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

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

Other research analysts have also recently issued research reports about the stock. Keefe, Bruyette & Woods restated a “market perform” rating and set a $40.00 target price (down previously from $45.00) on shares of First Internet Bancorp in a research note on Friday, January 24th. Piper Sandler decreased their price target on First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating on the stock in a report on Monday, January 27th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $41.75.

First Internet Bancorp Price Performance

NASDAQ INBK opened at $25.97 on Thursday. The business’s fifty day moving average is $30.59 and its 200 day moving average is $34.72. First Internet Bancorp has a fifty-two week low of $24.18 and a fifty-two week high of $43.26. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.98 and a current ratio of 0.99. The company has a market capitalization of $225.86 million, a PE ratio of 8.99 and a beta of 0.72.

First Internet Bancorp (NASDAQ:INBK) last posted its quarterly earnings data on Wednesday, January 22nd. The bank reported $0.41 earnings per share 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%. Sell-side analysts predict that First Internet Bancorp will post 4.11 earnings per share for the current year.

Institutional Trading of First Internet Bancorp

Several hedge funds have recently modified their holdings of INBK. R Squared Ltd purchased a new position in shares of First Internet Bancorp in the fourth quarter valued at $33,000. Wells Fargo & Company MN increased its holdings 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 worth $158,000 after buying an additional 1,137 shares during the last quarter. MetLife Investment Management LLC raised its position in shares of First Internet Bancorp by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 4,737 shares of the bank’s stock valued at $162,000 after buying an additional 2,669 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of First Internet Bancorp by 22.5% in the 4th quarter. SG Americas Securities LLC now owns 5,181 shares of the bank’s stock valued at $186,000 after acquiring an additional 953 shares during the last quarter. Finally, XTX Topco Ltd bought a new position in shares of First Internet Bancorp in the 3rd quarter valued at about $201,000. 65.46% of the stock is owned by hedge funds and other institutional investors.

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.