First Internet Bancorp (NASDAQ:INBK) Downgraded to Sell Rating by Wall Street Zen

First Internet Bancorp (NASDAQ:INBK) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Monday.

Several other research analysts also recently issued reports on INBK. 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 dropped their target price on shares of First Internet Bancorp from $25.00 to $23.00 and set a “market perform” rating for the company in a report on Friday, January 30th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of First Internet Bancorp in a report on Monday, December 29th. Hovde Group increased their price target on shares of First Internet Bancorp from $26.00 to $29.00 and gave the company an “outperform” rating in a research report on Friday, January 30th. Finally, Piper Sandler dropped their price objective on shares of 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. One equities 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, First Internet Bancorp has a consensus rating of “Reduce” and a consensus target price of $25.17.

First Internet Bancorp Price Performance

Shares of NASDAQ:INBK opened at $21.09 on Monday. The firm has a market capitalization of $183.69 million, a price-to-earnings ratio of -5.23 and a beta of 0.83. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.91 and a quick ratio of 0.88. The business’s 50 day simple moving average is $21.49 and its 200-day simple moving average is $21.59. First Internet Bancorp has a 12 month low of $17.05 and a 12 month high of $33.50.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings data 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. The firm had revenue of $42.11 million during the quarter, compared to analysts’ expectations of $32.80 million. First Internet Bancorp had a negative return on equity of 1.52% and a negative net margin of 10.05%. As a group, equities analysts forecast that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

Institutional Trading of First Internet Bancorp

Hedge funds have recently bought and sold shares of the company. Royal Bank of Canada grew its stake in First Internet Bancorp by 78.5% in the 1st quarter. Royal Bank of Canada now owns 13,789 shares of the bank’s stock worth $369,000 after acquiring an additional 6,064 shares during the period. Empowered Funds LLC boosted its holdings in shares of First Internet Bancorp by 81.4% during the first quarter. Empowered Funds LLC now owns 13,135 shares of the bank’s stock worth $352,000 after purchasing an additional 5,893 shares during the last quarter. Jane Street Group LLC purchased a new stake in shares of First Internet Bancorp in the first quarter valued at $297,000. CSM Advisors LLC purchased a new stake in shares of First Internet Bancorp in the second quarter valued at $3,923,000. Finally, Creative Planning acquired a new position in First Internet Bancorp in the second quarter valued at $1,691,000. 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).