 225,000 shares of the bank’s stock valued at $6,638,000 after buying an additional 25,000 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of First Internet Bancorp by 18.1% in the first quarter. Bank of New York Mellon Corp now owns 27,233 shares of the bank’s stock valued at $804,000 after buying an additional 4,182 shares in the last quarter. Acrospire Investment Management LLC increased its position in shares of First Internet Bancorp by 109.7% in the first quarter. Acrospire Investment Management LLC now owns 5,751 shares of the bank’s stock valued at $170,000 after buying an additional 3,008 shares in the last quarter. Stifel Financial Corp increased its position in shares of First Internet Bancorp by 4.3% in the first quarter. Stifel Financial Corp now owns 140,526 shares of the bank’s stock valued at $4,146,000 after buying an additional 5,733 shares in the last quarter. Finally, Cornerstone Capital Management Holdings LLC. increased its position in shares of First Internet Bancorp by 6.5% in the first quarter. Cornerstone Capital Management Holdings LLC. now owns 38,870 shares of the bank’s stock valued at $1,145,000 after buying an additional 2,370 shares in the last quarter. Institutional investors and hedge funds own 57.46% of the company’s stock.

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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