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. “

Several other brokerages have also recently weighed in on INBK. 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. Maxim Group upped their target price on shares of First Internet Bancorp from $37.00 to $44.00 and gave the company a “buy” rating in a research report on Monday, October 23rd. TheStreet raised shares of First Internet Bancorp from a “c+” rating to a “b” rating in a research report on Thursday, November 16th. Finally, Hovde Group upped their target price on shares of First Internet Bancorp from $37.00 to $43.00 and gave the company an “outperform” rating in a research report on Monday, October 23rd. One research analyst has rated the stock with a hold rating and three have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $43.75.

Shares of First Internet Bancorp (INBK) traded up $0.05 during mid-day trading on Tuesday, hitting $40.20. 23,136 shares of the stock traded hands, compared to its average volume of 36,436. 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 firm has a market cap of $335.60 and a PE ratio of 16.69. First Internet Bancorp has a 1 year low of $25.48 and a 1 year high of $41.20.

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

In related news, Chairman David B. Becker bought 5,000 shares of the firm’s stock in a transaction 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jerry L. Williams bought 2,100 shares of the firm’s stock in a transaction on Wednesday, September 20th. The stock was bought at an average cost of $30.05 per share, for a total transaction of $63,105.00. Following the transaction, the director now directly owns 35,836 shares of the company’s stock, valued at $1,076,871.80. The disclosure for this purchase can be found here. Corporate insiders own 7.60% of the company’s stock.

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

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About First Internet Bancorp

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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