First Internet Bancorp (INBK) Receives $36.67 Consensus PT from Brokerages

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Shares of First Internet Bancorp (NASDAQ:INBK) have been given an average recommendation of “Hold” by the nine ratings firms that are covering the stock, Marketbeat Ratings reports. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $36.67.

Several research firms have weighed in on INBK. ValuEngine cut First Internet Bancorp from a “sell” rating to a “strong sell” rating in a report on Monday, February 4th. Zacks Investment Research cut First Internet Bancorp from a “hold” rating to a “strong sell” rating in a report on Wednesday, January 30th. Hovde Group cut First Internet Bancorp from an “outperform” rating to a “market perform” rating and set a $22.00 price target on the stock. in a report on Monday, January 28th. FIG Partners cut First Internet Bancorp from an “outperform” rating to a “market perform” rating in a report on Friday, January 25th. Finally, Maxim Group cut First Internet Bancorp from a “buy” rating to a “hold” rating in a report on Friday, January 25th.

Shares of NASDAQ:INBK traded up $0.08 on Friday, hitting $20.33. The company’s stock had a trading volume of 83,887 shares, compared to its average volume of 46,759. First Internet Bancorp has a 1 year low of $18.78 and a 1 year high of $39.60. The stock has a market cap of $206.15 million, a P/E ratio of 8.13 and a beta of 0.53. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 1.60.

First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings results on Wednesday, January 23rd. The bank reported $0.53 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.07). First Internet Bancorp had a net margin of 17.63% and a return on equity of 8.99%. The business had revenue of $17.47 million during the quarter, compared to analysts’ expectations of $18.20 million. On average, equities research analysts expect that First Internet Bancorp will post 2.11 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC raised its holdings in shares of First Internet Bancorp by 12.9% during the 4th quarter. Geode Capital Management LLC now owns 108,017 shares of the bank’s stock valued at $2,207,000 after buying an additional 12,383 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of First Internet Bancorp by 20.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 412,284 shares of the bank’s stock valued at $8,427,000 after buying an additional 70,743 shares in the last quarter. Penn Capital Management Co. Inc. raised its holdings in shares of First Internet Bancorp by 5.7% during the 4th quarter. Penn Capital Management Co. Inc. now owns 153,363 shares of the bank’s stock valued at $3,135,000 after buying an additional 8,321 shares in the last quarter. Ancora Advisors LLC raised its holdings in shares of First Internet Bancorp by 185.4% during the 4th quarter. Ancora Advisors LLC now owns 52,495 shares of the bank’s stock valued at $1,073,000 after buying an additional 34,104 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan purchased a new position in First Internet Bancorp in the 4th quarter worth approximately $480,000. 70.81% of the stock is currently owned by institutional investors.

About First Internet Bancorp

First Internet Bancorp engages in the provision of online commercial and retail banking products and services, through its subsidiary. It offers first-lien residential mortgage loans, consumer loans and credit cards & CRE loans in Indiana and other parts of the midwest in the form of office, retail, industrial, and multifamily loans, with credit tenant lease financing.

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Analyst Recommendations for First Internet Bancorp (NASDAQ:INBK)

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