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

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

Several other research analysts have also commented on INBK. Keefe, Bruyette & Woods lowered their price objective on shares of First Internet Bancorp from $25.00 to $23.00 and set a “market perform” rating on the stock in a research report on Friday, January 30th. Zacks Research downgraded shares of First Internet Bancorp from a “hold” rating to a “strong sell” rating in a research note 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. Piper Sandler reduced their price objective on 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. Finally, 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. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average target price of $25.17.

First Internet Bancorp Stock Down 1.3%

Shares of NASDAQ:INBK opened at $20.13 on Wednesday. First Internet Bancorp has a 12-month low of $17.05 and a 12-month high of $30.00. The company has a market capitalization of $175.25 million, a price-to-earnings ratio of -5.00 and a beta of 0.83. The business has a 50-day moving average price of $21.24 and a 200 day moving average price of $21.41. 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 issued its quarterly earnings results on Thursday, January 29th. The bank reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts’ expectations of $32.80 million. Sell-side analysts expect that First Internet Bancorp will post 4.11 EPS for the current year.

Institutional Investors Weigh In On First Internet Bancorp

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of First Internet Bancorp by 1.3% in 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 in the last quarter. Heartland Advisors Inc. raised its position in First Internet Bancorp by 1.7% in the fourth quarter. Heartland Advisors Inc. now owns 288,595 shares of the bank’s stock valued at $6,023,000 after purchasing an additional 4,745 shares during the period. Aegis Financial Corp acquired a new position in shares of First Internet Bancorp during the fourth quarter worth about $5,224,000. Patriot Financial Partners GP II L.P. purchased a new stake in shares of First Internet Bancorp in the third quarter worth about $4,696,000. Finally, CSM Advisors LLC grew its stake in shares of First Internet Bancorp by 35.9% in the fourth quarter. CSM Advisors LLC now owns 191,854 shares of the bank’s stock valued at $4,005,000 after buying an additional 50,695 shares in the last quarter. Institutional investors and hedge funds 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).