Analysts Set First Internet Bancorp (INBK) Price Target at $31.00

Shares of First Internet Bancorp (NASDAQ:INBK) have earned a consensus rating of “Hold” from the seven ratings firms that are currently covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, one has given a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $31.00.

Several equities analysts have commented on the company. Zacks Investment Research raised First Internet Bancorp from a “hold” rating to a “strong-buy” rating and set a $26.00 price objective for the company in a research report on Wednesday, May 1st. ValuEngine raised First Internet Bancorp from a “strong sell” rating to a “sell” rating in a research report on Thursday, April 25th. Maxim Group reissued a “hold” rating on shares of First Internet Bancorp in a research report on Monday, April 29th. Hovde Group lowered First Internet Bancorp from an “outperform” rating to a “market perform” rating and set a $22.00 price objective for the company. in a research report on Monday, January 28th. Finally, FIG Partners lowered First Internet Bancorp from an “outperform” rating to a “market perform” rating in a research report on Friday, January 25th.

A number of institutional investors have recently made changes to their positions in INBK. Hotchkis & Wiley Capital Management LLC lifted its holdings in First Internet Bancorp by 53.4% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 200,561 shares of the bank’s stock worth $3,877,000 after purchasing an additional 69,840 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. lifted its holdings in First Internet Bancorp by 1,973.4% in the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 16,857 shares of the bank’s stock worth $326,000 after purchasing an additional 16,044 shares in the last quarter. SEI Investments Co lifted its holdings in First Internet Bancorp by 34,242.9% in the 1st quarter. SEI Investments Co now owns 14,424 shares of the bank’s stock worth $279,000 after purchasing an additional 14,382 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in First Internet Bancorp by 14.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 125,826 shares of the bank’s stock worth $2,432,000 after purchasing an additional 15,925 shares in the last quarter. Finally, State of Wisconsin Investment Board lifted its holdings in First Internet Bancorp by 48.5% in the 1st quarter. State of Wisconsin Investment Board now owns 127,700 shares of the bank’s stock worth $2,468,000 after purchasing an additional 41,700 shares in the last quarter. 65.23% of the stock is owned by institutional investors and hedge funds.

Shares of INBK stock opened at $21.84 on Wednesday. First Internet Bancorp has a 52 week low of $17.56 and a 52 week high of $36.40. The firm has a market capitalization of $220.17 million, a P/E ratio of 8.74 and a beta of 0.56. The company has a quick ratio of 1.04, a current ratio of 1.05 and a debt-to-equity ratio of 1.80.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings results on Wednesday, April 24th. The bank reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.12. The company had revenue of $18.62 million during the quarter, compared to analyst estimates of $17.30 million. First Internet Bancorp had a return on equity of 8.15% and a net margin of 16.21%. Sell-side analysts anticipate that First Internet Bancorp will post 2.37 EPS for the current fiscal year.

About First Internet Bancorp

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

See Also: Return On Assets

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