First Internet Bancorp (INBK) Earns “Buy” Rating from Maxim Group

First Internet Bancorp (NASDAQ:INBK)‘s stock had its “buy” rating reaffirmed by stock analysts at Maxim Group in a report released on Friday. They currently have a $46.00 price objective on the bank’s stock. Maxim Group’s target price points to a potential upside of 14.57% from the company’s previous close.

The analysts wrote, “INBK reported 4Q17 core EPS of $0.63, beating consensus of $0.62. It was a strong quarter, in our view, driven by 11.9% (not annualized) linked-quarter growth in loans (despite portfolio loan sales), which in turn produced 6.3% growth in average earning assets. Combined with a 7bp widening of the net interest margin (NIM), net interest income was up 8.2%. The loan growth was mainly attributable to INBK’s new public finance group, as well as single- tenant lease financing. Mortgage banking income was down 40% (due to seasonality/lower mortgage originations and a lower gain-on-sale margin), though partially offset by sales of single-tenant lease financing loans.””

Other analysts have also recently issued research reports about the company. Zacks Investment Research cut First Internet Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday. Hovde Group lifted their price target on First Internet Bancorp from $37.00 to $43.00 and gave the stock an “outperform” rating in a research report on Monday, October 23rd. BidaskClub lowered First Internet Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, December 12th. ValuEngine lowered First Internet Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, January 13th. Finally, TheStreet upgraded First Internet Bancorp from a “c+” rating to a “b” rating in a research note on Thursday, November 16th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $44.25.

Shares of First Internet Bancorp (NASDAQ:INBK) traded down $0.35 on Friday, reaching $40.15. The company’s stock had a trading volume of 15,700 shares, compared to its average volume of 25,092. First Internet Bancorp has a 12 month low of $25.48 and a 12 month high of $42.40. The company has a current ratio of 1.01, a quick ratio of 0.99 and a debt-to-equity ratio of 1.82. The firm has a market cap of $348.22, a PE ratio of 16.80 and a beta of 0.13.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings results on Thursday, January 18th. The bank reported $0.63 EPS for the quarter, topping the Zacks’ consensus estimate of $0.61 by $0.02. First Internet Bancorp had a return on equity of 8.87% and a net margin of 17.60%. The company had revenue of $17.90 million during the quarter, compared to analysts’ expectations of $19.00 million. equities research analysts predict that First Internet Bancorp will post 2.36 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company raised its stake in shares of First Internet Bancorp by 3.2% during the 2nd 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 last quarter. Teachers Advisors LLC raised its stake in shares of First Internet Bancorp by 9.1% during the 2nd quarter. Teachers Advisors LLC now owns 10,653 shares of the bank’s stock valued at $299,000 after buying an additional 893 shares during the last quarter. Connors Investor Services Inc. raised its stake in shares of First Internet Bancorp by 10.1% during the 2nd quarter. Connors Investor Services Inc. now owns 10,911 shares of the bank’s stock valued at $306,000 after buying an additional 1,000 shares during the last quarter. Northern Trust Corp raised its stake in shares of First Internet Bancorp by 2.1% during the 2nd quarter. Northern Trust Corp now owns 83,179 shares of the bank’s stock valued at $2,333,000 after buying an additional 1,700 shares during the last quarter. Finally, Strs Ohio raised its stake in shares of First Internet Bancorp by 96.0% during the 3rd quarter. Strs Ohio now owns 4,900 shares of the bank’s stock valued at $158,000 after buying an additional 2,400 shares during the last quarter. Institutional investors and hedge funds own 63.87% of the company’s stock.

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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.

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