First Internet Bancorp (NASDAQ:INBK) Upgraded to Strong-Buy at Benchmark

First Internet Bancorp (NASDAQ:INBK) was upgraded by research analysts at Benchmark to a “strong-buy” rating in a research report issued on Wednesday,Zacks.com reports.

Several other brokerages have also issued reports on INBK. Piper Sandler increased their price target on First Internet Bancorp from $23.50 to $24.00 and gave the stock a “neutral” rating in a report on Friday, May 1st. Weiss Ratings reissued a “sell (d)” rating on shares of First Internet Bancorp in a research report on Wednesday. Wall Street Zen raised shares of First Internet Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. Keefe, Bruyette & Woods upped their price objective on shares of First Internet Bancorp from $23.00 to $24.00 and gave the stock a “market perform” rating in a report on Friday, May 1st. Finally, Zacks Research upgraded shares of First Internet Bancorp from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $27.50.

First Internet Bancorp Stock Performance

Shares of First Internet Bancorp stock opened at $27.41 on Wednesday. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 0.96. The company has a market cap of $239.02 million, a PE ratio of -7.12 and a beta of 0.85. The company has a 50 day moving average of $24.40 and a 200-day moving average of $22.27. First Internet Bancorp has a 1-year low of $17.05 and a 1-year high of $28.51.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings data on Thursday, April 30th. The bank reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.21. First Internet Bancorp had a negative net margin of 9.60% and a negative return on equity of 1.14%. The business had revenue of $43.12 million during the quarter, compared to analyst estimates of $45.67 million. As a group, equities research analysts forecast that First Internet Bancorp will post 1.98 earnings per share for the current fiscal year.

Hedge Funds Weigh In On First Internet Bancorp

Several institutional investors have recently added to or reduced their stakes in INBK. Tower Research Capital LLC TRC raised its position in First Internet Bancorp by 202.7% in the second quarter. Tower Research Capital LLC TRC now owns 1,789 shares of the bank’s stock worth $48,000 after acquiring an additional 1,198 shares during the period. GAMMA Investing LLC increased its stake in shares of First Internet Bancorp by 1,123.5% during the 4th quarter. GAMMA Investing LLC now owns 3,181 shares of the bank’s stock worth $66,000 after purchasing an additional 2,921 shares during the last quarter. Deutsche Bank AG raised its holdings in shares of First Internet Bancorp by 4,390.4% in the 4th quarter. Deutsche Bank AG now owns 5,164 shares of the bank’s stock worth $108,000 after purchasing an additional 5,049 shares during the period. Public Employees Retirement System of Ohio raised its holdings in shares of First Internet Bancorp by 19.9% in the 4th quarter. Public Employees Retirement System of Ohio now owns 6,024 shares of the bank’s stock worth $126,000 after purchasing an additional 1,000 shares during the period. Finally, Wells Fargo & Company MN lifted its stake in First Internet Bancorp by 62.8% in the fourth quarter. Wells Fargo & Company MN now owns 8,759 shares of the bank’s stock valued at $183,000 after purchasing an additional 3,379 shares during the last quarter. Institutional investors own 65.46% of the company’s stock.

About First Internet Bancorp

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).