First Internet Bancorp (NASDAQ:INBK) Upgraded to B at TheStreet

TheStreet upgraded shares of First Internet Bancorp (NASDAQ:INBK) from a c+ rating to a b rating in a research note published on Thursday, November 16th.

A number of other equities analysts have also issued reports on the company. Maxim Group increased their price objective on First Internet Bancorp from $37.00 to $44.00 and gave the stock a buy rating in a report on Monday, October 23rd. Keefe, Bruyette & Woods reissued a buy rating and issued a $36.00 price objective on shares of First Internet Bancorp in a report on Thursday, July 27th. Zacks Investment Research lowered First Internet Bancorp from a strong-buy rating to a hold rating in a report on Wednesday, September 20th. Finally, Hovde Group increased their price objective on First Internet Bancorp from $37.00 to $43.00 and gave the stock an outperform rating in a report on Monday, October 23rd. Four analysts have rated the stock with a buy rating, First Internet Bancorp currently has a consensus rating of Buy and a consensus target price of $43.75.

Shares of First Internet Bancorp (NASDAQ INBK) opened at $39.90 on Thursday. 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 capitalization of $335.60 and a P/E ratio of 16.69. First Internet Bancorp has a 1 year low of $25.48 and a 1 year high of $40.65.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings results on Friday, October 20th. The bank reported $0.71 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.08. The business had revenue of $17.33 million for the quarter, compared to analysts’ expectations of $16.90 million. First Internet Bancorp had a return on equity of 8.87% and a net margin of 17.60%. research analysts predict that First Internet Bancorp will post 2.36 earnings per share for the current fiscal year.

In other First Internet Bancorp news, Director Jerry L. Williams bought 2,100 shares of First Internet Bancorp stock in a transaction dated Wednesday, September 20th. The stock was bought at an average price of $30.05 per share, for a total transaction of $63,105.00. Following the completion of the acquisition, the director now directly owns 35,836 shares of the company’s stock, valued at $1,076,871.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman David B. Becker bought 5,000 shares of First Internet Bancorp stock in a transaction dated Wednesday, September 20th. The stock was acquired at an average price of $30.02 per share, with a total value of $150,100.00. The disclosure for this purchase can be found here. Company insiders own 7.60% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE lifted its holdings in shares of First Internet Bancorp by 11.7% in the first quarter. Bank of America Corp DE now owns 3,477 shares of the bank’s stock valued at $103,000 after purchasing an additional 363 shares in the last quarter. Citigroup Inc. raised its holdings in shares of 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 acquiring an additional 3,992 shares in the last quarter. Bank of Montreal Can raised its holdings in shares of 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 acquiring an additional 468 shares in the last quarter. Valeo Financial Advisors LLC purchased a new stake in shares of First Internet Bancorp during the third quarter worth $134,000. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of 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 acquiring an additional 159 shares in the last quarter. Institutional investors own 63.79% of the company’s stock.

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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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