First Internet Bancorp (NASDAQ:INBK) Upgraded to “Buy” at StockNews.com

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

A number of other research firms have also recently commented on INBK. TheStreet upgraded shares of First Internet Bancorp from a “c” rating to a “b-” rating in a research note on Monday, June 6th. Craig Hallum decreased their price objective on shares of First Internet Bancorp from $70.00 to $60.00 in a research note on Tuesday, May 3rd. Finally, Piper Sandler decreased their price objective on shares of First Internet Bancorp to $43.00 in a research note on Friday, July 22nd. Four research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, First Internet Bancorp presently has an average rating of “Buy” and an average price target of $55.00.

First Internet Bancorp Stock Performance

INBK stock traded down $0.63 during trading on Wednesday, reaching $37.32. The company had a trading volume of 16,504 shares, compared to its average volume of 41,319. The firm has a 50-day simple moving average of $36.87 and a 200-day simple moving average of $40.47. The company has a market cap of $351.11 million, a price-to-earnings ratio of 8.13 and a beta of 0.66. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.04 and a current ratio of 1.05. First Internet Bancorp has a twelve month low of $28.05 and a twelve month high of $53.56.

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First Internet Bancorp (NASDAQ:INBK – Get Rating) last released its earnings results on Wednesday, July 20th. The bank reported $1.06 EPS for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.04). The company had revenue of $29.99 million during the quarter, compared to analyst estimates of $31.05 million. First Internet Bancorp had a return on equity of 12.89% and a net margin of 27.30%. During the same quarter last year, the business earned $1.11 earnings per share. As a group, sell-side analysts expect that First Internet Bancorp will post 4.75 earnings per share for the current year.

Institutional Trading of First Internet Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of INBK. Indie Asset Partners LLC purchased a new position in shares of First Internet Bancorp during the 1st quarter valued at approximately $484,000. Jacob Asset Management of New York LLC increased its holdings in shares of First Internet Bancorp by 20.7% during the 4th quarter. Jacob Asset Management of New York LLC now owns 54,778 shares of the bank’s stock valued at $2,577,000 after purchasing an additional 9,400 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of First Internet Bancorp by 32.3% during the 4th quarter. American Century Companies Inc. now owns 29,335 shares of the bank’s stock valued at $1,380,000 after purchasing an additional 7,167 shares in the last quarter. Sonen Capital LLC purchased a new position in shares of First Internet Bancorp during the 4th quarter valued at approximately $847,000. Finally, New York State Common Retirement Fund increased its holdings in shares of First Internet Bancorp by 8.1% during the 4th quarter. New York State Common Retirement Fund now owns 6,674 shares of the bank’s stock valued at $314,000 after purchasing an additional 500 shares in the last quarter. 70.50% of the stock is currently owned by institutional investors and hedge funds.

First Internet Bancorp Company Profile

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

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