First Internet Bancorp (NASDAQ:INBK) was downgraded by stock analysts at BidaskClub from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.

Several other analysts have also issued reports on INBK. Zacks Investment Research lowered First Internet Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 20th. Keefe, Bruyette & Woods reissued a “buy” rating and set a $44.00 price objective on shares of First Internet Bancorp in a research note on Friday, October 20th. Hovde Group increased their price objective on First Internet Bancorp from $37.00 to $43.00 and gave the company an “outperform” rating in a research note on Monday, October 23rd. Maxim Group increased their price objective on First Internet Bancorp from $37.00 to $44.00 and gave the company a “buy” rating in a research note on Monday, October 23rd. Finally, TheStreet raised First Internet Bancorp from a “c+” rating to a “b” rating in a research note on Thursday, November 16th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $43.75.

First Internet Bancorp (NASDAQ:INBK) traded up $0.20 during mid-day trading on Tuesday, hitting $38.50. 25,700 shares of the company traded hands, compared to its average volume of 36,185. The company has a debt-to-equity ratio of 1.82, a quick ratio of 0.99 and a current ratio of 1.01. The company has a market capitalization of $322.14 and a PE ratio of 16.02. First Internet Bancorp has a one year low of $25.48 and a one year high of $41.20.

First Internet Bancorp (NASDAQ:INBK) last posted its quarterly earnings data on Friday, October 20th. The bank reported $0.71 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.08. The company had revenue of $17.33 million for the quarter, compared to analysts’ expectations of $16.90 million. First Internet Bancorp had a net margin of 17.60% and a return on equity of 8.87%. equities analysts anticipate that First Internet Bancorp will post 2.36 earnings per share for the current fiscal year.

In other news, Chairman David B. Becker acquired 5,000 shares of the firm’s stock in a transaction on Wednesday, September 20th. The stock was acquired at an average price of $30.02 per share, for a total transaction of $150,100.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Jerry L. Williams acquired 2,100 shares of the firm’s stock in a transaction on Wednesday, September 20th. The stock was purchased at an average price of $30.05 per share, with a total value of $63,105.00. Following the acquisition, the director now owns 35,836 shares of the company’s stock, valued at approximately $1,076,871.80. The disclosure for this purchase can be found here. 7.60% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of INBK. Vanguard Group Inc. raised its holdings in First Internet Bancorp by 23.5% in the first quarter. Vanguard Group Inc. now owns 252,443 shares of the bank’s stock worth $7,447,000 after purchasing an additional 48,053 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of First Internet Bancorp by 7.8% during the first quarter. Geode Capital Management LLC now owns 44,844 shares of the bank’s stock valued at $1,322,000 after acquiring an additional 3,229 shares in the last quarter. Dimensional Fund Advisors LP bought a new position in shares of First Internet Bancorp during the first quarter valued at $673,000. Bank of America Corp DE increased its holdings in shares of First Internet Bancorp by 11.7% during the first quarter. Bank of America Corp DE now owns 3,477 shares of the bank’s stock valued at $103,000 after acquiring an additional 363 shares in the last quarter. Finally, Bank of Montreal Can increased its holdings in shares of First Internet Bancorp by 11.7% during the second quarter. Bank of Montreal Can now owns 4,468 shares of the bank’s stock valued at $125,000 after acquiring an additional 468 shares in the last quarter. Institutional investors and hedge funds own 63.87% of the company’s stock.

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First Internet Bancorp Company Profile

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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