First Internet Bancorp (NASDAQ:INBK) Upgraded to Hold at Zacks Research

First Internet Bancorp (NASDAQ:INBK) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Other equities analysts also recently issued research reports about the stock. Piper Sandler cut their price target on shares of First Internet Bancorp from $24.00 to $23.50 and set a “neutral” rating for the company in a report on Friday, January 30th. Hovde Group boosted their price objective on shares of First Internet Bancorp from $26.00 to $29.00 and gave the stock an “outperform” rating in a report on Friday, January 30th. Wall Street Zen upgraded shares of First Internet Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, March 14th. Weiss Ratings reiterated a “sell (d)” rating on shares of First Internet Bancorp in a research report on Friday. Finally, Keefe, Bruyette & Woods decreased their price target on First Internet Bancorp from $25.00 to $23.00 and set a “market perform” rating on the stock in a research note on Friday, January 30th. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $25.17.

First Internet Bancorp Trading Up 1.1%

Shares of INBK stock opened at $20.38 on Monday. The business’s fifty day moving average price is $20.83 and its 200 day moving average price is $20.79. First Internet Bancorp has a 1-year low of $17.05 and a 1-year high of $28.51. The firm has a market capitalization of $177.71 million, a PE ratio of -5.06 and a beta of 0.83. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.88 and a quick ratio of 0.86.

First Internet Bancorp (NASDAQ:INBK) last released its earnings results on Thursday, January 29th. The bank reported $0.64 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 company had revenue of $42.11 million during the quarter, compared to the consensus estimate 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 Investors Weigh In On First Internet Bancorp

Large investors have recently bought and sold shares of the stock. Fourthstone LLC increased its position in First Internet Bancorp by 254.9% during the 2nd quarter. Fourthstone LLC now owns 145,141 shares of the bank’s stock worth $3,904,000 after purchasing an additional 104,241 shares in the last quarter. Hsbc Holdings PLC lifted its holdings in First Internet Bancorp by 127.4% in the 2nd quarter. Hsbc Holdings PLC now owns 26,330 shares of the bank’s stock valued at $716,000 after purchasing an additional 14,751 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of First Internet Bancorp by 7.8% during the 2nd quarter. American Century Companies Inc. now owns 144,829 shares of the bank’s stock worth $3,896,000 after purchasing an additional 10,494 shares during the last quarter. Inscription Capital LLC acquired a new stake in shares of First Internet Bancorp during the 4th quarter worth about $229,000. Finally, Sowell Financial Services LLC grew its holdings in shares of First Internet Bancorp by 13.2% during the fourth quarter. Sowell Financial Services LLC now owns 11,122 shares of the bank’s stock worth $232,000 after buying an additional 1,301 shares in the last quarter. Institutional investors and hedge funds own 65.46% of the company’s stock.

About First Internet Bancorp

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).