First Internet Bancorp (NASDAQ:INBK) Earns “Market Perform” Rating from Keefe, Bruyette & Woods

First Internet Bancorp (NASDAQ:INBK)‘s stock had its “market perform” rating reiterated by equities research analysts at Keefe, Bruyette & Woods in a report released on Friday, Benzinga reports. They currently have a $36.00 price objective on the bank’s stock, up from their previous price objective of $34.00. Keefe, Bruyette & Woods’ target price would indicate a potential upside of 15.94% from the company’s previous close.

Several other analysts have also recently issued reports on INBK. StockNews.com upgraded shares of First Internet Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, January 5th. Hovde Group decreased their target price on shares of First Internet Bancorp from $38.50 to $38.00 and set an “outperform” rating on the stock in a research report on Friday. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $31.75.

First Internet Bancorp Stock Up 1.1 %

Shares of NASDAQ INBK opened at $31.05 on Friday. The firm’s 50-day moving average price is $32.23 and its 200-day moving average price is $26.22. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.98. The stock has a market capitalization of $268.89 million, a price-to-earnings ratio of 16.34 and a beta of 0.72. First Internet Bancorp has a 12-month low of $9.68 and a 12-month high of $35.72.

First Internet Bancorp (NASDAQ:INBK) last announced its earnings results on Wednesday, January 24th. The bank reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.24. The firm had revenue of $27.21 million for the quarter, compared to analysts’ expectations of $24.50 million. First Internet Bancorp had a net margin of 5.84% and a return on equity of 4.68%. On average, equities research analysts anticipate that First Internet Bancorp will post 3.01 EPS for the current fiscal year.

Institutional Trading of First Internet Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sapient Capital LLC purchased a new stake in First Internet Bancorp in the 4th quarter worth about $3,094,000. GSA Capital Partners LLP bought a new position in First Internet Bancorp in the 3rd quarter worth about $1,031,000. Patriot Financial Partners GP LP grew its stake in First Internet Bancorp by 1.9% in the 3rd quarter. Patriot Financial Partners GP LP now owns 155,482 shares of the bank’s stock worth $2,520,000 after acquiring an additional 2,958 shares in the last quarter. Citigroup Inc. grew its stake in First Internet Bancorp by 101,984.6% in the 3rd quarter. Citigroup Inc. now owns 26,542 shares of the bank’s stock worth $430,000 after acquiring an additional 26,516 shares in the last quarter. Finally, Denali Advisors LLC grew its stake in First Internet Bancorp by 98.0% in the 3rd quarter. Denali Advisors LLC now owns 40,000 shares of the bank’s stock worth $648,000 after acquiring an additional 19,800 shares in the last quarter. 65.46% of the stock is owned by hedge funds and other institutional investors.

About First Internet Bancorp

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