First Internet Bancorp (NASDAQ:INBK) Rating Increased to Hold at Wall Street Zen

First Internet Bancorp (NASDAQ:INBK) was upgraded by Wall Street Zen from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday.

Other equities analysts have also recently issued reports about the company. Weiss Ratings restated a “sell (d)” rating on shares of First Internet Bancorp in a report on Monday, December 29th. Piper Sandler lowered their price objective on shares of First Internet Bancorp from $24.00 to $23.50 and set a “neutral” rating for the company in a research note on Friday, January 30th. Zacks Research cut shares of First Internet Bancorp from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th. Hovde Group increased their target price on shares of First Internet Bancorp from $26.00 to $29.00 and gave the stock an “outperform” rating in a report on Friday, January 30th. Finally, Keefe, Bruyette & Woods decreased 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 research report on Friday, January 30th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $25.17.

First Internet Bancorp Trading Down 2.5%

NASDAQ INBK opened at $19.89 on Tuesday. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.91 and a quick ratio of 0.88. The stock has a market capitalization of $173.24 million, a P/E ratio of -4.94 and a beta of 0.83. The firm’s 50-day moving average is $21.42 and its two-hundred day moving average is $21.54. First Internet Bancorp has a 12 month low of $17.05 and a 12 month high of $31.04.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings data on Thursday, January 29th. The bank reported $0.64 EPS for the quarter, topping the consensus estimate of $0.59 by $0.05. First Internet Bancorp had a negative net margin of 10.05% and a negative return on equity of 1.52%. The firm had revenue of $42.11 million for the quarter, compared to analyst estimates of $32.80 million. On average, sell-side analysts anticipate that First Internet Bancorp will post 4.11 earnings per share for the current year.

Hedge Funds Weigh In On First Internet Bancorp

Several large investors have recently bought and sold shares of the stock. Tower Research Capital LLC TRC boosted its position in shares of First Internet Bancorp by 202.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,789 shares of the bank’s stock valued at $48,000 after purchasing an additional 1,198 shares during the period. GAMMA Investing LLC boosted its position in shares of First Internet Bancorp by 1,123.5% during the 4th quarter. GAMMA Investing LLC now owns 3,181 shares of the bank’s stock worth $66,000 after purchasing an additional 2,921 shares in the last quarter. Deutsche Bank AG increased its holdings in First Internet Bancorp by 4,390.4% in the fourth quarter. Deutsche Bank AG now owns 5,164 shares of the bank’s stock valued at $108,000 after buying an additional 5,049 shares in the last quarter. Public Employees Retirement System of Ohio boosted its position in shares of First Internet Bancorp by 19.9% in the 4th quarter. Public Employees Retirement System of Ohio now owns 6,024 shares of the bank’s stock worth $126,000 after buying an additional 1,000 shares in the last quarter. Finally, Wells Fargo & Company MN raised its holdings in shares of First Internet Bancorp by 62.8% in the fourth quarter. Wells Fargo & Company MN now owns 8,759 shares of the bank’s stock worth $183,000 after acquiring an additional 3,379 shares during the last quarter. Institutional investors and hedge funds own 65.46% of the company’s stock.

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).