Keefe, Bruyette & Woods reiterated their buy rating on shares of First Internet Bancorp (NASDAQ:INBK) in a research note published on Thursday, July 27th. Keefe, Bruyette & Woods currently has a $36.00 price objective on the bank’s stock.
A number of other research analysts have also issued reports on the stock. Zacks Investment Research upgraded shares of First Internet Bancorp from a hold rating to a strong-buy rating and set a $34.00 target price on the stock in a research note on Tuesday, July 25th. Maxim Group reiterated a buy rating and issued a $37.00 target price on shares of First Internet Bancorp in a research note on Monday, April 24th. Finally, Hovde Group began coverage on shares of First Internet Bancorp in a research note on Monday, April 17th. They issued an outperform rating and a $32.50 target price on the stock. Four analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The stock has an average rating of Buy and a consensus target price of $34.88.
First Internet Bancorp (NASDAQ:INBK) traded down 0.49% during mid-day trading on Thursday, reaching $30.45. The company’s stock had a trading volume of 21,361 shares. The stock’s 50 day moving average price is $29.12 and its 200 day moving average price is $29.18. The stock has a market capitalization of $198.32 million, a P/E ratio of 13.71 and a beta of -0.07. First Internet Bancorp has a 1-year low of $22.41 and a 1-year high of $33.15.
First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings results on Thursday, July 20th. The bank reported $0.61 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.06. First Internet Bancorp had a net margin of 16.58% and a return on equity of 8.91%. The company had revenue of $15.71 million for the quarter, compared to analyst estimates of $15 million. Analysts expect that First Internet Bancorp will post $2.41 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 17th. Stockholders of record on Friday, June 30th were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.79%. The ex-dividend date was Wednesday, June 28th. First Internet Bancorp’s payout ratio is 10.76%.
In other First Internet Bancorp news, Director John K. Keach, Jr. acquired 1,000 shares of First Internet Bancorp stock in a transaction dated Thursday, May 25th. The stock was bought at an average cost of $26.39 per share, with a total value of $26,390.00. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. 7.60% of the stock is currently owned by company insiders.
Institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE increased its position 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 buying an additional 363 shares in the last quarter. Bank of Montreal Can boosted its stake in First Internet Bancorp by 11.7% in the second quarter. Bank of Montreal Can now owns 4,468 shares of the bank’s stock valued at $125,000 after buying an additional 468 shares during the last quarter. Acrospire Investment Management LLC boosted its stake in First Internet Bancorp by 109.7% in the first quarter. Acrospire Investment Management LLC now owns 5,751 shares of the bank’s stock valued at $170,000 after buying an additional 3,008 shares during the last quarter. Trexquant Investment LP bought a new stake in First Internet Bancorp during the second quarter valued at $204,000. Finally, Barings LLC bought a new stake in First Internet Bancorp during the first quarter valued at $227,000. 57.04% of the stock is owned by hedge funds and other institutional investors.
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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