Wall Street Zen Downgrades First Internet Bancorp (NASDAQ:INBK) 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 Monday.

Several other equities research analysts also recently weighed in on the stock. Piper Sandler decreased their target price 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 First Internet Bancorp from a “hold” rating to a “strong sell” rating in a research report on Friday, January 30th. Hovde Group lifted their target price 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. Weiss Ratings reissued a “sell (d)” rating on shares of First Internet Bancorp in a report on Monday, December 29th. Finally, Keefe, Bruyette & Woods cut their price target on First Internet Bancorp from $25.00 to $23.00 and set a “market perform” rating for the company in a research note on Friday, January 30th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, First Internet Bancorp presently has an average rating of “Reduce” and a consensus target price of $25.17.

First Internet Bancorp Stock Performance

Shares of First Internet Bancorp stock opened at $21.09 on Monday. The firm’s fifty day simple moving average is $21.49 and its 200-day simple moving average is $21.59. The stock has a market capitalization of $183.69 million, a price-to-earnings ratio of -5.23 and a beta of 0.83. First Internet Bancorp has a 12 month low of $17.05 and a 12 month high of $33.50. 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 issued its quarterly earnings results on Thursday, January 29th. The bank reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $32.80 million. As a group, equities analysts forecast that First Internet Bancorp will post 4.11 earnings per share for the current year.

Institutional Trading of First Internet Bancorp

Several hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its holdings in First Internet Bancorp by 1.3% during the third quarter. Vanguard Group Inc. now owns 435,025 shares of the bank’s stock worth $9,758,000 after acquiring an additional 5,632 shares during the period. Heartland Advisors Inc. boosted its position in shares of First Internet Bancorp by 1.7% during the 4th quarter. Heartland Advisors Inc. now owns 288,595 shares of the bank’s stock worth $6,023,000 after purchasing an additional 4,745 shares in the last quarter. Aegis Financial Corp purchased a new stake in shares of First Internet Bancorp during the 4th quarter worth $5,224,000. Patriot Financial Partners GP II L.P. acquired a new position in shares of First Internet Bancorp during the 3rd quarter worth $4,696,000. Finally, CSM Advisors LLC grew its stake in shares of First Internet Bancorp by 35.9% during the 4th quarter. CSM Advisors LLC now owns 191,854 shares of the bank’s stock worth $4,005,000 after purchasing an additional 50,695 shares during the period. 65.46% of the stock is owned by institutional investors and hedge funds.

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).