First Internet Bancorp (NASDAQ:INBK) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of First Internet Bancorp (NASDAQ:INBK) from a sell rating to a hold rating in a research note issued to investors on Saturday.

Several other equities research analysts have also recently issued reports on the company. 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. Weiss Ratings restated a “sell (d)” rating on shares of First Internet Bancorp in a research note on Monday, December 29th. Hovde Group lifted their price objective on First Internet Bancorp from $26.00 to $29.00 and gave the company an “outperform” rating in a report on Friday, January 30th. Piper Sandler cut their target price on First Internet Bancorp from $24.00 to $23.50 and set a “neutral” rating for the company in a research report on Friday, January 30th. Finally, Zacks Research lowered First Internet Bancorp from a “hold” rating to a “strong sell” rating in a 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 company. According to data from MarketBeat.com, First Internet Bancorp currently has an average rating of “Reduce” and an average price target of $25.17.

First Internet Bancorp Price Performance

NASDAQ:INBK opened at $19.60 on Friday. 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 0.99, a quick ratio of 0.86 and a current ratio of 0.88. The firm’s 50-day simple moving average is $21.12 and its 200 day simple moving average is $21.14. The firm has a market cap of $170.91 million, a price-to-earnings ratio of -4.86 and a beta of 0.83.

First Internet Bancorp (NASDAQ:INBK) last posted its quarterly earnings data on Thursday, January 29th. The bank reported $0.64 earnings per share (EPS) for the quarter, beating 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 1.54%. The firm had revenue of $42.11 million during the quarter, compared to the consensus estimate 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 year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of INBK. Tower Research Capital LLC TRC raised 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 acquiring an additional 1,198 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of First Internet Bancorp by 1,123.5% in 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 in the last quarter. Deutsche Bank AG boosted its stake in shares of First Internet Bancorp by 4,390.4% in the 4th quarter. Deutsche Bank AG now owns 5,164 shares of the bank’s stock valued at $108,000 after purchasing an additional 5,049 shares in the last quarter. Public Employees Retirement System of Ohio grew its holdings in shares of First Internet Bancorp by 19.9% during the 4th quarter. Public Employees Retirement System of Ohio now owns 6,024 shares of the bank’s stock valued at $126,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Wells Fargo & Company MN grew its holdings in shares of First Internet Bancorp by 62.8% during the 4th quarter. Wells Fargo & Company MN now owns 8,759 shares of the bank’s stock valued at $183,000 after purchasing an additional 3,379 shares during the last quarter. Institutional investors own 65.46% of the company’s stock.

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).