A number of other research firms also recently issued reports on INBK. Maxim Group raised their price objective on shares of First Internet Bancorp from $37.00 to $44.00 and gave the stock a buy rating in a report on Monday, October 23rd. Zacks Investment Research downgraded shares of First Internet Bancorp from a strong-buy rating to a hold rating in a report on Wednesday, September 20th. Hovde Group raised their price objective on shares of First Internet Bancorp from $37.00 to $43.00 and gave the stock an outperform rating in a report on Monday, October 23rd. Finally, Keefe, Bruyette & Woods reissued a buy rating and issued a $36.00 price objective on shares of First Internet Bancorp in a report on Thursday, July 27th. One equities research analyst has rated the stock with a hold rating and three have given a buy rating to the company. The stock presently has an average rating of Buy and an average price target of $41.25.
Shares of First Internet Bancorp (NASDAQ:INBK) opened at $36.70 on Thursday. The company has a debt-to-equity ratio of 1.82, a quick ratio of 0.99 and a current ratio of 1.01. The stock has a market cap of $309.95, a PE ratio of 15.59 and a beta of 0.10. First Internet Bancorp has a 1-year low of $25.48 and a 1-year high of $39.20.
First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings results on Friday, October 20th. The bank reported $0.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.08. The firm had revenue of $17.33 million for the quarter, compared to the consensus estimate of $16.90 million. First Internet Bancorp had a net margin of 17.60% and a return on equity of 8.87%. sell-side analysts forecast that First Internet Bancorp will post 2.36 earnings per share for the current year.
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In other news, Chairman David B. Becker bought 5,000 shares of the firm’s stock in a transaction on Wednesday, September 20th. The shares were bought at an average price of $30.02 per share, for a total transaction of $150,100.00. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jerry L. Williams bought 2,100 shares of the firm’s stock in a transaction on 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 purchase, the director now owns 35,836 shares in the company, valued at approximately $1,076,871.80. The disclosure for this purchase can be found here. Company insiders own 7.60% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Signia Capital Management LLC raised its stake in First Internet Bancorp by 4.3% during the 2nd quarter. Signia Capital Management LLC now owns 125,340 shares of the bank’s stock worth $3,516,000 after acquiring an additional 5,213 shares during the period. Vanguard Group Inc. raised its stake in First Internet Bancorp by 23.5% during the 1st quarter. Vanguard Group Inc. now owns 252,443 shares of the bank’s stock worth $7,447,000 after acquiring an additional 48,053 shares during the period. Stifel Financial Corp raised its stake in First Internet Bancorp by 2.1% during the 2nd quarter. Stifel Financial Corp now owns 143,471 shares of the bank’s stock worth $4,022,000 after acquiring an additional 2,945 shares during the period. Trexquant Investment LP bought a new stake in First Internet Bancorp during the 2nd quarter worth approximately $204,000. Finally, Thomson Horstmann & Bryant Inc. raised its stake in First Internet Bancorp by 8.9% during the 3rd quarter. Thomson Horstmann & Bryant Inc. now owns 258,702 shares of the bank’s stock worth $8,356,000 after acquiring an additional 21,161 shares during the period. Institutional investors own 49.97% 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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