StockNews.com Downgrades First Internet Bancorp (NASDAQ:INBK) to Hold

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

INBK has been the subject of several other research reports. Piper Sandler decreased their target price on First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating for the company in a research report on Monday, January 27th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $40.00 price objective (down from $45.00) on shares of First Internet Bancorp in a research note on Friday, January 24th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, First Internet Bancorp presently has an average rating of “Hold” and an average price target of $41.75.

First Internet Bancorp Price Performance

Shares of NASDAQ INBK opened at $27.15 on Thursday. First Internet Bancorp has a twelve month low of $24.18 and a twelve month high of $43.26. 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 firm has a 50-day moving average of $30.95 and a two-hundred day moving average of $34.83. The company has a market capitalization of $236.12 million, a price-to-earnings ratio of 9.39 and a beta of 0.72.

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

Institutional Trading of First Internet Bancorp

A number of institutional investors have recently bought and sold shares of INBK. R Squared Ltd acquired a new position in First Internet Bancorp in the 4th quarter worth about $33,000. Wells Fargo & Company MN grew its stake in shares of First Internet Bancorp by 35.0% in the 4th quarter. Wells Fargo & Company MN now owns 4,381 shares of the bank’s stock valued at $158,000 after buying an additional 1,137 shares in the last quarter. MetLife Investment Management LLC increased its holdings in First Internet Bancorp by 129.1% in the third quarter. MetLife Investment Management LLC now owns 4,737 shares of the bank’s stock worth $162,000 after buying an additional 2,669 shares during the last quarter. SG Americas Securities LLC increased its holdings in First Internet Bancorp by 22.5% in the fourth quarter. SG Americas Securities LLC now owns 5,181 shares of the bank’s stock worth $186,000 after buying an additional 953 shares during the last quarter. Finally, XTX Topco Ltd bought a new stake in First Internet Bancorp in the third quarter worth approximately $201,000. Institutional investors and hedge funds own 65.46% of the company’s stock.

About First Internet Bancorp

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.