First Internet Bancorp (NASDAQ:INBK) Raised to Strong-Buy at Zacks Research

First Internet Bancorp (NASDAQ:INBK) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Monday, Zacks reports.

Several other research firms have also recently weighed in on INBK. Piper Sandler upped their price objective on shares of First Internet Bancorp from $26.00 to $29.50 and gave the stock a “neutral” rating in a research report on Friday, July 31st. Weiss Ratings upgraded First Internet Bancorp from a “sell (d)” rating to a “sell (d+)” rating in a research report on Wednesday, July 8th. Wall Street Zen raised shares of First Internet Bancorp from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. Finally, Benchmark raised their price objective on First Internet Bancorp from $33.00 to $35.00 and gave the company a “buy” rating in a research note on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $29.38.

First Internet Bancorp Stock Performance

Shares of INBK opened at $26.11 on Monday. The stock’s fifty day moving average price is $28.09 and its two-hundred day moving average price is $25.46. First Internet Bancorp has a 1 year low of $17.05 and a 1 year high of $31.09. The firm has a market cap of $228.04 million, a PE ratio of -7.25 and a beta of 0.83. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.88 and a quick ratio of 0.87.

First Internet Bancorp (NASDAQ:INBK) last posted its quarterly earnings results on Thursday, July 30th. The bank reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.12. First Internet Bancorp had a negative net margin of 9.01% and a negative return on equity of 0.55%. The company had revenue of $41.12 million for the quarter, compared to analyst estimates of $43.83 million. First Internet Bancorp has set its FY 2026 guidance at 2.350-2.450 EPS. On average, equities research analysts forecast that First Internet Bancorp will post 2.36 EPS for the current year.

Institutional Investors Weigh In On First Internet Bancorp

A number of large investors have recently made changes to their positions in INBK. Wellington Management Group LLP bought a new position in shares of First Internet Bancorp during the second quarter valued at approximately $1,649,000. GSA Capital Partners LLP bought a new stake in First Internet Bancorp in the second quarter valued at $1,491,000. Heartland Advisors Inc. boosted its holdings in First Internet Bancorp by 33.4% in the first quarter. Heartland Advisors Inc. now owns 384,900 shares of the bank’s stock valued at $7,844,000 after acquiring an additional 96,305 shares in the last quarter. Aegis Financial Corp increased its position in First Internet Bancorp by 41.5% during the 1st quarter. Aegis Financial Corp now owns 354,261 shares of the bank’s stock valued at $7,220,000 after purchasing an additional 103,941 shares during the period. Finally, BlackRock Inc. purchased a new position in First Internet Bancorp during the 2nd quarter valued at $20,209,000. 65.46% of the stock is currently owned by institutional investors.

First Internet Bancorp Company Profile

First Internet Bancorp is the bank holding company for First Internet Bank, a full-service digital financial institution headquartered in Fishers, Indiana. Founded in 1999, First Internet Bank was established as an internet-based bank and provides banking services through digital channels, supported by offices and lending operations serving customers in Indiana and other markets.

The bank offers commercial and consumer financial products, including checking and savings accounts, money market accounts, certificates of deposit, residential and commercial real estate lending, construction loans, commercial and industrial financing, small business lending, and municipal finance.