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

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

Other equities analysts also recently issued research reports about the company. Weiss Ratings reiterated a “sell (d)” rating on shares of First Internet Bancorp in a research note on Monday. Hovde Group lowered their target price on First Internet Bancorp from $29.00 to $26.00 and set an “outperform” rating on the stock in a research note on Friday, October 24th. Keefe, Bruyette & Woods dropped their price target on First Internet Bancorp from $27.00 to $25.00 and set a “market perform” rating on the stock in a research report on Friday, October 24th. Finally, Piper Sandler cut their price target on First Internet Bancorp from $25.50 to $22.00 and set a “neutral” rating for the company in a research note on Monday, October 27th. One analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $24.33.

First Internet Bancorp Price Performance

INBK opened at $20.47 on Thursday. First Internet Bancorp has a fifty-two week low of $17.05 and a fifty-two week high of $37.19. The firm has a 50-day moving average of $19.62 and a 200 day moving average of $22.69. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.88 and a current ratio of 0.91. The firm has a market cap of $178.29 million, a P/E ratio of -5.39 and a beta of 0.85.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings data on Wednesday, October 22nd. The bank reported ($1.43) EPS for the quarter, missing the consensus estimate of $0.66 by ($2.09). First Internet Bancorp had a negative return on equity of 2.05% and a negative net margin of 9.35%.The company had revenue of $43.53 million during the quarter, compared to the consensus estimate of $33.48 million. On average, research analysts expect that First Internet Bancorp will post 4.11 EPS for the current year.

Insider Activity at First Internet Bancorp

In related news, CEO David B. Becker acquired 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 29th. The shares were acquired at an average price of $18.67 per share, with a total value of $93,350.00. Following the acquisition, the chief executive officer owned 419,194 shares of the company’s stock, valued at approximately $7,826,351.98. This trade represents a 1.21% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Nicole S. Lorch bought 2,000 shares of the business’s stock in a transaction on Monday, November 17th. The stock was bought at an average price of $17.96 per share, with a total value of $35,920.00. Following the purchase, the chief operating officer owned 70,206 shares in the company, valued at $1,260,899.76. This trade represents a 2.93% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders have purchased 10,110 shares of company stock worth $187,863. 8.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On First Internet Bancorp

Several hedge funds have recently bought and sold shares of INBK. AlphaQuest LLC lifted its stake in First Internet Bancorp by 239.4% in the 1st quarter. AlphaQuest LLC now owns 1,361 shares of the bank’s stock worth $36,000 after purchasing an additional 960 shares in the last quarter. Tower Research Capital LLC TRC raised its position in shares of First Internet Bancorp by 202.7% in the second quarter. Tower Research Capital LLC TRC now owns 1,789 shares of the bank’s stock worth $48,000 after buying an additional 1,198 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in First Internet Bancorp by 92.1% during the third quarter. BNP Paribas Financial Markets now owns 9,261 shares of the bank’s stock valued at $208,000 after buying an additional 4,439 shares during the period. Teton Advisors LLC bought a new stake in First Internet Bancorp during the third quarter valued at $224,000. Finally, Jump Financial LLC purchased a new position in First Internet Bancorp during the second quarter worth about $236,000. Hedge funds and other institutional investors 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).