Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for First Internet Bancorp (NASDAQ:INBK) Stock

First Internet Bancorp (NASDAQ:INBK) had its target price upped by Keefe, Bruyette & Woods from $41.00 to $45.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ target price would indicate a potential upside of 10.08% from the company’s previous close.

First Internet Bancorp Trading Down 0.4 %

Shares of INBK traded down $0.15 during trading hours on Wednesday, hitting $40.88. 5,966 shares of the stock were exchanged, compared to its average volume of 49,736. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.98. The firm has a market capitalization of $354.43 million, a P/E ratio of 16.12 and a beta of 0.70. The business has a 50-day moving average of $37.20 and a 200-day moving average of $33.77. First Internet Bancorp has a fifty-two week low of $21.96 and a fifty-two week high of $43.26.

First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.80 earnings per share for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.01). The firm had revenue of $87.02 million for the quarter, compared to the consensus estimate of $32.50 million. First Internet Bancorp had a net margin of 6.92% and a return on equity of 6.06%. During the same period in the previous year, the business earned $0.39 earnings per share. On average, research analysts expect that First Internet Bancorp will post 3.07 EPS for the current year.

Hedge Funds Weigh In On First Internet Bancorp

Several institutional investors have recently made changes to their positions in the business. Valeo Financial Advisors LLC lifted its position in First Internet Bancorp by 2.6% in the second quarter. Valeo Financial Advisors LLC now owns 23,967 shares of the bank’s stock worth $648,000 after buying an additional 606 shares during the last quarter. Bank of New York Mellon Corp grew its stake in First Internet Bancorp by 149.9% in the second quarter. Bank of New York Mellon Corp now owns 38,972 shares of the bank’s stock valued at $1,053,000 after purchasing an additional 23,376 shares during the last quarter. Rhumbline Advisers grew its stake in shares of First Internet Bancorp by 2,179.6% during the second quarter. Rhumbline Advisers now owns 9,483 shares of the bank’s stock worth $256,000 after acquiring an additional 9,067 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of First Internet Bancorp by 9.6% during the second quarter. Victory Capital Management Inc. now owns 28,500 shares of the bank’s stock worth $770,000 after acquiring an additional 2,500 shares during the last quarter. Finally, Foundry Partners LLC boosted its position in First Internet Bancorp by 15.0% in the second quarter. Foundry Partners LLC now owns 111,850 shares of the bank’s stock valued at $3,022,000 after buying an additional 14,605 shares during the last quarter. Institutional investors own 65.46% of the company’s stock.

First Internet Bancorp Company Profile

First Internet Bancorp operates as the bank holding company for First Internet Bank of Indiana that provides commercial, small business, consumer, and municipal banking products and services to individuals and commercial customers in the United States. The company accepts non-interest bearing and interest-bearing demand deposit, commercial deposit, savings, money market, and Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.