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.
TRADEMARK VIOLATION NOTICE: “First Internet Bancorp (NASDAQ:INBK) Receives Buy Rating from Maxim Group” was first reported by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are viewing this article on another domain, it was stolen and reposted in violation of U.S. and international trademark and copyright laws. The correct version of this article can be viewed at https://www.dispatchtribunal.com/2018/02/12/first-internet-bancorp-inbk-stock-rating-reaffirmed-by-maxim-group.html.
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.
Receive News & Ratings for First Internet Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Internet Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.