Maxim Group Reiterates “Hold” Rating for First Internet Bancorp (NASDAQ:INBK)

First Internet Bancorp (NASDAQ:INBK)‘s stock had its “hold” rating reiterated by investment analysts at Maxim Group in a research report issued to clients and investors on Monday, April 29th, AnalystRatings.com reports.

The analysts wrote, “INBK reported 1Q19 EPS of $0.56, versus consensus of $0.51 and our estimate of $0.56. The main reason for the beat was low expectations. The net interest margin (NIM) was down 3bps linked-quarter; management guided to a 2Q19 decline of 3bps-5bps, so we are lowering our 2019 EPS estimate to $2.34, from $2.50. Based on our new 2020 EPS estimate of $2.83, we are maintaining our Hold rating.””

INBK has been the subject of several other research reports. ValuEngine raised First Internet Bancorp from a “strong sell” rating to a “sell” rating in a report on Thursday, April 25th. Hovde Group lowered First Internet Bancorp from an “outperform” rating to a “market perform” rating and set a $22.00 price objective for the company. in a research note on Monday, January 28th. Zacks Investment Research lowered First Internet Bancorp from a “hold” rating to a “strong sell” rating in a research note on Wednesday, January 30th. Finally, FIG Partners raised First Internet Bancorp from a “market perform” rating to an “outperform” rating and set a $28.00 price objective for the company in a research note on Friday, January 4th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $30.20.

First Internet Bancorp stock traded up $0.04 during mid-day trading on Monday, reaching $21.83. 16,600 shares of the stock traded hands, compared to its average volume of 45,264. The stock has a market cap of $221.61 million, a PE ratio of 8.73 and a beta of 0.56. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.04 and a current ratio of 1.05. First Internet Bancorp has a 12-month low of $17.56 and a 12-month high of $37.00.

First Internet Bancorp (NASDAQ:INBK) last posted its quarterly earnings data on Wednesday, April 24th. The bank reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.12. The company had revenue of $18.62 million during the quarter, compared to analysts’ expectations of $17.30 million. First Internet Bancorp had a return on equity of 8.15% and a net margin of 16.21%. As a group, sell-side analysts predict that First Internet Bancorp will post 2.37 EPS for the current fiscal year.

Several large investors have recently bought and sold shares of INBK. BlackRock Inc. raised its position in First Internet Bancorp by 8.1% during the fourth quarter. BlackRock Inc. now owns 553,955 shares of the bank’s stock valued at $11,323,000 after purchasing an additional 41,380 shares during the period. Vanguard Group Inc. raised its position in First Internet Bancorp by 12.2% during the third quarter. Vanguard Group Inc. now owns 520,410 shares of the bank’s stock valued at $15,846,000 after purchasing an additional 56,661 shares during the period. Vanguard Group Inc raised its position in First Internet Bancorp by 12.2% during the third quarter. Vanguard Group Inc now owns 520,410 shares of the bank’s stock valued at $15,846,000 after purchasing an additional 56,661 shares during the period. Dimensional Fund Advisors LP raised its position in First Internet Bancorp by 17.8% during the first quarter. Dimensional Fund Advisors LP now owns 485,752 shares of the bank’s stock valued at $9,390,000 after purchasing an additional 73,468 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC raised its position in First Internet Bancorp by 53.4% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 200,561 shares of the bank’s stock valued at $3,877,000 after purchasing an additional 69,840 shares during the period. Institutional investors own 68.45% of the company’s stock.

First Internet Bancorp Company Profile

First Internet Bancorp operates as a bank holding company for First Internet Bank of Indiana that provides commercial and retail banking products and services in the United States. The company offers savings and money market accounts, non-interest bearing and interest-bearing demand deposits, brokered deposit accounts, and certificates of deposit.

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