First Internet Bancorp (NASDAQ:INBK) Upgraded by Zacks Investment Research to Buy

Zacks Investment Research upgraded shares of First Internet Bancorp (NASDAQ:INBK) from a sell rating to a buy rating in a report released on Tuesday, November 21st. Zacks Investment Research currently has $44.00 target price on the bank’s stock.

According to Zacks, “First Internet Bancorp is a bank holding company that conducts its business activities through its subsidiary, First Internet Bank of Indiana. The Bank operates through the internet primarily in the United States. Its services includes checking accounts, regular and money market savings accounts, consumer loans, conforming mortgages, jumbo mortgages, home equity loans and lines of credit, and commercial loans. First Internet Bancorp is based in Indianapolis, United States. “

INBK has been the subject of a number of other reports. Keefe, Bruyette & Woods restated a buy rating and set a $44.00 price objective on shares of First Internet Bancorp in a research report on Friday, October 20th. Maxim Group raised their price objective on First Internet Bancorp from $37.00 to $44.00 and gave the stock a buy rating in a research report on Monday, October 23rd. TheStreet upgraded First Internet Bancorp from a c+ rating to a b rating in a report on Thursday, November 16th. Finally, Hovde Group lifted their target price on First Internet Bancorp from $37.00 to $43.00 and gave the stock an outperform rating in a report on Monday, October 23rd. One analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. First Internet Bancorp presently has a consensus rating of Buy and an average target price of $43.75.

First Internet Bancorp (NASDAQ:INBK) traded down $0.40 on Tuesday, hitting $38.95. The stock had a trading volume of 26,145 shares, compared to its average volume of 36,342. The firm has a market cap of $338.13 and a price-to-earnings ratio of 16.82. First Internet Bancorp has a 12 month low of $25.48 and a 12 month high of $41.20. 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 released its quarterly earnings data on Friday, October 20th. The bank reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.08. The business had revenue of $17.33 million for the quarter, compared to analyst estimates of $16.90 million. First Internet Bancorp had a return on equity of 8.87% and a net margin of 17.60%. equities analysts anticipate that First Internet Bancorp will post 2.36 EPS for the current year.

In related news, Director Jerry L. Williams bought 2,100 shares of the business’s stock in a transaction that occurred on Wednesday, September 20th. The shares were 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 in the company, valued at $1,076,871.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman David B. Becker bought 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 20th. The shares were bought at an average cost of $30.02 per share, for a total transaction of $150,100.00. The disclosure for this purchase can be found here. Insiders own 7.60% of the company’s stock.

Several large investors have recently made changes to their positions in INBK. Bank of New York Mellon Corp boosted its position in shares of First Internet Bancorp by 18.1% during the first quarter. Bank of New York Mellon Corp now owns 27,233 shares of the bank’s stock valued at $804,000 after buying an additional 4,182 shares during the last quarter. Vanguard Group Inc. boosted 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 worth $7,447,000 after purchasing an additional 48,053 shares during the last quarter. Geode Capital Management LLC boosted its position in First Internet Bancorp by 7.8% in the first quarter. Geode Capital Management LLC now owns 44,844 shares of the bank’s stock worth $1,322,000 after purchasing an additional 3,229 shares during the last quarter. Dimensional Fund Advisors LP purchased a new position in First Internet Bancorp in the first quarter worth $673,000. Finally, Bank of America Corp DE boosted its position in 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 worth $103,000 after purchasing an additional 363 shares during the last quarter. 63.87% of the stock is currently owned by institutional investors.

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First Internet Bancorp Company Profile

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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