First Internet Bancorp (NASDAQ:INBK) Downgraded by Wall Street Zen to “Sell”

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

Other research analysts also recently issued research reports about the company. Zacks Research upgraded First Internet Bancorp from a “strong sell” rating to a “hold” rating in a report on Thursday, December 25th. Weiss Ratings restated a “sell (d)” rating on shares of First Internet Bancorp in a research report on Monday, December 29th. Keefe, Bruyette & Woods lowered their price objective on First Internet Bancorp from $25.00 to $23.00 and set a “market perform” rating for the company in a research report on Friday. Hovde Group increased their price objective on First Internet Bancorp from $26.00 to $29.00 and gave the company an “outperform” rating in a research note on Friday. Finally, Piper Sandler decreased their target price on shares of First Internet Bancorp from $24.00 to $23.50 and set a “neutral” rating on the stock in a research note on Friday. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $25.17.

First Internet Bancorp Stock Down 2.0%

Shares of NASDAQ INBK opened at $21.79 on Friday. The stock has a market capitalization of $189.70 million, a P/E ratio of -5.41 and a beta of 0.81. First Internet Bancorp has a one year low of $17.05 and a one year high of $34.21. The firm’s 50 day simple moving average is $21.06 and its two-hundred day simple moving average is $21.93. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.91 and a quick ratio of 0.88.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings data on Thursday, January 29th. The bank reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. The company had revenue of $42.11 million during the quarter, compared to analysts’ expectations of $32.80 million. First Internet Bancorp had a negative net margin of 10.05% and a negative return on equity of 1.52%. As a group, analysts expect that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

Insider Buying and Selling

In related news, COO Nicole S. Lorch purchased 2,000 shares of the business’s stock in a transaction that occurred on Monday, November 17th. The shares were acquired at an average price of $17.96 per share, for a total transaction of $35,920.00. Following the completion of the acquisition, the chief operating officer directly owned 70,206 shares in the company, valued at approximately $1,260,899.76. The trade was a 2.93% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 8.00% of the stock is owned by insiders.

Institutional Investors Weigh In On First Internet Bancorp

Institutional investors and hedge funds have recently modified their holdings of the stock. Tower Research Capital LLC TRC increased its position in shares of First Internet Bancorp by 202.7% during the second quarter. Tower Research Capital LLC TRC now owns 1,789 shares of the bank’s stock valued at $48,000 after buying an additional 1,198 shares during the period. GAMMA Investing LLC boosted its position in First Internet Bancorp by 1,123.5% during the 4th quarter. GAMMA Investing LLC now owns 3,181 shares of the bank’s stock valued at $66,000 after acquiring an additional 2,921 shares in the last quarter. Jump Financial LLC purchased a new position in shares of First Internet Bancorp during the 2nd quarter worth approximately $236,000. BNP Paribas Financial Markets grew its holdings in shares of First Internet Bancorp by 92.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 9,261 shares of the bank’s stock worth $208,000 after acquiring an additional 4,439 shares during the period. Finally, Teton Advisors LLC bought a new position in shares of First Internet Bancorp in the 3rd quarter worth approximately $224,000. 65.46% of the stock is owned by hedge funds and other institutional investors.

Key Headlines Impacting First Internet Bancorp

Here are the key news stories impacting First Internet Bancorp this week:

• Positive Sentiment: Q4 beat — INBK reported $0.64 EPS vs. $0.59 expected and revenue of $42.1M vs. $32.8M consensus; management highlighted strong net interest income (up ~29%) and revenue momentum. This is the primary bullish catalyst supporting upside. Business Wire – Q4 Results
• Positive Sentiment: Analyst upgrade/raise — Hovde Group raised its price target from $26 to $29 and moved to an “outperform” rating, implying material upside from current levels and giving fundamental validation to the quarter’s strength. The Fly – Hovde Raise
• Neutral Sentiment: Earnings call/transcript available — Analysts and investors can review management’s commentary on revenue mix, margin outlook and deposit/loan trends in the call transcript and highlights to gauge sustainability of the quarter’s growth. These details could swing sentiment once parsed. Yahoo Finance – Q4 Highlights
• Neutral Sentiment: Short interest data shows no meaningful short position (reporting shows 0 shares), which appears anomalous and shouldn’t be treated as a clear signal until corrected by exchanges.
• Negative Sentiment: Analyst downgrade/price-target cut — Keefe, Bruyette & Woods lowered its target from $25 to $23 and set a “market perform” rating, reducing a portion of the street’s upside and likely contributing to intraday selling pressure. Benzinga – KBW Cut
• Negative Sentiment: Profitability concerns — despite revenue growth, INBK still reported a negative net margin and negative return on equity for the quarter; longer-term profitability and ROE normalization will be required to justify higher multiples. MarketBeat – Earnings Summary

About First Internet Bancorp

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).