First Internet Bancorp (NASDAQ:INBK) was downgraded by investment analysts at BidaskClub from a “buy” rating to a “hold” rating in a research report issued on Tuesday.

A number of other research analysts also recently weighed in on the stock. TheStreet raised shares of First Internet Bancorp from a “c+” rating to a “b” rating in a research report on Thursday, November 16th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $44.00 target price on shares of First Internet Bancorp in a research report on Friday, October 20th. Hovde Group raised their target price on shares of First Internet Bancorp from $37.00 to $43.00 and gave the company an “outperform” rating in a research report on Monday, October 23rd. Zacks Investment Research raised shares of First Internet Bancorp from a “sell” rating to a “buy” rating and set a $44.00 target price for the company in a research report on Tuesday, November 21st. Finally, Maxim Group raised their target price on shares of First Internet Bancorp from $37.00 to $44.00 and gave the company a “buy” rating in a research report on Monday, October 23rd. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. First Internet Bancorp has a consensus rating of “Buy” and an average price target of $43.75.

First Internet Bancorp (INBK) traded up $0.15 during trading on Tuesday, reaching $38.30. 29,508 shares of the company were exchanged, compared to its average volume of 36,229. The company has a market capitalization of $320.88, a P/E ratio of 16.23 and a beta of 0.12. First Internet Bancorp has a 1-year low of $25.48 and a 1-year high of $41.20. The company has a current ratio of 1.01, a quick ratio of 0.99 and a debt-to-equity ratio of 1.82.

First Internet Bancorp (NASDAQ:INBK) last released its earnings results on Friday, October 20th. The bank reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.08. The business had revenue of $17.33 million during the quarter, compared to the consensus estimate of $16.90 million. First Internet Bancorp had a net margin of 17.60% and a return on equity of 8.87%. analysts predict that First Internet Bancorp will post 2.36 earnings per share for the current fiscal year.

In other news, Chairman David B. Becker acquired 5,000 shares of the firm’s stock in a transaction dated Wednesday, September 20th. The stock was bought at an average price of $30.02 per share, with a total value of $150,100.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jerry L. Williams acquired 2,100 shares of the firm’s stock in a transaction dated Wednesday, September 20th. The stock was purchased at an average cost of $30.05 per share, with a total value of $63,105.00. Following the transaction, the director now owns 35,836 shares in the company, valued at $1,076,871.80. The disclosure for this purchase can be found here. 7.60% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently made changes to their positions in INBK. Vanguard Group Inc. grew its position in shares of First Internet Bancorp by 23.5% in the 1st quarter. Vanguard Group Inc. now owns 252,443 shares of the bank’s stock valued at $7,447,000 after acquiring an additional 48,053 shares during the period. Geode Capital Management LLC grew its position in shares of First Internet Bancorp by 7.8% in the 1st quarter. Geode Capital Management LLC now owns 44,844 shares of the bank’s stock valued at $1,322,000 after acquiring an additional 3,229 shares during the period. Dimensional Fund Advisors LP bought a new position in shares of First Internet Bancorp in the 1st quarter valued at about $673,000. Bank of America Corp DE grew its position in shares of First Internet Bancorp by 11.7% in the 1st quarter. Bank of America Corp DE now owns 3,477 shares of the bank’s stock valued at $103,000 after acquiring an additional 363 shares during the period. Finally, Bank of Montreal Can grew its position in shares of First Internet Bancorp by 11.7% in the 2nd quarter. Bank of Montreal Can now owns 4,468 shares of the bank’s stock valued at $125,000 after acquiring an additional 468 shares during the period. 63.87% of the stock is owned by institutional investors.

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First Internet Bancorp Company Profile

First Internet Bancorp is a bank holding company that conducts its business activities through its subsidiary, First Internet Bank of Indiana (the Bank). The Company offers a complement of products and services on a nationwide basis. The Company conducts its deposit operations primarily over the Internet.

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