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

First Internet Bancorp (NASDAQ:INBK) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Thursday.

Other equities research analysts have also issued reports about the company. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $40.00 target price (down from $45.00) on shares of First Internet Bancorp in a research report on Friday, January 24th. Piper Sandler cut their price target on First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating on the stock in a research note on Monday, January 27th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, First Internet Bancorp currently has a consensus rating of “Hold” and a consensus target price of $41.75.

First Internet Bancorp Stock Down 3.0 %

Shares of INBK opened at $25.97 on Thursday. The firm has a fifty day moving average price of $30.59 and a 200-day moving average price of $34.72. 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 market capitalization of $225.86 million, a P/E ratio of 8.99 and a beta of 0.72. First Internet Bancorp has a 12-month low of $24.18 and a 12-month high of $43.26.

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

Hedge Funds Weigh In On First Internet Bancorp

A number of large investors have recently added to or reduced their stakes in the company. R Squared Ltd purchased a new position in shares of First Internet Bancorp in the 4th quarter worth approximately $33,000. Wells Fargo & Company MN boosted its stake in First Internet Bancorp by 35.0% in the fourth quarter. Wells Fargo & Company MN now owns 4,381 shares of the bank’s stock valued at $158,000 after acquiring an additional 1,137 shares in the last quarter. MetLife Investment Management LLC grew 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 purchasing an additional 2,669 shares during the last quarter. SG Americas Securities LLC increased its position in shares of First Internet Bancorp by 22.5% during the fourth quarter. SG Americas Securities LLC now owns 5,181 shares of the bank’s stock worth $186,000 after purchasing an additional 953 shares in the last quarter. Finally, XTX Topco Ltd purchased a new stake in shares of First Internet Bancorp during the 3rd quarter valued at $201,000. 65.46% of the stock is currently owned by institutional investors.

First Internet Bancorp Company Profile

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.