First Internet Bancorp (NASDAQ:INBK) Stock Rating Lowered by StockNews.com

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

Other equities research analysts have also recently issued reports about the stock. Keefe, Bruyette & Woods restated a “market perform” rating and set a $40.00 price target (down from $45.00) on shares of First Internet Bancorp in a report on Friday, January 24th. Piper Sandler decreased their price target on shares of First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating on the stock in a research report on Monday, January 27th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $41.75.

First Internet Bancorp Stock Up 0.9 %

NASDAQ:INBK opened at $26.55 on Tuesday. First Internet Bancorp has a 1-year low of $24.18 and a 1-year high of $43.26. The firm has a market capitalization of $230.14 million, a price-to-earnings ratio of 9.19 and a beta of 0.72. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.61. The business’s fifty day moving average price is $32.26 and its 200 day moving average price is $35.39.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings data on Wednesday, January 22nd. The bank reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.92 by ($0.51). First Internet Bancorp had a net margin of 7.45% and a return on equity of 5.86%. On average, sell-side analysts forecast that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

Institutional Investors Weigh In On First Internet Bancorp

Large investors have recently made changes to their positions in the company. R Squared Ltd bought a new stake in First Internet Bancorp during the 4th quarter worth approximately $33,000. Wells Fargo & Company MN lifted its position in First Internet Bancorp by 35.0% during the 4th quarter. Wells Fargo & Company MN now owns 4,381 shares of the bank’s stock valued at $158,000 after purchasing an additional 1,137 shares during the period. MetLife Investment Management LLC grew its holdings in First Internet Bancorp by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 4,737 shares of the bank’s stock worth $162,000 after acquiring an additional 2,669 shares during the period. SG Americas Securities LLC grew its stake in shares of First Internet Bancorp by 22.5% during the fourth quarter. SG Americas Securities LLC now owns 5,181 shares of the bank’s stock worth $186,000 after purchasing an additional 953 shares during the period. Finally, XTX Topco Ltd bought a new position in First Internet Bancorp during the 3rd quarter worth approximately $201,000. Institutional investors own 65.46% of the company’s stock.

First Internet Bancorp Company Profile

First Internet Bancorp operates as the bank holding company for First Internet Bank of Indiana that provides commercial, small business, consumer, and municipal banking products and services to individuals and commercial customers in the United States. The company accepts non-interest bearing and interest-bearing demand deposit, commercial deposit, savings, money market, and Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.