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

First Internet Bancorp (NASDAQ:INBK) had its price objective boosted by investment analysts at Keefe, Bruyette & Woods from $41.00 to $45.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ target price indicates a potential upside of 10.08% from the stock’s previous close.

First Internet Bancorp Trading Down 0.4 %

First Internet Bancorp stock traded down $0.15 during midday trading on Wednesday, reaching $40.88. 5,966 shares of the stock traded hands, compared to its average volume of 49,736. The company has a 50-day simple moving average of $37.20 and a two-hundred day simple moving average of $33.77. First Internet Bancorp has a 12-month low of $21.96 and a 12-month high of $43.26. The firm has a market cap of $354.43 million, a PE ratio of 16.12 and a beta of 0.70. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.61.

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

Institutional Investors Weigh In On First Internet Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC bought a new position in First Internet Bancorp during the 3rd quarter worth approximately $145,000. MetLife Investment Management LLC increased its position in First Internet Bancorp by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 4,737 shares of the bank’s stock valued at $162,000 after acquiring an additional 2,669 shares during the period. XTX Topco Ltd acquired a new position in shares of First Internet Bancorp during the 3rd quarter valued at $201,000. Jane Street Group LLC bought a new stake in shares of First Internet Bancorp during the 3rd quarter worth $203,000. Finally, Rhumbline Advisers boosted its position in shares of First Internet Bancorp by 2,179.6% in the second quarter. Rhumbline Advisers now owns 9,483 shares of the bank’s stock worth $256,000 after buying an additional 9,067 shares during the period. 65.46% of the stock is currently owned by institutional investors and hedge funds.

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.