First Internet Bancorp (NASDAQ:INBK) Rating Increased to Buy at StockNews.com

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

Other equities research analysts have also recently issued reports about the company. Piper Sandler reduced their price objective on First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating for the company in a research report on Monday, January 27th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $40.00 target price (down from $45.00) on shares of First Internet Bancorp in a research note on Friday, January 24th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, First Internet Bancorp presently has a consensus rating of “Moderate Buy” and a consensus target price of $41.75.

First Internet Bancorp Stock Down 0.0 %

First Internet Bancorp stock opened at $27.20 on Wednesday. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.98. First Internet Bancorp has a fifty-two week low of $24.18 and a fifty-two week high of $43.26. The firm has a fifty day moving average price of $31.64 and a two-hundred day moving average price of $35.14. The firm has a market cap of $236.56 million, a price-to-earnings ratio of 9.41 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 EPS for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.51). First Internet Bancorp had a return on equity of 5.86% and a net margin of 7.45%. As a group, analysts forecast that First Internet Bancorp will post 4.11 earnings per share for the current year.

Institutional Trading of First Internet Bancorp

Institutional investors and hedge funds have recently modified their holdings of the company. Thrivent Financial for Lutherans boosted its stake in First Internet Bancorp by 14.7% during the third quarter. Thrivent Financial for Lutherans now owns 27,053 shares of the bank’s stock worth $926,000 after buying an additional 3,477 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of First Internet Bancorp during the 3rd quarter valued at about $469,000. Foundry Partners LLC increased its stake in First Internet Bancorp by 8.9% in the third quarter. Foundry Partners LLC now owns 121,827 shares of the bank’s stock valued at $4,174,000 after acquiring an additional 9,977 shares during the period. MetLife Investment Management LLC raised its position 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 in the last quarter. Finally, State Street Corp raised its position in First Internet Bancorp by 8.9% in the third quarter. State Street Corp now owns 106,282 shares of the bank’s stock worth $3,648,000 after purchasing an additional 8,701 shares in the last quarter. 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.