First Internet Bancorp (NASDAQ:INBK)‘s stock had its “buy” rating reiterated by equities research analysts at Maxim Group in a report issued on Friday. They currently have a $46.00 price objective on the bank’s stock. Maxim Group’s target price would suggest a potential upside of 11.25% from the stock’s current price.
The analysts wrote, “INBK reported 4Q17 core EPS of $0.63, beating consensus of $0.62. It was a strong quarter, in our view, driven by 11.9% (not annualized) linked-quarter growth in loans (despite portfolio loan sales), which in turn produced 6.3% growth in average earning assets. Combined with a 7bp widening of the net interest margin (NIM), net interest income was up 8.2%. The loan growth was mainly attributable to INBK’s new public finance group, as well as single- tenant lease financing. Mortgage banking income was down 40% (due to seasonality/lower mortgage originations and a lower gain-on-sale margin), though partially offset by sales of single-tenant lease financing loans.””
Several other analysts have also recently weighed in on the stock. TheStreet upgraded shares of First Internet Bancorp from a “c+” rating to a “b” rating in a research note on Thursday, November 16th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $44.00 price objective on shares of First Internet Bancorp in a research note on Friday, October 20th. BidaskClub cut shares of First Internet Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, December 12th. Hovde Group lifted their price objective on shares of First Internet Bancorp from $37.00 to $43.00 and gave the stock an “outperform” rating in a research note on Monday, October 23rd. Finally, Zacks Investment Research cut shares of First Internet Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, December 5th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. First Internet Bancorp currently has an average rating of “Buy” and a consensus target price of $44.25.
Shares of First Internet Bancorp (NASDAQ:INBK) opened at $41.35 on Friday. First Internet Bancorp has a twelve month low of $25.48 and a twelve month high of $42.40. The company has a debt-to-equity ratio of 1.82, a quick ratio of 0.99 and a current ratio of 1.01. The company has a market cap of $337.70 and a PE ratio of 19.14.
First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings data on Friday, January 19th. The bank reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.02. First Internet Bancorp had a net margin of 15.99% and a return on equity of 9.45%. The business had revenue of $17.90 million during the quarter, compared to analysts’ expectations of $19.00 million. analysts forecast that First Internet Bancorp will post 3.3 earnings per share for the current fiscal year.
Several large investors have recently modified their holdings of INBK. Stieven Capital Advisors L.P. raised its position in shares of First Internet Bancorp by 39.5% in the 3rd quarter. Stieven Capital Advisors L.P. now owns 698,400 shares of the bank’s stock valued at $22,558,000 after buying an additional 197,800 shares in the last quarter. Emerald Mutual Fund Advisers Trust acquired a new position in shares of First Internet Bancorp in the 3rd quarter valued at approximately $6,137,000. Franklin Resources Inc. raised its position in shares of First Internet Bancorp by 239.6% in the 2nd quarter. Franklin Resources Inc. now owns 186,800 shares of the bank’s stock valued at $5,240,000 after buying an additional 131,800 shares in the last quarter. Heartland Advisors Inc. raised its position in shares of First Internet Bancorp by 54.8% in the 3rd quarter. Heartland Advisors Inc. now owns 350,720 shares of the bank’s stock valued at $11,328,000 after buying an additional 124,220 shares in the last quarter. Finally, Zweig DiMenna Associates LLC acquired a new position in shares of First Internet Bancorp in the 3rd quarter valued at approximately $1,131,000. Institutional investors own 63.87% of the company’s stock.
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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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