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FIG Partners upgrades First Internet Bancorp to 'outperform'

FIG Partners LLC analyst John Rodis upgraded Fishers, Ind.-based First Internet Bancorp's stock rating to "outperform" from "market perform," with a price target of $28.

The analyst wrote that First Internet continues to show strong organic growth driven by short-term loans, the decision to keep certain mortgages on-balance sheet and the public finance group.

Rodis expects First Internet's deposit beta to decrease in the future. If the Federal Reserve slows the pace of rate increases, the company could benefit from it, considering the funding pressure seen over the past year.

Rodis' EPS estimates for the company are $2.85 for 2019 and $3.30 for 2020.