First Internet Bancorp (NASDAQ:INBK) Raised to Hold at Wall Street Zen

First Internet Bancorp (NASDAQ:INBK) was upgraded by analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.

Several other brokerages have also issued reports on INBK. Zacks Research lowered First Internet Bancorp from a “hold” rating to a “strong sell” rating in a research note on Friday, January 30th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of First Internet Bancorp in a research note on Monday, December 29th. Hovde Group increased their target price on shares of First Internet Bancorp from $26.00 to $29.00 and gave the company an “outperform” rating in a report on Friday, January 30th. Keefe, Bruyette & Woods decreased 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, Piper Sandler cut their price target on shares of First Internet Bancorp from $24.00 to $23.50 and set a “neutral” rating for the company in a research report on Friday, January 30th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Reduce” and an average target price of $25.17.

First Internet Bancorp Price Performance

First Internet Bancorp stock opened at $20.69 on Tuesday. The firm has a market capitalization of $180.21 million, a P/E ratio of -5.13 and a beta of 0.83. First Internet Bancorp has a one year low of $17.05 and a one year high of $31.04. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.91 and a quick ratio of 0.88. The business has a fifty day moving average price of $21.34 and a 200-day moving average price of $21.52.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings data on Thursday, January 29th. The bank reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. First Internet Bancorp had a negative return on equity of 1.52% and a negative net margin of 10.05%.The business had revenue of $42.11 million for the quarter, compared to analysts’ expectations of $32.80 million. As a group, equities research analysts forecast that First Internet Bancorp will post 4.11 EPS for the current year.

Institutional Trading of First Internet Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the company. Empowered Funds LLC raised its stake in First Internet Bancorp by 7.1% during the 4th quarter. Empowered Funds LLC now owns 15,329 shares of the bank’s stock valued at $320,000 after buying an additional 1,012 shares during the last quarter. XTX Topco Ltd purchased a new position in shares of First Internet Bancorp during the 4th quarter valued at about $206,000. Quadrature Capital Ltd bought a new position in shares of First Internet Bancorp during the 4th quarter valued at approximately $473,000. Millennium Management LLC increased its holdings in First Internet Bancorp by 48.8% in the 4th quarter. Millennium Management LLC now owns 145,554 shares of the bank’s stock worth $3,038,000 after acquiring an additional 47,715 shares in the last quarter. Finally, Bridgeway Capital Management LLC increased its holdings in First Internet Bancorp by 2.3% in the 4th quarter. Bridgeway Capital Management LLC now owns 45,229 shares of the bank’s stock worth $944,000 after acquiring an additional 1,012 shares in the last quarter. 65.46% of the stock is currently owned by institutional investors.

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).