Wall Street Zen Upgrades First Internet Bancorp (NASDAQ:INBK) to Hold

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

Several other research analysts have also recently weighed in on the stock. Piper Sandler decreased their price target 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 restated a “sell (d)” rating on shares of First Internet Bancorp in a research report on Monday, December 29th. Keefe, Bruyette & Woods decreased their target price on First Internet Bancorp from $25.00 to $23.00 and set a “market perform” rating on the stock in a research note on Friday, January 30th. Hovde Group raised their price target on First Internet Bancorp from $26.00 to $29.00 and gave the company an “outperform” rating in a report on Friday, January 30th. Finally, Zacks Research downgraded First Internet Bancorp from a “hold” rating to a “strong sell” rating in a research report on Friday, January 30th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, First Internet Bancorp presently has an average rating of “Reduce” and a consensus price target of $25.17.

First Internet Bancorp Price Performance

INBK stock opened at $19.60 on Friday. The firm has a 50 day moving average of $21.15 and a 200-day moving average of $21.24. The firm has a market capitalization of $170.72 million, a P/E ratio of -4.86 and a beta of 0.83. First Internet Bancorp has a 12 month low of $17.05 and a 12 month high of $30.00. The company has a current ratio of 0.91, a quick ratio of 0.88 and a debt-to-equity ratio of 1.01.

First Internet Bancorp (NASDAQ:INBK) last posted its 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 business had revenue of $42.11 million for the quarter, compared to analyst estimates of $32.80 million. As a group, sell-side analysts predict that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

Institutional Investors Weigh In On First Internet Bancorp

Large investors have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC lifted its stake in 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 worth $48,000 after purchasing an additional 1,198 shares during the last quarter. GAMMA Investing LLC increased 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 valued at $66,000 after purchasing an additional 2,921 shares during the last quarter. Deutsche Bank AG raised its holdings in shares of First Internet Bancorp by 4,390.4% during the 4th 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 lifted its position in 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 during the last quarter. Finally, Wells Fargo & Company MN lifted its position in First Internet Bancorp by 62.8% in the 4th quarter. Wells Fargo & Company MN now owns 8,759 shares of the bank’s stock worth $183,000 after buying an additional 3,379 shares during the last quarter. Hedge funds and other institutional investors 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).