Zacks Research Upgrades First Internet Bancorp (NASDAQ:INBK) to Strong-Buy

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

Other equities analysts also recently issued research reports about the company. Weiss Ratings raised First Internet Bancorp from a “sell (d)” rating to a “sell (d+)” rating in a research report on Wednesday, July 8th. Benchmark lifted their price objective on First Internet Bancorp from $33.00 to $35.00 and gave the company a “buy” rating in a report on Friday, July 31st. Wall Street Zen raised shares of First Internet Bancorp from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. Finally, Piper Sandler increased their target price on shares of First Internet Bancorp from $26.00 to $29.50 and gave the stock a “neutral” rating in a report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $29.38.

First Internet Bancorp Stock Down 0.2%

Shares of NASDAQ INBK opened at $26.11 on Monday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.87 and a current ratio of 0.88. The firm has a market capitalization of $228.04 million, a price-to-earnings ratio of -7.25 and a beta of 0.83. The stock has a 50 day moving average price of $28.09 and a 200 day moving average price of $25.46. First Internet Bancorp has a 52-week low of $17.05 and a 52-week high of $31.09.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings data on Thursday, July 30th. The bank reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.12. The company had revenue of $41.12 million for the quarter, compared to analysts’ expectations of $43.83 million. First Internet Bancorp had a negative return on equity of 0.55% and a negative net margin of 9.01%.First Internet Bancorp has set its FY 2026 guidance at 2.350-2.450 EPS. Sell-side analysts expect that First Internet Bancorp will post 2.36 earnings per share for the current year.

Institutional Investors Weigh In On First Internet Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of INBK. Versant Capital Management Inc grew its holdings in shares of First Internet Bancorp by 7.3% during the second quarter. Versant Capital Management Inc now owns 5,533 shares of the bank’s stock valued at $154,000 after buying an additional 376 shares during the last quarter. Deutsche Bank AG purchased a new position in First Internet Bancorp in the 2nd quarter worth $223,000. Public Employees Retirement System of Ohio lifted its position in First Internet Bancorp by 35.9% during the 1st quarter. Public Employees Retirement System of Ohio now owns 8,184 shares of the bank’s stock worth $167,000 after acquiring an additional 2,160 shares during the period. Corient Private Wealth LP acquired a new stake in First Internet Bancorp during the 2nd quarter worth about $235,000. Finally, Hsbc Holdings PLC purchased a new stake in First Internet Bancorp during the 2nd quarter valued at about $265,000. 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, a full-service digital financial institution headquartered in Fishers, Indiana. Founded in 1999, First Internet Bank was established as an internet-based bank and provides banking services through digital channels, supported by offices and lending operations serving customers in Indiana and other markets.

The bank offers commercial and consumer financial products, including checking and savings accounts, money market accounts, certificates of deposit, residential and commercial real estate lending, construction loans, commercial and industrial financing, small business lending, and municipal finance.