First Internet Bancorp (NASDAQ:INBK – Get Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday, Zacks.com reports.
According to Zacks, “First Internet Bancorp is a bank holding company that conducts its business activities through its subsidiary, First Internet Bank of Indiana. The Bank operates through the internet primarily in the United States. Its services includes checking accounts, regular and money market savings accounts, consumer loans, conforming mortgages, jumbo mortgages, home equity loans and lines of credit, and commercial loans. First Internet Bancorp is based in Indianapolis, United States. “
A number of other brokerages have also issued reports on INBK. Keefe, Bruyette & Woods dropped their price target on shares of First Internet Bancorp from $66.00 to $62.00 and set an “outperform” rating on the stock in a research note on Thursday, April 21st. Craig Hallum reduced their price target on shares of First Internet Bancorp from $70.00 to $60.00 in a report on Tuesday. StockNews.com assumed coverage on shares of First Internet Bancorp in a research note on Thursday, March 31st. They set a “buy” rating on the stock. Finally, Piper Sandler reduced their price objective on shares of First Internet Bancorp from $68.00 to $54.00 and set an “overweight” rating on the stock in a research note on Friday, April 22nd. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $56.50.
First Internet Bancorp (NASDAQ:INBK – Get Rating) last released its quarterly earnings data on Wednesday, April 20th. The bank reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.15. First Internet Bancorp had a net margin of 29.10% and a return on equity of 13.21%. During the same quarter in the previous year, the company posted $1.05 earnings per share. On average, analysts expect that First Internet Bancorp will post 4.54 EPS for the current year.
In related news, Director Jerry L. Williams sold 1,702 shares of the firm’s stock in a transaction that occurred on Tuesday, February 8th. The shares were sold at an average price of $50.00, for a total transaction of $85,100.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO David B. Becker purchased 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 3rd. The shares were bought at an average price of $36.42 per share, with a total value of $1,092,600.00. Following the completion of the acquisition, the chief executive officer now owns 420,011 shares of the company’s stock, valued at approximately $15,296,800.62. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 51,314 shares of company stock worth $2,006,573. 7.20% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in INBK. Deutsche Bank AG grew its holdings in shares of First Internet Bancorp by 5.6% in the 4th quarter. Deutsche Bank AG now owns 5,652 shares of the bank’s stock worth $266,000 after purchasing an additional 300 shares during the last quarter. Valeo Financial Advisors LLC raised its holdings in First Internet Bancorp by 4.0% during the 1st quarter. Valeo Financial Advisors LLC now owns 7,908 shares of the bank’s stock worth $340,000 after buying an additional 301 shares during the period. Royal Bank of Canada raised its holdings in First Internet Bancorp by 5.7% during the 3rd quarter. Royal Bank of Canada now owns 8,286 shares of the bank’s stock worth $258,000 after buying an additional 450 shares during the period. New York State Common Retirement Fund raised its holdings in First Internet Bancorp by 8.1% during the 4th quarter. New York State Common Retirement Fund now owns 6,674 shares of the bank’s stock worth $314,000 after buying an additional 500 shares during the period. Finally, Stifel Financial Corp raised its holdings in shares of First Internet Bancorp by 1.4% in the fourth quarter. Stifel Financial Corp now owns 43,435 shares of the bank’s stock valued at $2,043,000 after purchasing an additional 600 shares during the last quarter. 70.50% of the stock is currently owned by institutional investors and hedge funds.
About First Internet Bancorp (Get Rating)
First Internet Bancorp operates as the bank holding company for First Internet Bank of Indiana that provides commercial and retail banking products and services to individuals and commercial customers in the United States. The company accepts non-interest bearing and interest-bearing demand deposit, savings, money market, and brokered deposit accounts, as well as certificates of deposit.
- Get a free copy of the StockNews.com research report on First Internet Bancorp (INBK)
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