Zacks: First Internet Bancorp (INBK) Given Average Rating of “Strong Buy” by Analysts
First Internet Bancorp (NASDAQ:INBK) has been assigned a consensus broker rating score of 1.25 (Strong Buy) from the four brokers that cover the company, Zacks Investment Research reports. One analyst has rated the stock with a buy rating and three have assigned a strong buy rating to the company.
Analysts have set a 12 month consensus price objective of $42.33 for the company and are predicting that the company will post $0.61 earnings per share for the current quarter, according to Zacks. Zacks has also assigned First Internet Bancorp an industry rank of 117 out of 265 based on the ratings given to its competitors.
Several equities research analysts recently commented on the stock. Zacks Investment Research raised shares of First Internet Bancorp from a “hold” rating to a “strong-buy” rating and set a $34.00 price objective on the stock in a research note on Tuesday, July 25th. Hovde Group boosted their price objective on shares of First Internet Bancorp from $37.00 to $43.00 and gave the stock an “outperform” rating in a research note on Monday, October 23rd. TheStreet raised shares of First Internet Bancorp from a “c+” rating to a “b” rating in a research note on Thursday, November 16th. Maxim Group boosted their price objective on shares of 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, Keefe, Bruyette & Woods reissued a “buy” rating and set a $36.00 price objective on shares of First Internet Bancorp in a research note on Thursday, July 27th.
First Internet Bancorp (INBK) traded up $0.10 during trading hours on Friday, reaching $39.00. 24,300 shares of the company traded hands, compared to its average volume of 36,345. First Internet Bancorp has a 1-year low of $25.48 and a 1-year high of $39.20. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.01 and a quick ratio of 0.99. The company has a market capitalization of $327.19, a price-to-earnings ratio of 16.28 and a beta of -0.02.
First Internet Bancorp (NASDAQ:INBK) last posted its quarterly earnings data on Friday, October 20th. The bank reported $0.71 EPS for the quarter, topping the consensus estimate of $0.63 by $0.08. First Internet Bancorp had a net margin of 17.60% and a return on equity of 8.87%. The business had revenue of $17.33 million for the quarter, compared to analyst estimates of $16.90 million. analysts anticipate that First Internet Bancorp will post 2.36 earnings per share for the current year.
In other news, Director Jerry L. Williams bought 2,100 shares of the company’s stock in a transaction dated Wednesday, September 20th. The shares were purchased at an average price of $30.05 per share, for a total transaction of $63,105.00. Following the completion of the purchase, the director now owns 35,836 shares in the company, valued at approximately $1,076,871.80. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman David B. Becker bought 5,000 shares of the company’s stock in a transaction dated Wednesday, September 20th. The stock was purchased at an average price of $30.02 per share, for a total transaction of $150,100.00. The disclosure for this purchase can be found here. Corporate insiders own 7.60% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Bank of America Corp DE lifted its stake in shares of 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 buying an additional 363 shares in the last quarter. Citigroup Inc. lifted its stake in shares of First Internet Bancorp by 3,143.3% in the second quarter. Citigroup Inc. now owns 4,119 shares of the bank’s stock worth $115,000 after buying an additional 3,992 shares in the last quarter. Bank of Montreal Can lifted its stake in shares of 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 buying an additional 468 shares in the last quarter. Valeo Financial Advisors LLC bought a new position in First Internet Bancorp during the third quarter valued at approximately $134,000. Finally, The Manufacturers Life Insurance Company lifted its position in 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 valued at $144,000 after purchasing an additional 159 shares during the period. Hedge funds and other institutional investors own 57.00% of the company’s stock.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for First Internet Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Internet Bancorp and related companies with Analyst Ratings Network's FREE daily email newsletter.