First Internet Bancorp (NASDAQ:INBK) Lifted to Buy at StockNews.com

First Internet Bancorp (NASDAQ:INBKGet Rating) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Wednesday.

INBK has been the subject of a number of other reports. TheStreet raised First Internet Bancorp from a “c” rating to a “b-” rating in a research note on Monday, June 6th. Piper Sandler dropped their price objective on First Internet Bancorp to $43.00 in a research note on Friday, July 22nd. Four analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $55.00.

First Internet Bancorp Price Performance

INBK stock opened at $36.43 on Wednesday. The business has a fifty day moving average of $36.61 and a two-hundred day moving average of $38.70. The company has a quick ratio of 1.04, a current ratio of 1.05 and a debt-to-equity ratio of 1.56. The stock has a market cap of $342.73 million, a price-to-earnings ratio of 7.94 and a beta of 0.63. First Internet Bancorp has a 52-week low of $29.01 and a 52-week high of $53.56.

First Internet Bancorp (NASDAQ:INBKGet Rating) last posted its earnings results on Wednesday, July 20th. The bank reported $1.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.10 by ($0.04). The business had revenue of $29.99 million for the quarter, compared to analyst estimates of $31.05 million. First Internet Bancorp had a return on equity of 12.89% and a net margin of 27.30%. During the same period last year, the business earned $1.11 EPS. As a group, research analysts anticipate that First Internet Bancorp will post 4.75 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Valeo Financial Advisors LLC grew its stake 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 purchasing an additional 301 shares in the last quarter. Victory Capital Management Inc. grew its stake in First Internet Bancorp by 0.9% during the 2nd quarter. Victory Capital Management Inc. now owns 35,300 shares of the bank’s stock worth $1,300,000 after purchasing an additional 330 shares in the last quarter. Rhumbline Advisers grew its stake in First Internet Bancorp by 3.2% during the 2nd quarter. Rhumbline Advisers now owns 13,149 shares of the bank’s stock worth $484,000 after purchasing an additional 402 shares in the last quarter. First Trust Advisors LP grew its stake in First Internet Bancorp by 9.8% during the 1st quarter. First Trust Advisors LP now owns 5,020 shares of the bank’s stock worth $216,000 after purchasing an additional 447 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. grew its stake in First Internet Bancorp by 5.7% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 10,175 shares of the bank’s stock worth $375,000 after purchasing an additional 553 shares in the last quarter. 70.19% of the stock is 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.

Further Reading

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