First Internet Bancorp (NASDAQ:INBK) Receives Buy Rating from Maxim Group

First Internet Bancorp (NASDAQ:INBK)‘s stock had its “buy” rating reissued by stock analysts at Maxim Group in a report issued on Friday, January 19th. They presently have a $46.00 price objective on the bank’s stock. Maxim Group’s target price points to a potential upside of 25.17% from the stock’s previous close.

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.””

A number of other research firms have also recently weighed in on INBK. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $44.00 price target on shares of First Internet Bancorp in a research note on Friday, October 20th. Hovde Group upped their price target 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. TheStreet raised shares of First Internet Bancorp from a “c+” rating to a “b” rating in a research note on Thursday, November 16th. Zacks Investment Research raised shares of First Internet Bancorp from a “sell” rating to a “buy” rating and set a $44.00 price target on the stock in a research note on Tuesday, November 21st. Finally, BidaskClub cut shares of First Internet Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, December 12th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. First Internet Bancorp currently has a consensus rating of “Buy” and an average price target of $44.25.

First Internet Bancorp (NASDAQ:INBK) traded up $0.30 during mid-day trading on Friday, reaching $36.75. 36,193 shares of the company traded hands, compared to its average volume of 35,276. 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 stock has a market cap of $306.58, a P/E ratio of 16.88 and a beta of -0.04. First Internet Bancorp has a 1 year low of $25.48 and a 1 year high of $42.40.

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

A number of large investors have recently added to or reduced their stakes in the business. Fuller & Thaler Asset Management Inc. purchased a new position in First Internet Bancorp in the 4th quarter valued at about $1,013,000. BlackRock Inc. lifted its holdings in shares of First Internet Bancorp by 24.8% during the 4th quarter. BlackRock Inc. now owns 394,138 shares of the bank’s stock worth $15,035,000 after acquiring an additional 78,431 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of First Internet Bancorp by 10.6% during the 4th quarter. Bank of New York Mellon Corp now owns 32,839 shares of the bank’s stock worth $1,253,000 after acquiring an additional 3,146 shares during the period. Wells Fargo & Company MN lifted its holdings in shares of First Internet Bancorp by 57.9% during the 4th quarter. Wells Fargo & Company MN now owns 11,540 shares of the bank’s stock worth $440,000 after acquiring an additional 4,230 shares during the period. Finally, First Trust Advisors LP purchased a new position in shares of First Internet Bancorp during the 4th quarter worth about $657,000. Institutional investors own 63.88% 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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