First Internet Bancorp (NASDAQ:INBK) Stock Rating Reaffirmed by Keefe, Bruyette & Woods

First Internet Bancorp (NASDAQ:INBK)‘s stock had its “market perform” rating reiterated by Keefe, Bruyette & Woods in a report issued on Friday, Benzinga reports. They presently have a $36.00 target price on the bank’s stock, up from their prior target price of $34.00. Keefe, Bruyette & Woods’ price objective would indicate a potential upside of 14.65% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the stock. Hovde Group cut their price target on shares of First Internet Bancorp from $38.50 to $38.00 and set an “outperform” rating for the company in a research note on Friday. StockNews.com upgraded shares of First Internet Bancorp from a “sell” rating to a “hold” rating in a report on Friday, January 5th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, First Internet Bancorp currently has an average rating of “Hold” and a consensus price target of $31.75.

First Internet Bancorp Stock Up 2.2 %

Shares of INBK traded up $0.69 during trading hours on Friday, reaching $31.40. 14,774 shares of the stock traded hands, compared to its average volume of 53,793. 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 fifty day simple moving average of $32.28 and a 200 day simple moving average of $26.06. First Internet Bancorp has a 52 week low of $9.68 and a 52 week high of $35.72. The company has a market cap of $271.92 million, a price-to-earnings ratio of 16.53 and a beta of 0.72.

First Internet Bancorp (NASDAQ:INBK) last posted its earnings results on Wednesday, January 24th. The bank reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.24. The firm had revenue of $27.21 million during the quarter, compared to the consensus estimate 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 analysts forecast that First Internet Bancorp will post 3.01 EPS for the current year.

Institutional Trading of First Internet Bancorp

Institutional investors have recently bought and sold shares of the company. Patriot Financial Partners GP LP lifted its stake in First Internet Bancorp by 1.9% during the 3rd quarter. Patriot Financial Partners GP LP now owns 155,482 shares of the bank’s stock valued at $2,520,000 after acquiring an additional 2,958 shares during the period. Brandywine Global Investment Management LLC lifted its stake in shares of First Internet Bancorp by 1.9% in the 3rd quarter. Brandywine Global Investment Management LLC now owns 154,435 shares of the bank’s stock worth $2,503,000 after purchasing an additional 2,900 shares during the period. Ancora Advisors LLC lifted its stake in shares of First Internet Bancorp by 41.7% in the 3rd quarter. Ancora Advisors LLC now owns 152,509 shares of the bank’s stock worth $2,472,000 after purchasing an additional 44,895 shares during the period. Sapient Capital LLC bought a new position in shares of First Internet Bancorp in the 4th quarter worth approximately $3,495,000. Finally, Acuitas Investments LLC bought a new position in shares of First Internet Bancorp in the 4th quarter worth approximately $1,940,000. 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.