Shares of First Internet Bancorp (NASDAQ:INBK) have been given a consensus broker rating score of 1.25 (Strong Buy) from the four analysts that cover the company, Zacks Investment Research reports. One equities research analyst has rated the stock with a buy recommendation and three have issued a strong buy recommendation on the company.
Brokers have set a twelve-month consensus target price of $42.33 for the company and are predicting that the company will post $0.61 EPS for the current quarter, according to Zacks. Zacks has also assigned First Internet Bancorp an industry rank of 105 out of 265 based on the ratings given to its competitors.
INBK has been the topic of several recent research reports. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $44.00 target price on shares of First Internet Bancorp in a report on Friday, October 20th. Zacks Investment Research cut shares of First Internet Bancorp from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 20th. Maxim Group raised their price target on shares of First Internet Bancorp from $37.00 to $44.00 and gave the company a “buy” rating in a report on Monday. Finally, Hovde Group lifted their target price 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.
In other news, Chairman David B. Becker purchased 5,000 shares of the stock in a transaction dated Wednesday, September 20th. The shares were purchased at an average price of $30.02 per share, with a total value of $150,100.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Jerry L. Williams purchased 2,100 shares of the stock in a transaction dated Wednesday, September 20th. The shares were purchased at an average cost of $30.05 per share, for a total transaction of $63,105.00. Following the transaction, 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. 7.60% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently modified their holdings of the stock. Bank of America Corp DE raised its holdings in First Internet Bancorp by 11.7% in the 1st 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. increased its stake in First Internet Bancorp by 3,143.3% during the second quarter. Citigroup Inc. now owns 4,119 shares of the bank’s stock worth $115,000 after purchasing an additional 3,992 shares during the period. Bank of Montreal Can increased its stake in First Internet Bancorp by 11.7% during the second quarter. Bank of Montreal Can now owns 4,468 shares of the bank’s stock worth $125,000 after purchasing an additional 468 shares during the period. The Manufacturers Life Insurance Company increased its stake 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 worth $144,000 after purchasing an additional 159 shares during the period. Finally, Strs Ohio increased its stake in First Internet Bancorp by 96.0% during the third quarter. Strs Ohio now owns 4,900 shares of the bank’s stock worth $158,000 after purchasing an additional 2,400 shares during the period. Hedge funds and other institutional investors own 44.75% of the company’s stock.
Shares of First Internet Bancorp (NASDAQ INBK) traded up 2.94% during trading on Wednesday, reaching $38.55. 72,493 shares of the company were exchanged. The company has a market capitalization of $251.08 million, a price-to-earnings ratio of 17.36 and a beta of -0.06. The stock’s 50 day moving average is $32.68 and its 200 day moving average is $29.85. First Internet Bancorp has a 1-year low of $24.00 and a 1-year high of $38.60.
First Internet Bancorp (NASDAQ:INBK) last announced its earnings results on Friday, October 20th. The bank reported $0.71 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.08. The business 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 9.74%. Equities analysts anticipate that First Internet Bancorp will post $2.36 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, October 16th. Investors of record on Friday, September 29th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.62%. The ex-dividend date was Thursday, September 28th. First Internet Bancorp’s payout ratio is presently 10.04%.
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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