First Internet Bancorp (NASDAQ:INBK) was downgraded by research analysts at ValuEngine from a “buy” rating to a “hold” rating in a research note issued on Saturday.

Several other equities analysts have also recently weighed in on INBK. Zacks Investment Research cut First Internet Bancorp from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 20th. Keefe, Bruyette & Woods reissued a “buy” rating and set a $44.00 price target on shares of First Internet Bancorp in a report on Friday, October 20th. Hovde Group increased their price target on First Internet Bancorp from $37.00 to $43.00 and gave the company an “outperform” rating in a report on Monday, October 23rd. Maxim Group increased their price target on First Internet Bancorp from $37.00 to $44.00 and gave the company a “buy” rating in a report on Monday, October 23rd. Finally, TheStreet raised First Internet Bancorp from a “c+” rating to a “b” rating in a report on Thursday, November 16th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $43.75.

First Internet Bancorp (INBK) traded up $0.30 during midday trading on Friday, hitting $40.95. The stock had a trading volume of 20,449 shares, compared to its average volume of 30,686. The company has a market cap of $341.91 and a PE ratio of 17.13. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.01 and a quick ratio of 0.99. First Internet Bancorp has a 12-month low of $25.48 and a 12-month high of $42.40.

First Internet Bancorp (NASDAQ:INBK) last released 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 return on equity of 8.87% and a net margin of 17.60%. analysts expect that First Internet Bancorp will post 2.36 EPS for the current fiscal year.

Institutional investors have recently made changes to their positions in the stock. Citigroup Inc. raised its holdings in First Internet Bancorp by 3,143.3% in the 2nd quarter. Citigroup Inc. now owns 4,119 shares of the bank’s stock worth $115,000 after purchasing an additional 3,992 shares during the period. Valeo Financial Advisors LLC bought a new position in First Internet Bancorp in the 3rd quarter worth $134,000. The Manufacturers Life Insurance Company raised its holdings in First Internet Bancorp by 3.2% in the 2nd 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 during the period. Strs Ohio raised its holdings in First Internet Bancorp by 96.0% in the 3rd quarter. Strs Ohio now owns 4,900 shares of the bank’s stock worth $158,000 after purchasing an additional 2,400 shares during the period. Finally, SG Americas Securities LLC bought a new position in First Internet Bancorp in the 3rd quarter worth $167,000. 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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