First Internet Bancorp (NASDAQ:INBK) Stock Rating Upgraded by Wall Street Zen

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

INBK has been the topic of a number of other reports. Piper Sandler dropped their price target on shares of First Internet Bancorp from $24.00 to $23.50 and set a “neutral” rating on the stock in a research report on Friday, January 30th. Hovde Group increased their price objective on shares of First Internet Bancorp from $26.00 to $29.00 and gave the company an “outperform” rating in a research note on Friday, January 30th. Zacks Research downgraded First Internet Bancorp from a “hold” rating to a “strong sell” rating in a research note on Friday, January 30th. Keefe, Bruyette & Woods decreased 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 report on Friday, January 30th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of First Internet Bancorp in a report on Monday, December 29th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and an average price target of $25.17.

First Internet Bancorp Stock Up 3.0%

Shares of NASDAQ:INBK opened at $22.00 on Friday. The stock has a market cap of $191.62 million, a price-to-earnings ratio of -5.46 and a beta of 0.83. The company has a quick ratio of 0.88, a current ratio of 0.91 and a debt-to-equity ratio of 1.01. First Internet Bancorp has a 12-month low of $17.05 and a 12-month high of $33.86. The business’s 50 day moving average is $21.37 and its 200 day moving average is $21.70.

First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings results on Thursday, January 29th. The bank reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. The business had revenue of $42.11 million during the quarter, compared to analyst estimates of $32.80 million. First Internet Bancorp had a negative return on equity of 1.52% and a negative net margin of 10.05%. On average, sell-side analysts forecast that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO Nicole S. Lorch bought 2,000 shares of the firm’s stock in a transaction on Monday, November 17th. The stock was acquired at an average cost of $17.96 per share, with a total value of $35,920.00. Following the completion of the transaction, the chief operating officer directly owned 70,206 shares of the company’s stock, valued at $1,260,899.76. This represents a 2.93% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 8.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Bridgeway Capital Management LLC grew its stake in shares of First Internet Bancorp by 1.3% during the 3rd quarter. Bridgeway Capital Management LLC now owns 44,217 shares of the bank’s stock worth $992,000 after acquiring an additional 584 shares during the period. GSA Capital Partners LLP lifted its holdings in First Internet Bancorp by 1.5% during the fourth quarter. GSA Capital Partners LLP now owns 48,200 shares of the bank’s stock valued at $1,006,000 after purchasing an additional 691 shares during the last quarter. Man Group plc boosted its position in First Internet Bancorp by 5.1% during the third quarter. Man Group plc now owns 21,818 shares of the bank’s stock worth $489,000 after purchasing an additional 1,053 shares during the period. Tower Research Capital LLC TRC increased its stake in shares of First Internet Bancorp by 202.7% in the second quarter. Tower Research Capital LLC TRC now owns 1,789 shares of the bank’s stock worth $48,000 after purchasing an additional 1,198 shares in the last quarter. Finally, Sowell Financial Services LLC raised its position in shares of First Internet Bancorp by 13.2% in the fourth quarter. Sowell Financial Services LLC now owns 11,122 shares of the bank’s stock valued at $232,000 after purchasing an additional 1,301 shares during the period. 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).