StockNews.com Upgrades First Internet Bancorp (NASDAQ:INBK) to “Hold”

First Internet Bancorp (NASDAQ:INBK) was upgraded by equities researchers at StockNews.com from a “sell” rating to a “hold” rating in a research report issued on Wednesday.

A number of other equities research analysts also recently commented on INBK. Piper Sandler lifted their target price on shares of First Internet Bancorp from $17.00 to $25.00 and gave the stock a “neutral” rating in a research report on Monday, July 31st. Craig Hallum lifted their price target on shares of First Internet Bancorp from $18.00 to $22.00 and gave the stock a “hold” rating in a research note on Friday, July 28th. Five investment analysts have rated the stock with a hold rating, According to MarketBeat.com, First Internet Bancorp has a consensus rating of “Hold” and a consensus price target of $26.50.

First Internet Bancorp Price Performance

Shares of INBK opened at $18.43 on Wednesday. The company has a quick ratio of 1.06, a current ratio of 1.07 and a debt-to-equity ratio of 2.03. First Internet Bancorp has a twelve month low of $9.68 and a twelve month high of $36.99. The company has a market capitalization of $160.65 million, a P/E ratio of 9.86 and a beta of 0.63. The firm has a 50 day moving average of $19.57 and a 200 day moving average of $17.18.

First Internet Bancorp (NASDAQ:INBK) last posted its earnings results on Wednesday, July 26th. The bank reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.03. First Internet Bancorp had a net margin of 8.03% and a return on equity of 6.56%. The business had revenue of $24.02 million during the quarter, compared to the consensus estimate of $23.40 million. As a group, equities research analysts anticipate that First Internet Bancorp will post 1.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On First Internet Bancorp

Several institutional investors have recently bought and sold shares of the company. Public Employees Retirement System of Ohio boosted its stake in First Internet Bancorp by 192.2% in the second quarter. Public Employees Retirement System of Ohio now owns 9,426 shares of the bank’s stock valued at $140,000 after acquiring an additional 6,200 shares in the last quarter. Walleye Capital LLC purchased a new position in shares of First Internet Bancorp in the second quarter worth $879,000. Goldman Sachs Group Inc. raised its holdings in shares of First Internet Bancorp by 21.0% in the second quarter. Goldman Sachs Group Inc. now owns 12,997 shares of the bank’s stock worth $193,000 after buying an additional 2,258 shares during the last quarter. Point72 Middle East FZE purchased a new position in shares of First Internet Bancorp in the second quarter worth $51,000. Finally, Quadrature Capital Ltd raised its holdings in shares of First Internet Bancorp by 17.9% in the second quarter. Quadrature Capital Ltd now owns 24,586 shares of the bank’s stock worth $364,000 after buying an additional 3,724 shares during the last quarter. 62.43% of the stock is currently owned by institutional investors and hedge funds.

About First Internet Bancorp

First Internet Bancorp operates as the bank holding company for First Internet Bank of Indiana that provides commercial, small business, consumer, and municipal 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, commercial and brokered deposit accounts, as well as certificates of deposit.