First Bancorp Internet price target (NASDAQ: INBK) raised to $ 61.00 by Piper Sandler analysts
First Bancorp Internet (NASDAQ: INBK) saw its target price raised by Piper Sandler from $ 50.00 to $ 61.00 in a research report released Thursday, Fly reports. The brokerage is currently “overweight” on the bank’s stocks. Piper Sandler’s target price indicates a potential rise of 39.14% from the company’s previous close.
A number of other equity analysts have also recently commented on INBK. Craig Hallum raised his price target for the First Internet Bancorp stock from $ 48.00 to $ 55, and gave the stock a “buy” rating in a research note on Wednesday, November 3. Zacks investment research downgraded First Internet Bancorp from a “custody” rating to a “strong buy” rating and set a price target of $ 41.00 for the company in a research report released on Tuesday, October 26.
NASDAQ: INBK opened at $ 43.84 on Thursday. First Internet Bancorp has a twelve month minimum of $ 26.68 and a twelve month maximum of $ 46.94. The company has a market cap of $ 432.00 million, a PE ratio of 9.35 and a beta of 0.76. The company has a current ratio of 1.03, a quick ratio of 1.02, and a debt ratio of 1.67. The company has a fifty-day moving average of $ 38.28.
First Internet Bancorp (NASDAQ: INBK) last released its quarterly results on Tuesday, October 19. The bank reported earnings per share (EPS) of $ 1.27 for the quarter, beating the consensus estimate of $ 1.13 by $ 0.14. First Internet Bancorp posted a return on equity of 12.92% and a net margin of 27.30%. The company posted revenue of $ 28.73 million in the quarter, compared to analysts’ estimates of $ 30.10 million. In the same quarter of the previous year, the company earned $ 1.03 per share. Analysts expect First Internet Bancorp to post earnings per share of 4.66 for the current fiscal year.
Separately, CEO David B. Becker bought 10,000 shares of the company in a trade on Tuesday, November 30. The stock was purchased at an average price of $ 43.25 per share, for a total value of $ 432,500.00. The acquisition has been disclosed on a legal file with the SEC, which is available through this link. Insiders own 7.20% of the shares of the company.
Institutional investors have recently changed their positions in the company. Acuitas Investments LLC increased its stake in First Internet Bancorp by 2,998.0% during the second quarter. Acuitas Investments LLC now owns 3,688,355 shares of the bank valued at $ 119,000 after purchasing an additional 3,569,299 shares in the last quarter. Ibex Investors LLC purchased a new position in First Internet Bancorp during the 2nd quarter for a value of $ 21,875,000. Connors Investor Services Inc. purchased a new equity stake in First Internet Bancorp in the second quarter valued at approximately $ 3,421,000. LSV Asset Management increased its stake in First Internet Bancorp shares by 52.0% in the third quarter. LSV Asset Management now owns 146,127 shares of the bank valued at $ 4,556,000 after acquiring an additional 50,012 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in First Internet Bancorp shares by 34.1% in the second quarter. Goldman Sachs Group Inc. now owns 161,732 shares of the bank valued at $ 5,010,000 after acquiring an additional 41,167 shares in the last quarter. 69.72% of the shares are held by institutional investors and hedge funds.
First Internet Bancorp Company Profile
First Internet Bancorp provides online commercial and retail banking products and services. It offers senior residential mortgages, consumer loans and credit cards and CRE loans in Indiana and other parts of the Midwest in the form of office, commercial, industrial and multi-family loans, with finance leasing.
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