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

First Internet Bancorp (NASDAQ:INBK) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Wednesday.

A number of other research analysts have also recently issued reports on INBK. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $40.00 price target (down from $45.00) on shares of First Internet Bancorp in a research report on Friday, January 24th. Piper Sandler reduced their price objective on shares of First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating for the company in a research note on Monday, January 27th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $41.75.

First Internet Bancorp Trading Down 0.7 %

Shares of NASDAQ INBK opened at $27.81 on Wednesday. First Internet Bancorp has a 1 year low of $24.18 and a 1 year high of $43.26. The stock has a market cap of $241.86 million, a P/E ratio of 9.62 and a beta of 0.72. The firm has a 50-day moving average of $31.41 and a 200 day moving average of $35.03. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.98.

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

Institutional Trading of First Internet Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Deutsche Bank AG increased its stake in First Internet Bancorp by 4.5% during the 4th quarter. Deutsche Bank AG now owns 7,789 shares of the bank’s stock valued at $280,000 after purchasing an additional 335 shares in the last quarter. Sei Investments Co. raised its holdings in shares of First Internet Bancorp by 2.8% during the fourth quarter. Sei Investments Co. now owns 13,045 shares of the bank’s stock valued at $470,000 after purchasing an additional 360 shares during the last quarter. Ancora Advisors LLC raised its holdings in shares of First Internet Bancorp by 0.5% during the fourth quarter. Ancora Advisors LLC now owns 130,767 shares of the bank’s stock valued at $4,706,000 after purchasing an additional 700 shares during the last quarter. Bank of America Corp DE raised its holdings in shares of First Internet Bancorp by 3.5% during the fourth quarter. Bank of America Corp DE now owns 20,800 shares of the bank’s stock valued at $749,000 after purchasing an additional 707 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of First Internet Bancorp by 3.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 23,505 shares of the bank’s stock valued at $846,000 after purchasing an additional 841 shares during the last quarter. 65.46% of the stock is currently owned by institutional investors.

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.