Zacks Investment Research Downgrades First Internet Bancorp (INBK) to Hold
First Internet Bancorp (NASDAQ:INBK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday.
According to Zacks, “First Internet Bancorp is a bank holding company that conducts its business activities through its subsidiary, First Internet Bank of Indiana. The Bank operates through the internet primarily in the United States. Its services includes checking accounts, regular and money market savings accounts, consumer loans, conforming mortgages, jumbo mortgages, home equity loans and lines of credit, and commercial loans. First Internet Bancorp is based in Indianapolis, United States. “
A number of other equities research analysts have also recently weighed in on INBK. 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. Hovde Group boosted their price objective on First Internet Bancorp from $37.00 to $43.00 and gave the company an “outperform” rating in a research note on Monday, October 23rd. Maxim Group boosted their target price on First Internet Bancorp from $37.00 to $44.00 and gave the company a “buy” rating in a report on Monday, October 23rd. Finally, TheStreet raised First Internet Bancorp from a “c+” rating to a “b” rating in a report on Thursday, November 16th. One equities research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $43.75.
Shares of First Internet Bancorp (NASDAQ INBK) traded up $0.05 during midday trading on Tuesday, reaching $40.20. The company’s stock had a trading volume of 23,136 shares, compared to its average volume of 36,436. The company has a debt-to-equity ratio of 1.82, a quick ratio of 0.99 and a current ratio of 1.01. First Internet Bancorp has a one year low of $25.48 and a one year high of $41.20. The stock has a market capitalization of $335.60 and a PE ratio of 16.69.
First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings data on Friday, October 20th. The bank reported $0.71 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.08. First Internet Bancorp had a return on equity of 8.87% and a net margin of 17.60%. The company had revenue of $17.33 million during the quarter, compared to analysts’ expectations of $16.90 million. equities analysts predict that First Internet Bancorp will post 2.36 EPS for the current year.
In related news, Director Jerry L. Williams bought 2,100 shares of the company’s stock in a transaction dated Wednesday, September 20th. The shares were acquired at an average price of $30.05 per share, with a total value of $63,105.00. Following the completion of the acquisition, the director now owns 35,836 shares in the company, valued at approximately $1,076,871.80. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Chairman David B. Becker bought 5,000 shares of the company’s stock in a transaction dated Wednesday, September 20th. The stock was bought at an average cost of $30.02 per share, for a total transaction of $150,100.00. The disclosure for this purchase can be found here. Insiders own 7.60% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Bank of America Corp DE increased its holdings in shares of First Internet Bancorp by 11.7% in the first quarter. Bank of America Corp DE now owns 3,477 shares of the bank’s stock valued at $103,000 after purchasing an additional 363 shares during the period. Citigroup Inc. increased its holdings in shares of First Internet Bancorp by 3,143.3% in the second quarter. Citigroup Inc. now owns 4,119 shares of the bank’s stock valued at $115,000 after purchasing an additional 3,992 shares during the period. Bank of Montreal Can increased its holdings in shares of First Internet Bancorp by 11.7% in the second quarter. Bank of Montreal Can now owns 4,468 shares of the bank’s stock valued at $125,000 after purchasing an additional 468 shares during the period. Valeo Financial Advisors LLC acquired a new position in shares of First Internet Bancorp in the third quarter valued at approximately $134,000. Finally, The Manufacturers Life Insurance Company grew its holdings in First Internet Bancorp by 3.2% during the second quarter. The Manufacturers Life Insurance Company now owns 5,144 shares of the bank’s stock worth $144,000 after acquiring an additional 159 shares during the period. 63.87% of the stock is currently owned by institutional investors and hedge funds.
WARNING: “Zacks Investment Research Downgrades First Internet Bancorp (INBK) to Hold” was first reported by TheOlympiaReport and is the property of of TheOlympiaReport. If you are accessing this piece on another site, it was stolen and reposted in violation of U.S. and international copyright and trademark law. The original version of this piece can be read at https://theolympiareport.com/2017/12/05/zacks-investment-research-downgrades-first-internet-bancorp-inbk-to-hold.html.
About First Internet Bancorp
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 Analyst Ratings Network's FREE daily email newsletter.