First Internet Bancorp (NASDAQ:INBK) Stock Gets Downgrade from Zacks Research

First Internet Bancorp (NASDAQ:INBK) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Tuesday, Zacks reports.

A number of other research firms also recently commented on INBK. Benchmark increased their target price on First Internet Bancorp from $33.00 to $35.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Piper Sandler boosted their price target on shares of First Internet Bancorp from $26.00 to $29.50 and gave the stock a “neutral” rating in a research report on Friday, July 31st. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of First Internet Bancorp in a research note on Friday, October 2nd. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $29.38.

First Internet Bancorp Stock Performance

Shares of NASDAQ INBK opened at $26.66 on Tuesday. The company has a market cap of $232.74 million, a P/E ratio of -7.41 and a beta of 0.87. First Internet Bancorp has a 52-week low of $17.05 and a 52-week high of $31.09. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.87 and a current ratio of 0.88. The firm’s fifty day moving average is $27.25 and its two-hundred day moving average is $24.66.

First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings data on Thursday, July 30th. The bank reported $0.27 EPS for the quarter, beating the consensus estimate of $0.15 by $0.12. First Internet Bancorp had a negative net margin of 9.01% and a negative return on equity of 0.55%. The business had revenue of $41.12 million during the quarter, compared to the consensus estimate of $43.83 million. As a group, analysts anticipate that First Internet Bancorp will post 2.36 EPS for the current fiscal year.

Hedge Funds Weigh In On First Internet Bancorp

Institutional investors and hedge funds have recently modified their holdings of the stock. Corient Private Wealth LP purchased a new stake in shares of First Internet Bancorp in the second quarter valued at $253,000. Wellington Management Group LLP bought a new stake in shares of First Internet Bancorp in the 2nd quarter worth about $1,649,000. Empowered Funds LLC bought a new stake in shares of First Internet Bancorp in the 2nd quarter worth about $426,000. Public Employees Retirement System of Ohio bought a new stake in shares of First Internet Bancorp in the 2nd quarter worth about $228,000. Finally, Bank of America Corp DE purchased a new position in shares of First Internet Bancorp during the 2nd quarter worth about $1,444,000. Hedge funds and other institutional investors own 65.46% of the company’s stock.

About First Internet Bancorp

First Internet Bancorp is a bank holding company headquartered in Fishers, Indiana. Its principal subsidiary, First Internet Bank, provides a range of banking products and financial services to businesses, organizations and individual consumers.

First Internet Bank’s offerings include commercial and industrial lending, commercial real estate financing, small business and SBA loans, public finance, residential mortgage lending, consumer loans, deposit accounts and treasury management services.