First Internet Bancorp (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 report sent to investors on Thursday morning.

INBK has been the subject of a number of other research reports. Zacks Investment Research raised shares of First Internet Bancorp from a hold rating to a strong-buy rating and set a $34.00 target price for the company in a research report on Tuesday, July 25th. Hovde Group increased their target price on shares of First Internet Bancorp from $37.00 to $43.00 and gave the stock an outperform rating in a research report on Monday, October 23rd. Maxim Group increased their target price on shares of First Internet Bancorp from $37.00 to $44.00 and gave the stock a buy rating in a research report on Monday, October 23rd. Finally, Keefe, Bruyette & Woods reissued a buy rating and set a $36.00 target price on shares of First Internet Bancorp in a research report on Thursday, July 27th. One analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of Buy and a consensus target price of $41.25.

Shares of First Internet Bancorp (INBK) opened at $36.70 on Thursday. The stock has a market cap of $308.69, a P/E ratio of 15.36 and a beta of -0.02. First Internet Bancorp has a 1 year low of $25.48 and a 1 year high of $39.20. The company has a current ratio of 1.01, a quick ratio of 0.99 and a debt-to-equity ratio of 1.82.

First Internet Bancorp (NASDAQ:INBK) last posted its earnings results on Friday, October 20th. The bank reported $0.71 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.08. The firm had revenue of $17.33 million during the quarter, compared to the consensus estimate of $16.90 million. First Internet Bancorp had a net margin of 17.60% and a return on equity of 8.87%. analysts expect that First Internet Bancorp will post 2.36 earnings per share for the current year.

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In other news, Director Jerry L. Williams acquired 2,100 shares of the stock in a transaction on Wednesday, September 20th. The stock was bought at an average price of $30.05 per share, with a total value of $63,105.00. Following the completion of the transaction, 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 Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman David B. Becker acquired 5,000 shares of the stock in a transaction on Wednesday, September 20th. The stock was purchased at an average cost of $30.02 per share, with a total value of $150,100.00. The disclosure for this purchase can be found here. 7.60% of the stock is owned by company insiders.

A number of large investors have recently modified their holdings of INBK. Stieven Capital Advisors L.P. grew its position in First Internet Bancorp by 39.5% in the third quarter. Stieven Capital Advisors L.P. now owns 698,400 shares of the bank’s stock valued at $22,558,000 after acquiring an additional 197,800 shares in the last quarter. Emerald Mutual Fund Advisers Trust acquired a new stake in First Internet Bancorp in the third quarter valued at approximately $6,137,000. Franklin Resources Inc. grew its position in First Internet Bancorp by 239.6% in the second quarter. Franklin Resources Inc. now owns 186,800 shares of the bank’s stock valued at $5,240,000 after acquiring an additional 131,800 shares in the last quarter. Heartland Advisors Inc. grew its position in First Internet Bancorp by 54.8% in the third quarter. Heartland Advisors Inc. now owns 350,720 shares of the bank’s stock valued at $11,328,000 after acquiring an additional 124,220 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in First Internet Bancorp by 23.5% in the first quarter. Vanguard Group Inc. now owns 252,443 shares of the bank’s stock valued at $7,447,000 after acquiring an additional 48,053 shares in the last quarter. 57.00% of the stock is owned by 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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