Wall Street Zen Downgrades First Internet Bancorp (NASDAQ:INBK) to Sell

First Internet Bancorp (NASDAQ:INBK) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a report released on Wednesday.

Several other equities research analysts also recently weighed in on INBK. Piper Sandler decreased their price target 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. Zacks Research cut shares of First Internet Bancorp from a “hold” rating to a “strong sell” rating in a research report on Friday, January 30th. Hovde Group boosted their target price on First Internet Bancorp from $26.00 to $29.00 and gave the company an “outperform” rating in a research report on Friday, January 30th. Keefe, Bruyette & Woods dropped their price target on First Internet Bancorp from $25.00 to $23.00 and set a “market perform” rating on the stock in a research note 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 assigned a Sell rating to the company. According to data from MarketBeat.com, First Internet Bancorp presently has an average rating of “Reduce” and a consensus target price of $25.17.

First Internet Bancorp Stock Up 0.0%

Shares of NASDAQ:INBK opened at $20.42 on Wednesday. First Internet Bancorp has a 1 year low of $17.05 and a 1 year high of $30.00. 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 moving average is $21.25 and its 200-day moving average is $21.43. The company has a market capitalization of $177.86 million, a price-to-earnings ratio of -5.07 and a beta of 0.83.

First Internet Bancorp (NASDAQ:INBK) last issued its earnings results on Thursday, January 29th. The bank reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. First Internet Bancorp had a negative return on equity of 1.52% and a negative net margin of 10.05%.The business had revenue of $42.11 million during the quarter, compared to the consensus estimate of $32.80 million. Equities research analysts predict that First Internet Bancorp will post 4.11 earnings per share for the current year.

Institutional Trading of First Internet Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in INBK. Bridgeway Capital Management LLC increased its position in shares of First Internet Bancorp by 1.3% during the third quarter. Bridgeway Capital Management LLC now owns 44,217 shares of the bank’s stock valued at $992,000 after acquiring an additional 584 shares during the last quarter. GSA Capital Partners LLP grew its stake in First Internet Bancorp by 1.5% in the 4th 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 period. Public Employees Retirement System of Ohio grew its stake in First Internet Bancorp by 19.9% in the 4th quarter. Public Employees Retirement System of Ohio now owns 6,024 shares of the bank’s stock valued at $126,000 after purchasing an additional 1,000 shares during the period. Empowered Funds LLC increased its position in shares of First Internet Bancorp by 7.1% during the 4th quarter. Empowered Funds LLC now owns 15,329 shares of the bank’s stock valued at $320,000 after purchasing an additional 1,012 shares during the last quarter. Finally, Man Group plc raised its stake in shares of First Internet Bancorp by 5.1% during the 3rd 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. 65.46% of the stock is owned by institutional investors.

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).