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

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

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

First Internet Bancorp Stock Up 0.0%

Shares of NASDAQ INBK opened at $20.42 on Wednesday. The stock has a market capitalization of $177.86 million, a P/E ratio of -5.07 and a beta of 0.83. The stock’s fifty day moving average is $21.25 and its 200 day moving average is $21.43. First Internet Bancorp has a 52 week low of $17.05 and a 52 week high of $30.00. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.88 and a current ratio of 0.91.

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, topping analysts’ consensus estimates of $0.59 by $0.05. The firm had revenue of $42.11 million for the quarter, compared to the consensus estimate of $32.80 million. First Internet Bancorp had a negative net margin of 10.05% and a negative return on equity of 1.52%. Sell-side analysts forecast that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

Institutional Trading of First Internet Bancorp

A number of hedge funds have recently made changes to their positions in the company. Aegis Financial Corp acquired a new stake in First Internet Bancorp during the 4th quarter valued at approximately $5,224,000. Patriot Financial Partners GP II L.P. acquired a new position in shares of First Internet Bancorp in the 3rd quarter worth approximately $4,696,000. CSM Advisors LLC bought a new stake in shares of First Internet Bancorp in the 2nd quarter valued at $3,923,000. Fourthstone LLC increased its position in shares of First Internet Bancorp by 254.9% during the second quarter. Fourthstone LLC now owns 145,141 shares of the bank’s stock worth $3,904,000 after buying an additional 104,241 shares during the period. Finally, Simcoe Capital LLC acquired a new stake in shares of First Internet Bancorp during the fourth quarter worth $1,935,000. 65.46% of the stock is owned by institutional investors and hedge funds.

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).