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

Key Points

• Keefe, Bruyette & Woods raised its price target on First Internet Bancorp from $23 to $24 while maintaining a "market perform" rating, a target that implies about a 0.35% downside from the stock's current price.
• Q1 earnings beat: the bank reported $0.29 EPS vs. $0.08 expected (beat by $0.21) but posted revenue of $43.12M (below estimates) and remains with a negative net margin (-10.05%) and negative ROE (-1.54%).
• The consensus analyst view is a "Hold" with an average target of $25.67 (1 Buy, 3 Hold, 1 Sell), and institutional investors own about 65.46% of the shares with several funds recently increasing or initiating positions.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) had its price target upped by Keefe, Bruyette & Woods from $23.00 to $24.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a "market perform" rating on the bank's stock. Keefe, Bruyette & Woods' target price would suggest a potential downside of 0.35% from the company's current price.

A number of other research analysts have also commented on INBK. Wall Street Zen raised shares of First Internet Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, March 14th. Zacks Research raised shares of First Internet Bancorp from a "strong sell" rating to a "hold" rating in a research report on Monday, March 30th. Weiss Ratings reissued a "sell (d)" rating on shares of First Internet Bancorp in a research report on Friday, March 27th. Piper Sandler reissued a "neutral" rating and issued a $24.00 price target on shares of First Internet Bancorp in a research report on Friday. Finally, Hovde Group increased their price target on shares of First Internet Bancorp from $26.00 to $29.00 and gave the stock an "outperform" rating in a research report on Friday, January 30th. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $25.67.

First Internet Bancorp Stock Performance

Shares of INBK traded up $1.17 during trading hours on Friday, reaching $24.09. 25,325 shares of the company traded hands, compared to its average volume of 54,898. The stock's fifty day moving average is $21.26 and its 200 day moving average is $20.77. The stock has a market cap of $210.02 million, a P/E ratio of -5.98 and a beta of 0.79. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.86 and a current ratio of 0.88. First Internet Bancorp has a 1-year low of $17.05 and a 1-year high of $28.51.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The bank reported $0.29 EPS for the quarter, beating analysts' consensus estimates of $0.08 by $0.21. The business had revenue of $43.12 million during the quarter, compared to analyst estimates of $45.67 million. First Internet Bancorp had a negative net margin of 10.05% and a negative return on equity of 1.54%. Equities research analysts anticipate that First Internet Bancorp will post 2.22 earnings per share for the current fiscal year.

Institutional Trading of First Internet Bancorp

Several hedge funds have recently modified their holdings of INBK. Royal Bank of Canada increased its holdings in shares of First Internet Bancorp by 78.5% during the first quarter. Royal Bank of Canada now owns 13,789 shares of the bank's stock worth $369,000 after buying an additional 6,064 shares in the last quarter. Empowered Funds LLC increased its holdings in shares of First Internet Bancorp by 81.4% in the first quarter. Empowered Funds LLC now owns 13,135 shares of the bank's stock valued at $352,000 after purchasing an additional 5,893 shares in the last quarter. Jane Street Group LLC acquired a new stake in shares of First Internet Bancorp in the first quarter valued at approximately $297,000. First Trust Advisors LP increased its holdings in shares of First Internet Bancorp by 4.9% in the second quarter. First Trust Advisors LP now owns 31,683 shares of the bank's stock valued at $852,000 after purchasing an additional 1,474 shares in the last quarter. Finally, Jump Financial LLC acquired a new stake in shares of First Internet Bancorp in the second quarter valued at approximately $236,000. Institutional investors and hedge funds own 65.46% of the company's stock.

First Internet Bancorp Company Profile

First Internet Bancorp is the bank holding company for First Internet Bank of Indiana, a pioneer in digital banking in the United States. Established with a focus on online-only operations, the company offers fully integrated, web-based financial solutions without the overhead of physical branches. Headquartered in Indianapolis, Indiana, First Internet Bancorp leverages technology to deliver streamlined banking services to customers across the country.

The company's core offerings include a range of deposit products such as checking accounts, savings accounts, money market accounts, certificates of deposit (CDs) and individual retirement accounts (IRAs).

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