First Internet Bancorp (NASDAQ:INBK) Price Target Cut to $62.00

First Internet Bancorp (NASDAQ:INBKGet Rating) had its price target cut by research analysts at Keefe, Bruyette & Woods from $66.00 to $62.00 in a research report issued to clients and investors on Thursday, The Fly reports. Keefe, Bruyette & Woods’ target price suggests a potential upside of 45.20% from the stock’s previous close.

A number of other 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 $50.00 price target on the stock in a research note on Wednesday, March 9th. StockNews.com began coverage on shares of First Internet Bancorp in a research note on Thursday, March 31st. They set a “buy” rating on the stock.

First Internet Bancorp stock traded down $1.46 during trading on Thursday, hitting $42.70. The company had a trading volume of 25,628 shares, compared to its average volume of 43,864. The stock has a market cap of $413.51 million, a price-to-earnings ratio of 8.86 and a beta of 0.69. The company has a current ratio of 1.05, a quick ratio of 1.03 and a debt-to-equity ratio of 1.63. First Internet Bancorp has a 1-year low of $28.05 and a 1-year high of $53.56. The company’s 50 day simple moving average is $45.45 and its 200-day simple moving average is $44.40.

First Internet Bancorp (NASDAQ:INBKGet Rating) last issued its quarterly earnings data on Wednesday, January 19th. The bank reported $1.30 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.27 by $0.03. First Internet Bancorp had a return on equity of 13.00% and a net margin of 28.86%. The business had revenue of $31.20 million during the quarter, compared to analysts’ expectations of $30.45 million. During the same period in the previous year, the firm posted $1.12 earnings per share. As a group, analysts forecast that First Internet Bancorp will post 4.51 earnings per share for the current fiscal year.

In other First Internet Bancorp news, CEO David B. Becker purchased 16,314 shares of the stock in a transaction that occurred on Thursday, March 10th. The stock was purchased at an average cost of $44.50 per share, with a total value of $725,973.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jerry L. Williams sold 1,702 shares of the firm’s stock in a transaction that occurred on Tuesday, February 8th. The stock was sold at an average price of $50.00, for a total transaction of $85,100.00. The disclosure for this sale can be found here. 8.00% of the stock is owned by company insiders.

A number of large investors have recently made changes to their positions in the stock. Deutsche Bank AG lifted its position in First Internet Bancorp by 5.6% in the fourth quarter. Deutsche Bank AG now owns 5,652 shares of the bank’s stock valued at $266,000 after acquiring an additional 300 shares during the last quarter. Royal Bank of Canada lifted its holdings in shares of First Internet Bancorp by 5.7% in the 3rd quarter. Royal Bank of Canada now owns 8,286 shares of the bank’s stock valued at $258,000 after purchasing an additional 450 shares during the last quarter. New York State Common Retirement Fund grew its stake in First Internet Bancorp by 8.1% during the 4th quarter. New York State Common Retirement Fund now owns 6,674 shares of the bank’s stock worth $314,000 after buying an additional 500 shares during the last quarter. Stifel Financial Corp grew its stake in First Internet Bancorp by 1.4% during the 4th quarter. Stifel Financial Corp now owns 43,435 shares of the bank’s stock worth $2,043,000 after buying an additional 600 shares during the last quarter. Finally, Citigroup Inc. increased its position in First Internet Bancorp by 139.7% during the third quarter. Citigroup Inc. now owns 1,062 shares of the bank’s stock worth $33,000 after buying an additional 619 shares during the period. Hedge funds and other institutional investors own 68.31% of the company’s stock.

First Internet Bancorp Company Profile (Get Rating)

First Internet Bancorp operates as the bank holding company for First Internet Bank of Indiana that provides commercial and retail banking products and services to individuals and commercial customers in the United States. The company accepts non-interest bearing and interest-bearing demand deposit, savings, money market, and brokered deposit accounts, as well as certificates of deposit.

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