First Internet Bancorp (NASDAQ:INBK) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Wednesday, February 28th.
According to Zacks, “First Internet Bancorp is a bank holding company that conducts its business activities through its subsidiary, First Internet Bank of Indiana. The Bank operates through the internet primarily in the United States. Its services includes checking accounts, regular and money market savings accounts, consumer loans, conforming mortgages, jumbo mortgages, home equity loans and lines of credit, and commercial loans. First Internet Bancorp is based in Indianapolis, United States. “
INBK has been the topic of a number of other research reports. TheStreet raised shares of First Internet Bancorp from a “c+” rating to a “b” rating in a research report on Thursday, November 16th. ValuEngine cut shares of First Internet Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, January 13th. FIG Partners cut shares of First Internet Bancorp from an “outperform” rating to a “market perform” rating in a research report on Monday, January 22nd. Maxim Group reiterated a “buy” rating and set a $46.00 price objective on shares of First Internet Bancorp in a report on Friday, January 19th. Finally, BidaskClub lowered shares of First Internet Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, December 12th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company. The company has an average rating of “Buy” and an average price target of $44.25.
First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings results on Friday, January 19th. The bank reported $0.63 EPS for the quarter, beating the Zacks’ consensus estimate of $0.61 by $0.02. The business had revenue of $17.90 million for the quarter, compared to analysts’ expectations of $19.00 million. First Internet Bancorp had a net margin of 15.99% and a return on equity of 8.91%. equities research analysts anticipate that First Internet Bancorp will post 3.26 EPS for the current year.
Several hedge funds and other institutional investors have recently made changes to their positions in INBK. Stieven Capital Advisors L.P. raised its holdings in shares of First Internet Bancorp by 39.5% in the 3rd quarter. Stieven Capital Advisors L.P. now owns 698,400 shares of the bank’s stock worth $22,558,000 after acquiring an additional 197,800 shares during the last quarter. Emerald Mutual Fund Advisers Trust acquired a new stake in shares of First Internet Bancorp in the 3rd quarter worth about $6,137,000. Tieton Capital Management LLC acquired a new stake in shares of First Internet Bancorp in the 4th quarter worth about $4,310,000. Allianz Asset Management GmbH acquired a new stake in shares of First Internet Bancorp in the 4th quarter worth about $3,365,000. Finally, BlackRock Inc. raised its holdings in shares of First Internet Bancorp by 24.8% in the 4th quarter. BlackRock Inc. now owns 394,138 shares of the bank’s stock worth $15,035,000 after acquiring an additional 78,431 shares during the last quarter. Hedge funds and other institutional investors own 68.79% 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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