First Internet Bancorp (NASDAQ:INBK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

According to Zacks, “First Internet Bancorp is a bank holding company that conducts its business activities through its subsidiary, First Internet Bank of Indiana. The Bank operates through the internet primarily in the United States. Its services includes checking accounts, regular and money market savings accounts, consumer loans, conforming mortgages, jumbo mortgages, home equity loans and lines of credit, and commercial loans. First Internet Bancorp is based in Indianapolis, United States. “

A number of other equities analysts also recently issued reports on the company. TheStreet raised First Internet Bancorp from a “c+” rating to a “b” rating in a research report on Thursday, November 16th. Keefe, Bruyette & Woods reissued a “buy” rating and set a $44.00 price target on shares of First Internet Bancorp in a research report on Friday, October 20th. Hovde Group increased their price target on First Internet Bancorp from $37.00 to $43.00 and gave the stock an “outperform” rating in a research report on Monday, October 23rd. Finally, Maxim Group increased their price target on First Internet Bancorp from $37.00 to $44.00 and gave the stock a “buy” rating in a research report on Monday, October 23rd. One analyst has rated the stock with a hold rating and three have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $43.75.

First Internet Bancorp (NASDAQ:INBK) opened at $39.35 on Tuesday. First Internet Bancorp has a 12-month low of $25.48 and a 12-month high of $41.20. The company has a debt-to-equity ratio of 1.82, a quick ratio of 0.99 and a current ratio of 1.01. The stock has a market capitalization of $337.70 and a price-to-earnings ratio of 16.80.

First Internet Bancorp (NASDAQ:INBK) last posted its quarterly earnings results on Friday, October 20th. The bank reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.08. First Internet Bancorp had a return on equity of 8.87% and a net margin of 17.60%. The business had revenue of $17.33 million for the quarter, compared to the consensus estimate of $16.90 million. research analysts forecast that First Internet Bancorp will post 2.36 earnings per share for the current fiscal year.

In related news, Chairman David B. Becker acquired 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 20th. The shares were bought at an average price of $30.02 per share, with a total value of $150,100.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Jerry L. Williams acquired 2,100 shares of the company’s stock in a transaction that occurred on Wednesday, September 20th. The shares were bought at an average cost of $30.05 per share, for a total transaction of $63,105.00. Following the transaction, the director now owns 35,836 shares of the company’s stock, valued at $1,076,871.80. The disclosure for this purchase can be found here. 7.60% of the stock is owned by company insiders.

Hedge funds have recently modified their holdings of the stock. Bank of America Corp DE boosted its position in First Internet Bancorp by 11.7% during the first quarter. Bank of America Corp DE now owns 3,477 shares of the bank’s stock valued at $103,000 after purchasing an additional 363 shares in the last quarter. Citigroup Inc. raised its stake in First Internet Bancorp by 3,143.3% in the second quarter. Citigroup Inc. now owns 4,119 shares of the bank’s stock valued at $115,000 after buying an additional 3,992 shares during the last quarter. Bank of Montreal Can raised its stake in First Internet Bancorp by 11.7% in the second quarter. Bank of Montreal Can now owns 4,468 shares of the bank’s stock valued at $125,000 after buying an additional 468 shares during the last quarter. Valeo Financial Advisors LLC purchased a new stake in First Internet Bancorp in the third quarter valued at about $134,000. Finally, The Manufacturers Life Insurance Company raised its stake in First Internet Bancorp by 3.2% in the second quarter. The Manufacturers Life Insurance Company now owns 5,144 shares of the bank’s stock valued at $144,000 after buying an additional 159 shares during the last quarter. 63.87% of the stock is currently owned by institutional investors.

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First Internet Bancorp Company Profile

First Internet Bancorp is a bank holding company that conducts its business activities through its subsidiary, First Internet Bank of Indiana (the Bank). The Company offers a complement of products and services on a nationwide basis. The Company conducts its deposit operations primarily over the Internet.

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