First Internet Bancorp (NASDAQ:INBK) Upgraded at Hovde Group

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First Internet Bancorp (NASDAQ:INBK) was upgraded by Hovde Group from a “market perform” rating to an “outperform” rating in a report issued on Tuesday, Briefing.com Automated Import reports. The firm presently has a $29.00 target price on the bank’s stock. Hovde Group’s price objective suggests a potential upside of 20.13% from the company’s previous close.

A number of other equities research analysts have also recently issued reports on the stock. Zacks Investment Research cut shares of First Internet Bancorp from a “buy” rating to a “hold” rating in a report on Friday, November 1st. ValuEngine upgraded shares of First Internet Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, January 7th. Finally, Craig Hallum started coverage on shares of First Internet Bancorp in a research report on Monday, December 23rd. They set a “buy” rating and a $33.00 price target for the company. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $29.33.

Shares of INBK stock opened at $24.14 on Tuesday. The company’s fifty day simple moving average is $23.60 and its two-hundred day simple moving average is $21.81. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.04 and a quick ratio of 1.02. First Internet Bancorp has a 1 year low of $17.56 and a 1 year high of $25.06. The stock has a market capitalization of $234.78 million, a price-to-earnings ratio of 9.66 and a beta of 0.61.

First Internet Bancorp (NASDAQ:INBK) last issued its earnings results on Thursday, October 24th. The bank reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.02. First Internet Bancorp had a net margin of 14.03% and a return on equity of 8.05%. The business had revenue of $20.80 million for the quarter, compared to analysts’ expectations of $19.50 million. Equities research analysts anticipate that First Internet Bancorp will post 2.36 EPS for the current year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. grew its position in First Internet Bancorp by 11.4% in the second quarter. BlackRock Inc. now owns 604,808 shares of the bank’s stock worth $13,027,000 after acquiring an additional 61,866 shares in the last quarter. Vanguard Group Inc. grew its position in First Internet Bancorp by 22.0% in the second quarter. Vanguard Group Inc. now owns 536,752 shares of the bank’s stock worth $11,562,000 after acquiring an additional 96,683 shares in the last quarter. Northern Trust Corp grew its position in First Internet Bancorp by 2.6% in the second quarter. Northern Trust Corp now owns 127,273 shares of the bank’s stock worth $2,742,000 after acquiring an additional 3,172 shares in the last quarter. Connors Investor Services Inc. grew its position in First Internet Bancorp by 1.1% in the third quarter. Connors Investor Services Inc. now owns 113,560 shares of the bank’s stock worth $2,431,000 after acquiring an additional 1,283 shares in the last quarter. Finally, Rock Creek Group LP purchased a new position in First Internet Bancorp in the second quarter worth $1,307,000. Hedge funds and other institutional investors own 69.34% of the company’s stock.

First Internet Bancorp Company Profile

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.

Read More: Dividend Reinvestment Plan (DRIP)

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