First Internet Bancorp (NASDAQ:INBK) Upgraded at Wall Street Zen

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

INBK has been the subject of several other research reports. Keefe, Bruyette & Woods lowered their price target on shares of First Internet Bancorp from $25.00 to $23.00 and set a “market perform” rating for the company in a report on Friday, January 30th. Hovde Group lifted their target price on shares of First Internet Bancorp from $26.00 to $29.00 and gave the stock an “outperform” rating in a research note on Friday, January 30th. Piper Sandler dropped 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 report on Friday, January 30th. Weiss Ratings reiterated a “sell (d)” rating on shares of First Internet Bancorp in a report on Monday, December 29th. Finally, Zacks Research downgraded First Internet Bancorp from a “hold” rating to a “strong sell” rating in a research note on Friday, January 30th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, First Internet Bancorp currently has an average rating of “Reduce” and an average price target of $25.17.

First Internet Bancorp Stock Up 3.0%

Shares of NASDAQ:INBK opened at $22.00 on Friday. The firm has a market cap of $191.62 million, a P/E ratio of -5.46 and a beta of 0.83. First Internet Bancorp has a 12-month low of $17.05 and a 12-month high of $33.86. The business has a fifty day simple moving average of $21.37 and a 200 day simple moving average of $21.70. The company has a quick ratio of 0.88, a current ratio of 0.91 and a debt-to-equity ratio of 1.01.

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

Insiders Place Their Bets

In other news, COO Nicole S. Lorch purchased 2,000 shares of the company’s stock in a transaction that occurred on Monday, November 17th. The shares were acquired at an average cost of $17.96 per share, with a total value of $35,920.00. Following the purchase, the chief operating officer owned 70,206 shares in the company, valued at $1,260,899.76. This represents a 2.93% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 8.00% of the company’s stock.

Institutional Investors Weigh In On First Internet Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the company. GSA Capital Partners LLP raised its position in shares of First Internet Bancorp by 1.5% during the fourth quarter. GSA Capital Partners LLP now owns 48,200 shares of the bank’s stock worth $1,006,000 after purchasing an additional 691 shares during the period. Simcoe Capital LLC acquired a new stake in First Internet Bancorp in the 4th quarter valued at $1,935,000. Strs Ohio increased its stake in First Internet Bancorp by 7.9% during the 4th quarter. Strs Ohio now owns 24,700 shares of the bank’s stock valued at $515,000 after purchasing an additional 1,800 shares in the last quarter. Inscription Capital LLC acquired a new position in First Internet Bancorp during the fourth quarter worth $229,000. Finally, Sowell Financial Services LLC lifted its stake in shares of First Internet Bancorp by 13.2% in the fourth quarter. Sowell Financial Services LLC now owns 11,122 shares of the bank’s stock valued at $232,000 after buying an additional 1,301 shares in the last quarter. Institutional investors own 65.46% of the company’s stock.

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).