First Internet Bancorp (NASDAQ:INBK) Stock Rating Upgraded by Wall Street Zen

First Internet Bancorp (NASDAQ:INBK) was upgraded by Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Saturday.

INBK has been the subject of several other research reports. Hovde Group boosted their price target on First Internet Bancorp from $26.00 to $29.00 and gave the company an “outperform” rating in a research note on Friday, January 30th. Keefe, Bruyette & Woods cut their price objective on shares of First Internet Bancorp from $25.00 to $23.00 and set a “market perform” rating on the stock in a research report on Friday, January 30th. Weiss Ratings reiterated a “sell (d)” rating on shares of First Internet Bancorp in a research note on Monday, December 29th. Zacks Research lowered shares of First Internet Bancorp from a “hold” rating to a “strong sell” rating in a research note on Friday, January 30th. Finally, Piper Sandler cut their price target on shares of First Internet Bancorp from $24.00 to $23.50 and set a “neutral” rating on the stock in a report on Friday, January 30th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, First Internet Bancorp currently has an average rating of “Reduce” and an average price target of $25.17.

First Internet Bancorp Trading Down 1.7%

First Internet Bancorp stock opened at $19.60 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 0.99. First Internet Bancorp has a 12 month low of $17.05 and a 12 month high of $30.00. The company’s fifty day simple moving average is $21.15 and its 200-day simple moving average is $21.18. The stock has a market cap of $170.91 million, a P/E ratio of -4.86 and a beta of 0.83.

First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings data on Thursday, January 29th. The bank reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. First Internet Bancorp had a negative return on equity of 1.54% and a negative net margin of 10.05%.The firm had revenue of $42.11 million during the quarter, compared to analysts’ expectations of $32.80 million. As a group, sell-side analysts forecast that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of INBK. Creative Planning acquired a new position in shares of First Internet Bancorp in the 2nd quarter valued at $1,691,000. Fourthstone LLC boosted its position in shares of First Internet Bancorp by 254.9% during the 2nd quarter. Fourthstone LLC now owns 145,141 shares of the bank’s stock valued at $3,904,000 after acquiring an additional 104,241 shares in the last quarter. Hsbc Holdings PLC boosted its position in shares of First Internet Bancorp by 127.4% during the 2nd quarter. Hsbc Holdings PLC now owns 26,330 shares of the bank’s stock valued at $716,000 after acquiring an additional 14,751 shares in the last quarter. American Century Companies Inc. increased its stake in First Internet Bancorp by 7.8% in the second quarter. American Century Companies Inc. now owns 144,829 shares of the bank’s stock valued at $3,896,000 after acquiring an additional 10,494 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in First Internet Bancorp by 384.4% in the third quarter. JPMorgan Chase & Co. now owns 18,762 shares of the bank’s stock valued at $421,000 after acquiring an additional 14,889 shares during the period. 65.46% of the stock is owned by institutional investors.

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).