First Internet Bancorp (INBK) Lifted to Buy at ValuEngine

ValuEngine upgraded shares of First Internet Bancorp (NASDAQ:INBK) from a hold rating to a buy rating in a research report sent to investors on Friday morning.

Several other brokerages also recently weighed in on INBK. Keefe, Bruyette & Woods reiterated a buy rating and issued a $44.00 target price on shares of First Internet Bancorp in a research note on Friday, October 20th. Maxim Group reiterated a buy rating and issued a $46.00 target price on shares of First Internet Bancorp in a research note on Friday, January 19th. TheStreet cut First Internet Bancorp from a b rating to a c+ rating in a report on Wednesday, January 24th. FIG Partners cut First Internet Bancorp from an outperform rating to a market perform rating in a report on Monday, January 22nd. Finally, Zacks Investment Research cut First Internet Bancorp from a buy rating to a hold rating in a report on Tuesday, January 9th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. First Internet Bancorp currently has an average rating of Hold and a consensus price target of $44.25.

First Internet Bancorp (NASDAQ INBK) opened at $37.55 on Friday. First Internet Bancorp has a 12 month low of $25.48 and a 12 month high of $42.40. The firm has a market capitalization of $315.84, a P/E ratio of 17.38 and a beta of -0.04. The company has a quick ratio of 0.99, a current ratio of 1.01 and a debt-to-equity ratio of 1.82.

First Internet Bancorp (NASDAQ:INBK) last announced its earnings results on Friday, January 19th. The bank reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.02. First Internet Bancorp had a return on equity of 9.45% and a net margin of 15.99%. The company had revenue of $17.90 million for the quarter, compared to the consensus estimate of $19.00 million. equities research analysts predict that First Internet Bancorp will post 3.26 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th were issued a $0.06 dividend. The ex-dividend date was Thursday, December 28th. This represents a $0.24 annualized dividend and a dividend yield of 0.64%. First Internet Bancorp’s dividend payout ratio is currently 11.11%.

Institutional investors and hedge funds have recently bought and sold shares of the company. Zweig DiMenna Associates LLC acquired a new stake in shares of First Internet Bancorp in the 3rd quarter valued at approximately $1,131,000. Vanguard Group Inc. lifted its holdings in shares of First Internet Bancorp by 1.1% in the 2nd quarter. Vanguard Group Inc. now owns 255,203 shares of the bank’s stock valued at $7,158,000 after buying an additional 2,760 shares during the period. Argent Capital Management LLC lifted its holdings in shares of First Internet Bancorp by 2.2% in the 3rd quarter. Argent Capital Management LLC now owns 124,755 shares of the bank’s stock valued at $4,030,000 after buying an additional 2,725 shares during the period. Stifel Financial Corp lifted its holdings in shares of First Internet Bancorp by 2.1% in the 2nd quarter. Stifel Financial Corp now owns 143,471 shares of the bank’s stock valued at $4,022,000 after buying an additional 2,945 shares during the period. Finally, Trexquant Investment LP lifted its holdings in shares of First Internet Bancorp by 111.6% in the 3rd quarter. Trexquant Investment LP now owns 15,407 shares of the bank’s stock valued at $498,000 after buying an additional 8,126 shares during the period. 63.73% of the stock is owned by institutional investors and hedge funds.

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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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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