First Internet Bancorp (NASDAQ:INBK) has been assigned an average rating of “Hold” from the nine research firms that are presently covering the stock, Marketbeat reports. Three investment analysts have rated the stock with a sell rating and four have issued a buy rating on the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $39.33.
INBK has been the topic of a number of recent analyst reports. Craig Hallum set a $45.00 target price on shares of First Internet Bancorp and gave the stock a “buy” rating in a research note on Thursday, October 25th. Zacks Investment Research lowered shares of First Internet Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, October 30th. Maxim Group reissued a “buy” rating and issued a $30.00 target price (down from $38.00) on shares of First Internet Bancorp in a report on Friday, October 26th. Finally, ValuEngine lowered shares of First Internet Bancorp from a “sell” rating to a “strong sell” rating in a report on Monday, October 22nd.
Shares of NASDAQ INBK traded down $0.73 during trading on Wednesday, reaching $24.37. 31,613 shares of the company traded hands, compared to its average volume of 29,936. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 1.60. The company has a market cap of $253.01 million, a PE ratio of 10.20 and a beta of 0.38. First Internet Bancorp has a 52-week low of $23.81 and a 52-week high of $42.40.
First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings data on Wednesday, October 24th. The bank reported $0.61 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.61. First Internet Bancorp had a net margin of 18.57% and a return on equity of 9.29%. The firm had revenue of $17.96 million for the quarter, compared to analysts’ expectations of $18.50 million. As a group, equities research analysts anticipate that First Internet Bancorp will post 2.58 EPS for the current fiscal year.
In other news, Director Jerry L. Williams bought 4,000 shares of First Internet Bancorp stock in a transaction on Monday, December 3rd. The stock was acquired at an average cost of $25.10 per share, for a total transaction of $100,400.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jerry L. Williams bought 1,500 shares of First Internet Bancorp stock in a transaction on Thursday, November 1st. The stock was purchased at an average price of $25.88 per share, with a total value of $38,820.00. Following the completion of the acquisition, the director now directly owns 39,885 shares of the company’s stock, valued at approximately $1,032,223.80. The disclosure for this purchase can be found here. Insiders own 6.20% of the company’s stock.
Several hedge funds have recently modified their holdings of INBK. Stieven Capital Advisors L.P. boosted its position in First Internet Bancorp by 0.3% in the third quarter. Stieven Capital Advisors L.P. now owns 822,676 shares of the bank’s stock valued at $25,050,000 after buying an additional 2,200 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of First Internet Bancorp by 12.2% during the 3rd quarter. Vanguard Group Inc. now owns 520,410 shares of the bank’s stock worth $15,846,000 after buying an additional 56,661 shares during the period. BlackRock Inc. raised its stake in shares of First Internet Bancorp by 16.4% during the 3rd quarter. BlackRock Inc. now owns 512,575 shares of the bank’s stock worth $15,607,000 after buying an additional 72,208 shares during the period. Heartland Advisors Inc. raised its stake in shares of First Internet Bancorp by 3.8% during the 3rd quarter. Heartland Advisors Inc. now owns 423,187 shares of the bank’s stock worth $12,886,000 after buying an additional 15,400 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of First Internet Bancorp by 31.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 341,541 shares of the bank’s stock worth $10,400,000 after buying an additional 82,678 shares during the period. Institutional investors and hedge funds own 70.69% of the company’s stock.
About First Internet Bancorp
First Internet Bancorp operates as a bank holding company for First Internet Bank of Indiana that provides commercial and retail banking products and services in the United States. The company offers savings accounts, non-interest bearing and interest-bearing demand deposits, money market accounts, brokered deposit accounts, and certificates of deposit.
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