First Internet Bancorp (INBK) Receives Buy Rating from Sandler O’Neill

Sandler O’Neill reaffirmed their buy rating on shares of First Internet Bancorp (NASDAQ:INBK) in a research report report published on Friday morning. The brokerage currently has a $43.00 price target on the bank’s stock.

Several other equities research analysts also recently weighed in on INBK. Zacks Investment Research raised First Internet Bancorp from a hold rating to a buy rating and set a $44.00 target price for the company in a research report on Saturday, December 30th. ValuEngine downgraded First Internet Bancorp from a buy rating to a hold rating in a report on Saturday, January 13th. Maxim Group reissued a buy rating and issued a $46.00 price target on shares of First Internet Bancorp in a report on Friday, January 19th. FIG Partners downgraded First Internet Bancorp from an outperform rating to a market perform rating in a report on Monday, January 22nd. Finally, TheStreet downgraded First Internet Bancorp from a b rating to a c+ rating in a report on Wednesday, January 24th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company presently has an average rating of Buy and a consensus target price of $44.00.

Shares of NASDAQ INBK traded down $0.30 on Friday, hitting $36.55. The company had a trading volume of 53,724 shares, compared to its average volume of 22,672. First Internet Bancorp has a 12-month low of $25.48 and a 12-month high of $42.40. The company has a debt-to-equity ratio of 1.99, a current ratio of 1.04 and a quick ratio of 1.02. The company has a market capitalization of $310.36 and a price-to-earnings ratio of 15.29.

First Internet Bancorp (NASDAQ:INBK) last issued its earnings results on Thursday, April 19th. The bank reported $0.71 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.69 by $0.02. First Internet Bancorp had a return on equity of 9.99% and a net margin of 17.67%. The company had revenue of $17.96 million during the quarter, compared to the consensus estimate of $18.40 million. research analysts expect that First Internet Bancorp will post 3.26 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, April 16th. Investors of record on Friday, March 30th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.66%. The ex-dividend date was Wednesday, March 28th. First Internet Bancorp’s dividend payout ratio is currently 10.04%.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. boosted its holdings in First Internet Bancorp by 24.8% in the fourth quarter. BlackRock Inc. now owns 394,138 shares of the bank’s stock valued at $15,035,000 after purchasing an additional 78,431 shares during the last quarter. Kennedy Capital Management Inc. boosted its holdings in First Internet Bancorp by 1.9% in the fourth quarter. Kennedy Capital Management Inc. now owns 339,623 shares of the bank’s stock valued at $12,957,000 after purchasing an additional 6,454 shares during the last quarter. Thomson Horstmann & Bryant Inc. boosted its holdings in First Internet Bancorp by 2.8% in the fourth quarter. Thomson Horstmann & Bryant Inc. now owns 265,923 shares of the bank’s stock valued at $10,144,000 after purchasing an additional 7,221 shares during the last quarter. Tieton Capital Management LLC purchased a new position in First Internet Bancorp in the fourth quarter valued at about $4,310,000. Finally, JBF Capital Inc. boosted its holdings in First Internet Bancorp by 8.1% in the fourth quarter. JBF Capital Inc. now owns 108,130 shares of the bank’s stock valued at $4,125,000 after purchasing an additional 8,130 shares during the last quarter. 68.79% of the stock is owned by hedge funds and other institutional investors.

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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.

Analyst Recommendations for First Internet Bancorp (NASDAQ:INBK)

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