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

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

A number of other research firms also recently weighed in on INBK. StockNews.com upgraded First Internet Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, January 5th. Hovde Group decreased their price target on First Internet Bancorp from $38.50 to $38.00 and set an “outperform” rating on the stock in a research note on Friday. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $31.75.

First Internet Bancorp Stock Performance

Shares of NASDAQ:INBK traded up $0.69 during trading on Friday, reaching $31.40. The company had a trading volume of 14,774 shares, compared to its average volume of 53,793. The firm has a market capitalization of $271.92 million, a price-to-earnings ratio of 16.53 and a beta of 0.72. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.04 and a quick ratio of 1.04. The stock’s fifty day moving average price is $32.28 and its 200 day moving average price is $26.06. First Internet Bancorp has a fifty-two week low of $9.68 and a fifty-two week high of $35.72.

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

Hedge Funds Weigh In On First Internet Bancorp

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

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.