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

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

Several other equities research analysts have also issued reports on INBK. Piper Sandler dropped their price target on First Internet Bancorp from $25.50 to $22.00 and set a “neutral” rating for the company in a research note on Monday, October 27th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of First Internet Bancorp in a research note on Monday, December 29th. Hovde Group reduced their price target on shares of First Internet Bancorp from $29.00 to $26.00 and set an “outperform” rating on the stock in a research report on Friday, October 24th. Keefe, Bruyette & Woods lowered their price objective on shares of First Internet Bancorp from $27.00 to $25.00 and set a “market perform” rating for the company in a report on Friday, October 24th. Finally, Zacks Research raised shares of First Internet Bancorp from a “strong sell” rating to a “hold” rating in a research note on Thursday, December 25th. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $24.33.

First Internet Bancorp Price Performance

INBK stock opened at $21.62 on Friday. The firm has a 50 day simple moving average of $19.88 and a two-hundred day simple moving average of $22.43. The stock has a market cap of $188.31 million, a PE ratio of -5.69 and a beta of 0.81. First Internet Bancorp has a one year low of $17.05 and a one year high of $36.72. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.91 and a quick ratio of 0.88.

First Internet Bancorp (NASDAQ:INBK) last posted its quarterly earnings data on Wednesday, October 22nd. The bank reported ($1.43) earnings per share for the quarter, missing the consensus estimate of $0.66 by ($2.09). First Internet Bancorp had a negative net margin of 9.35% and a negative return on equity of 2.05%. The company had revenue of $43.53 million for the quarter, compared to analysts’ expectations of $33.48 million. On average, analysts predict that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

Insider Buying and Selling

In other news, COO Nicole S. Lorch purchased 2,000 shares of the stock in a transaction that occurred on Monday, November 17th. The stock was bought at an average cost of $17.96 per share, for a total transaction of $35,920.00. Following the acquisition, the chief operating officer directly owned 70,206 shares of the company’s stock, valued at $1,260,899.76. This represents a 2.93% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO David B. Becker purchased 5,000 shares of the company’s stock in a transaction on Wednesday, October 29th. The shares were purchased at an average cost of $18.67 per share, with a total value of $93,350.00. Following the transaction, the chief executive officer directly owned 419,194 shares in the company, valued at $7,826,351.98. This trade represents a 1.21% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have bought a total of 10,110 shares of company stock valued at $187,863 over the last three months. 8.00% of the stock is owned by company insiders.

Institutional Trading of First Internet Bancorp

Several large investors have recently modified their holdings of INBK. Bridgeway Capital Management LLC increased its holdings in First Internet Bancorp by 1.3% during the 3rd quarter. Bridgeway Capital Management LLC now owns 44,217 shares of the bank’s stock valued at $992,000 after purchasing an additional 584 shares during the period. Man Group plc increased its stake in shares of First Internet Bancorp by 5.1% during the third quarter. Man Group plc now owns 21,818 shares of the bank’s stock valued at $489,000 after buying an additional 1,053 shares during the period. Tower Research Capital LLC TRC increased its stake in shares of First Internet Bancorp by 202.7% during the second quarter. Tower Research Capital LLC TRC now owns 1,789 shares of the bank’s stock valued at $48,000 after buying an additional 1,198 shares during the period. First Trust Advisors LP raised its holdings in shares of First Internet Bancorp by 4.9% during the second quarter. First Trust Advisors LP now owns 31,683 shares of the bank’s stock valued at $852,000 after acquiring an additional 1,474 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its stake in First Internet Bancorp by 0.9% in the first quarter. Acadian Asset Management LLC now owns 186,529 shares of the bank’s stock worth $4,994,000 after acquiring an additional 1,731 shares during the period. 65.46% of the stock is owned by institutional investors.

First Internet Bancorp Company Profile

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).