Sandler O’Neill Reaffirms Buy Rating for First Internet Bancorp (INBK)

Sandler O’Neill restated their buy rating on shares of First Internet Bancorp (NASDAQ:INBK) in a research note issued to investors on Friday. They currently have a $43.00 price target on the bank’s stock.

Other research analysts also recently issued reports about the stock. TheStreet downgraded shares of First Internet Bancorp from a b rating to a c+ rating in a research report on Wednesday, January 24th. BidaskClub downgraded shares of First Internet Bancorp from a buy rating to a hold rating in a research report on Wednesday, April 4th. Maxim Group reissued a buy rating and set a $46.00 price objective on shares of First Internet Bancorp in a research report on Friday, January 19th. ValuEngine raised shares of First Internet Bancorp from a hold rating to a buy rating in a research report on Friday, February 2nd. Finally, Zacks Investment Research raised shares of First Internet Bancorp from a hold rating to a buy rating and set a $44.00 price objective on the stock in a research report on Saturday, December 30th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company has a consensus rating of Buy and an average price target of $44.00.

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Shares of NASDAQ INBK opened at $36.55 on Friday. The company has a current ratio of 1.04, a quick ratio of 1.02 and a debt-to-equity ratio of 1.99. First Internet Bancorp has a 52 week low of $25.48 and a 52 week high of $42.40. The firm has a market capitalization of $307.84 and a P/E ratio of 15.29.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings data on Thursday, April 19th. The bank reported $0.71 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.69 by $0.02. The business had revenue of $17.96 million for the quarter, compared to the consensus estimate of $18.40 million. First Internet Bancorp had a net margin of 17.67% and a return on equity of 9.99%. analysts anticipate that First Internet Bancorp will post 3.26 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 16th. Shareholders of record on Friday, March 30th were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.66%. The ex-dividend date of this dividend was Wednesday, March 28th. First Internet Bancorp’s payout ratio is currently 10.04%.

Several large investors have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company grew its position in shares of First Internet Bancorp by 3.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 5,144 shares of the bank’s stock worth $144,000 after buying an additional 159 shares during the period. Victory Capital Management Inc. grew its position in shares of First Internet Bancorp by 7.5% in the 4th quarter. Victory Capital Management Inc. now owns 35,518 shares of the bank’s stock worth $1,355,000 after buying an additional 2,468 shares during the period. California State Teachers Retirement System grew its position in shares of First Internet Bancorp by 24.5% in the 4th quarter. California State Teachers Retirement System now owns 12,564 shares of the bank’s stock worth $479,000 after buying an additional 2,475 shares during the period. TIAA CREF Investment Management LLC grew its position in shares of First Internet Bancorp by 17.5% in the 4th quarter. TIAA CREF Investment Management LLC now owns 19,767 shares of the bank’s stock worth $754,000 after buying an additional 2,949 shares during the period. Finally, Bank of New York Mellon Corp grew its position in shares of First Internet Bancorp by 10.6% in the 4th quarter. Bank of New York Mellon Corp now owns 32,839 shares of the bank’s stock worth $1,253,000 after buying an additional 3,146 shares during the period. 68.79% of the stock is currently owned by hedge funds and other institutional investors.

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About First Internet Bancorp

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 accounts, non-interest bearing and interest-bearing demand deposits, money market accounts, brokered deposit accounts, and certificates of deposit.

Analyst Recommendations for First Internet Bancorp (NASDAQ:INBK)

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