First Internet Bancorp (INBK) Lowered to Hold at ValuEngine
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.
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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