First Internet Bancorp (NASDAQ:INBK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday.

According to Zacks, “First Internet Bancorp is a bank holding company that conducts its business activities through its subsidiary, First Internet Bank of Indiana. The Bank operates through the internet primarily in the United States. Its services includes checking accounts, regular and money market savings accounts, consumer loans, conforming mortgages, jumbo mortgages, home equity loans and lines of credit, and commercial loans. First Internet Bancorp is based in Indianapolis, United States. “

Other research analysts have also issued research reports about the stock. ValuEngine lowered shares of First Internet Bancorp from a “buy” rating to a “hold” rating in a research report on Wednesday, June 6th. BidaskClub raised shares of First Internet Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, June 16th. Finally, FIG Partners cut shares of First Internet Bancorp from an “outperform” rating to a “market-perform” rating in a research note on Monday, July 23rd. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $45.00.

Shares of INBK opened at $30.75 on Tuesday. The stock has a market cap of $312.58 million, a PE ratio of 12.87 and a beta of 0.02. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.05 and a quick ratio of 1.04. First Internet Bancorp has a 52 week low of $29.95 and a 52 week high of $42.40.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings data on Friday, July 20th. The bank reported $0.67 EPS for the quarter, missing the Zacks’ consensus estimate of $0.70 by ($0.03). The company had revenue of $17.64 million for the quarter, compared to analyst estimates of $20.03 million. First Internet Bancorp had a net margin of 18.39% and a return on equity of 9.36%. equities analysts predict that First Internet Bancorp will post 2.59 EPS for the current year.

In other First Internet Bancorp news, CEO David B. Becker bought 2,500 shares of the stock in a transaction that occurred on Friday, July 27th. The shares were acquired at an average price of $30.89 per share, with a total value of $77,225.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jerry L. Williams bought 3,000 shares of the stock in a transaction that occurred on Thursday, July 26th. The stock was acquired at an average cost of $31.00 per share, for a total transaction of $93,000.00. Following the purchase, the director now owns 39,885 shares of the company’s stock, valued at $1,236,435. The disclosure for this purchase can be found here. Insiders own 6.20% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of INBK. Northern Trust Corp grew its stake in First Internet Bancorp by 3.0% during the second quarter. Northern Trust Corp now owns 106,456 shares of the bank’s stock worth $3,630,000 after buying an additional 3,119 shares during the last quarter. Bank of New York Mellon Corp grew its stake in First Internet Bancorp by 14.0% during the second quarter. Bank of New York Mellon Corp now owns 39,942 shares of the bank’s stock worth $1,362,000 after buying an additional 4,902 shares during the last quarter. Millennium Management LLC grew its stake in First Internet Bancorp by 62.8% during the second quarter. Millennium Management LLC now owns 100,778 shares of the bank’s stock worth $3,437,000 after buying an additional 38,872 shares during the last quarter. Allstate Corp bought a new stake in First Internet Bancorp during the second quarter worth about $512,000. Finally, Renaissance Technologies LLC grew its stake in First Internet Bancorp by 46.9% during the second quarter. Renaissance Technologies LLC now owns 130,000 shares of the bank’s stock worth $4,433,000 after buying an additional 41,500 shares during the last quarter. 68.45% of the stock is currently owned by institutional investors and hedge funds.

First Internet Bancorp Company Profile

First Internet Bancorp operates as a bank holding company for First Internet Bank of Indiana that provides commercial and retail banking products and services in the United States. The company offers savings accounts, non-interest bearing and interest-bearing demand deposits, money market accounts, brokered deposit accounts, and certificates of deposit.

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