First Internet Bancorp (INBK) Trading Down 6.3%

First Internet Bancorp (NASDAQ:INBK) traded down 6.3% during trading on Friday . The stock traded as low as $28.90 and last traded at $29.10. 740,548 shares were traded during trading, an increase of 3,186% from the average session volume of 22,536 shares. The stock had previously closed at $31.05.

Several equities research analysts recently commented on the company. Zacks Investment Research raised First Internet Bancorp from a “hold” rating to a “strong-buy” rating and set a $34.00 target price on the stock in a report on Tuesday, July 25th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $36.00 price target on shares of First Internet Bancorp in a report on Thursday, July 27th.

The company has a market cap of $189.53 million, a P/E ratio of 13.10 and a beta of -0.06. The stock’s 50-day moving average is $31.14 and its 200-day moving average is $29.21.

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, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.06. First Internet Bancorp had a net margin of 16.58% and a return on equity of 8.91%. The business had revenue of $15.71 million for the quarter, compared to analyst estimates of $15.00 million. Equities analysts forecast that First Internet Bancorp will post $2.41 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently made changes to their positions in INBK. Bank of America Corp DE lifted 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 valued at $103,000 after buying an additional 363 shares during the period. Citigroup Inc. lifted its holdings in First Internet Bancorp by 3,143.3% in the second quarter. Citigroup Inc. now owns 4,119 shares of the bank’s stock valued at $115,000 after buying an additional 3,992 shares during the period. Bank of Montreal Can lifted 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 valued at $125,000 after buying an additional 468 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in First Internet Bancorp by 3.2% in the second quarter. The Manufacturers Life Insurance Company now owns 5,144 shares of the bank’s stock valued at $144,000 after buying an additional 159 shares during the period. Finally, Trexquant Investment LP acquired a new position in First Internet Bancorp in the second quarter valued at approximately $204,000. Institutional investors and hedge funds own 58.13% 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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