First Internet Bancorp (NASDAQ:INBK) Raised to “Hold” at Zacks Research

First Internet Bancorp (NASDAQ:INBK) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

Several other brokerages have also recently commented on INBK. Hovde Group increased their target price on First Internet Bancorp from $26.00 to $29.00 and gave the stock an “outperform” rating in a report on Friday, January 30th. Piper Sandler decreased their price objective on shares of First Internet Bancorp from $24.00 to $23.50 and set a “neutral” rating on the stock in a report on Friday, January 30th. Wall Street Zen upgraded shares of First Internet Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, March 14th. Keefe, Bruyette & Woods reduced their target price on shares of First Internet Bancorp from $25.00 to $23.00 and set a “market perform” rating on the stock in a research report on Friday, January 30th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of First Internet Bancorp in a research note on Friday. 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 stock. According to MarketBeat.com, First Internet Bancorp has an average rating of “Hold” and an average price target of $25.17.

First Internet Bancorp Price Performance

Shares of First Internet Bancorp stock opened at $20.38 on Monday. The stock has a market capitalization of $177.71 million, a price-to-earnings ratio of -5.06 and a beta of 0.83. The firm’s 50-day moving average price is $20.83 and its two-hundred day moving average price is $20.79. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 0.99. First Internet Bancorp has a 1-year low of $17.05 and a 1-year high of $28.51.

First Internet Bancorp (NASDAQ:INBK) last announced its earnings results on Thursday, January 29th. The bank reported $0.64 EPS for the quarter, topping the consensus estimate of $0.59 by $0.05. The business had revenue of $42.11 million for the quarter, compared to the consensus estimate of $32.80 million. First Internet Bancorp had a negative return on equity of 1.54% and a negative net margin of 10.05%. On average, equities analysts predict that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

Hedge Funds Weigh In On First Internet Bancorp

Several institutional investors have recently modified their holdings of INBK. Tower Research Capital LLC TRC boosted its stake in First Internet Bancorp by 202.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,789 shares of the bank’s stock worth $48,000 after acquiring an additional 1,198 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of First Internet Bancorp by 1,123.5% in the 4th quarter. GAMMA Investing LLC now owns 3,181 shares of the bank’s stock valued at $66,000 after buying an additional 2,921 shares during the period. Deutsche Bank AG increased its position in shares of First Internet Bancorp by 4,390.4% in the 4th quarter. Deutsche Bank AG now owns 5,164 shares of the bank’s stock valued at $108,000 after buying an additional 5,049 shares in the last quarter. Public Employees Retirement System of Ohio increased its position in shares of 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 buying an additional 1,000 shares in the last quarter. Finally, Wells Fargo & Company MN raised its stake in First Internet Bancorp by 62.8% during the 4th quarter. Wells Fargo & Company MN now owns 8,759 shares of the bank’s stock worth $183,000 after buying an additional 3,379 shares during the period. 65.46% of the stock is currently owned by institutional investors and hedge funds.

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).