First Internet Bancorp (NASDAQ:INBK) Raised to “Hold” at Wall Street Zen

First Internet Bancorp (NASDAQ:INBK) was upgraded by analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report issued on Saturday.

INBK has been the subject of a number of other research reports. Weiss Ratings reaffirmed a “sell (d)” rating on shares of First Internet Bancorp in a research note on Monday, December 29th. Keefe, Bruyette & Woods decreased their target price on First Internet Bancorp from $27.00 to $25.00 and set a “market perform” rating for the company in a research report on Friday, October 24th. Zacks Research raised First Internet Bancorp from a “strong sell” rating to a “hold” rating in a research report on Thursday, December 25th. Piper Sandler reduced their price objective 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. Finally, Hovde Group decreased their price objective on First Internet Bancorp from $29.00 to $26.00 and set an “outperform” rating for the company in a research report on Friday, October 24th. One investment 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. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $24.33.

First Internet Bancorp Price Performance

NASDAQ INBK opened at $21.62 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.88 and a debt-to-equity ratio of 1.01. First Internet Bancorp has a 1 year low of $17.05 and a 1 year high of $36.72. The company has a market cap of $188.31 million, a PE ratio of -5.69 and a beta of 0.81. The stock’s 50-day moving average price is $19.88 and its two-hundred day moving average price is $22.49.

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

Insider Activity

In other First Internet Bancorp news, Director John K. Keach, Jr. acquired 2,000 shares of First Internet Bancorp stock in a transaction that occurred on Tuesday, October 28th. The stock was acquired at an average price of $19.34 per share, with a total value of $38,680.00. Following the purchase, the director owned 37,046 shares in the company, valued at approximately $716,469.64. This trade represents a 5.71% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Nicole S. Lorch acquired 2,000 shares of the firm’s stock in a transaction that occurred on Monday, November 17th. The stock was acquired at an average price of $17.96 per share, with a total value of $35,920.00. Following the completion of the acquisition, the chief operating officer directly owned 70,206 shares of the company’s stock, valued at $1,260,899.76. This represents a 2.93% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have acquired 10,110 shares of company stock worth $187,863. 8.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada lifted its holdings in First Internet Bancorp by 78.5% in the 1st quarter. Royal Bank of Canada now owns 13,789 shares of the bank’s stock worth $369,000 after purchasing an additional 6,064 shares during the last quarter. Empowered Funds LLC lifted its stake in shares of First Internet Bancorp by 81.4% in the first quarter. Empowered Funds LLC now owns 13,135 shares of the bank’s stock worth $352,000 after buying an additional 5,893 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of First Internet Bancorp during the 1st quarter worth $297,000. Acadian Asset Management LLC grew its stake in First Internet Bancorp by 0.9% in the 1st quarter. Acadian Asset Management LLC now owns 186,529 shares of the bank’s stock valued at $4,994,000 after buying an additional 1,731 shares during the last quarter. Finally, Strs Ohio bought a new position in First Internet Bancorp in the 1st quarter worth $482,000. 65.46% of the stock is owned by institutional investors.

First Internet Bancorp Company Profile

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).