Benchmark Upgrades First Internet Bancorp (NASDAQ:INBK) to Strong-Buy

First Internet Bancorp (NASDAQ:INBK) was upgraded by investment analysts at Benchmark to a “strong-buy” rating in a report issued on Wednesday,Zacks.com reports.

A number of other research firms have also commented on INBK. Keefe, Bruyette & Woods raised their price objective on shares of First Internet Bancorp from $23.00 to $24.00 and gave the company a “market perform” rating in a research note on Friday, May 1st. Zacks Research raised First Internet Bancorp from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. Wall Street Zen upgraded First Internet Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. Piper Sandler boosted their price objective on First Internet Bancorp from $23.50 to $24.00 and gave the stock a “neutral” rating in a research note on Friday, May 1st. Finally, Weiss Ratings restated a “sell (d)” rating on shares of First Internet Bancorp in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $27.50.

First Internet Bancorp Stock Performance

Shares of INBK opened at $27.41 on Wednesday. The firm has a market capitalization of $239.02 million, a PE ratio of -7.12 and a beta of 0.85. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.96. The firm has a 50-day moving average price of $24.40 and a 200 day moving average price of $22.27. First Internet Bancorp has a 52-week low of $17.05 and a 52-week high of $28.51.

First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings results on Thursday, April 30th. The bank reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.21. The company had revenue of $43.12 million for the quarter, compared to the consensus estimate of $45.67 million. First Internet Bancorp had a negative net margin of 9.60% and a negative return on equity of 1.14%. On average, sell-side analysts anticipate that First Internet Bancorp will post 1.98 earnings per share for the current fiscal year.

Hedge Funds Weigh In On First Internet Bancorp

A number of institutional investors have recently bought and sold shares of the stock. Simcoe Capital LLC bought a new position in First Internet Bancorp during the fourth quarter valued at about $1,935,000. Gator Capital Management LLC increased its holdings in shares of First Internet Bancorp by 62.7% during the 4th quarter. Gator Capital Management LLC now owns 75,555 shares of the bank’s stock valued at $1,577,000 after acquiring an additional 29,122 shares during the last quarter. Aegis Financial Corp bought a new position in shares of First Internet Bancorp in the 4th quarter valued at approximately $5,224,000. Heartland Advisors Inc. raised its stake in shares of First Internet Bancorp by 1.7% in the 4th quarter. Heartland Advisors Inc. now owns 288,595 shares of the bank’s stock valued at $6,023,000 after acquiring an additional 4,745 shares in the last quarter. Finally, GSA Capital Partners LLP lifted its holdings 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 worth $1,006,000 after purchasing an additional 691 shares during the last quarter. Hedge funds and other institutional investors own 65.46% of the company’s stock.

First Internet Bancorp Company Profile

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).