First Internet Bancorp (NASDAQ:INBK) Raised to “Buy” at Wall Street Zen

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

INBK has been the topic of several other reports. Zacks Research upgraded shares of First Internet Bancorp from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. Keefe, Bruyette & Woods raised their price target on shares of First Internet Bancorp from $23.00 to $24.00 and gave the company a “market perform” rating in a report on Friday, May 1st. Weiss Ratings restated a “sell (d)” rating on shares of First Internet Bancorp in a report on Friday, March 27th. Finally, Piper Sandler raised their price target on shares of First Internet Bancorp from $23.50 to $24.00 and gave the company a “neutral” rating in a report on Friday, May 1st. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, First Internet Bancorp currently has a consensus rating of “Hold” and a consensus target price of $25.67.

First Internet Bancorp Trading Up 1.9%

Shares of INBK stock opened at $24.69 on Friday. The firm has a market cap of $215.30 million, a P/E ratio of -6.41 and a beta of 0.85. First Internet Bancorp has a 1-year low of $17.05 and a 1-year high of $28.51. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.88 and a quick ratio of 0.87. The firm’s 50-day simple moving average is $23.23 and its 200-day simple moving average is $21.58.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings data on Thursday, April 30th. The bank reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.21. The business had revenue of $43.12 million for the quarter, compared to analyst estimates of $45.67 million. First Internet Bancorp had a negative net margin of 9.60% and a negative return on equity of 1.14%. As a group, equities analysts forecast that First Internet Bancorp will post 1.98 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Royal Bank of Canada raised its stake in shares of First Internet Bancorp by 78.5% during the first quarter. Royal Bank of Canada now owns 13,789 shares of the bank’s stock valued at $369,000 after purchasing an additional 6,064 shares during the period. Empowered Funds LLC raised its stake 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 valued at $352,000 after purchasing an additional 5,893 shares during the period. Jane Street Group LLC purchased a new stake in shares of First Internet Bancorp during the first quarter valued at approximately $297,000. First Trust Advisors LP raised its stake in shares of First Internet Bancorp by 4.9% during the second quarter. First Trust Advisors LP now owns 31,683 shares of the bank’s stock valued at $852,000 after purchasing an additional 1,474 shares during the period. Finally, Jump Financial LLC purchased a new stake in shares of First Internet Bancorp during the second quarter valued at approximately $236,000. Hedge funds and other 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).