First Internet Bancorp (NASDAQ:INBK) Stock Rating Cut to "Hold" at Zacks Research

Key Points

• Zacks Research downgraded First Internet Bancorp from “strong buy” to “hold.” The broader analyst consensus is also “Hold,” with a $29.38 average price target.
• INBK shares opened at $26.66, compared with a 12-month range of $17.05 to $31.09. The company reported quarterly EPS of $0.27, exceeding the $0.15 consensus estimate, though revenue fell short of expectations.
• Institutional investors own 65.46% of the stock, with BlackRock and Heartland Advisors among firms that recently established significant positions.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) was downgraded by research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued to investors on Tuesday, Zacks reports.

Several other brokerages have also recently commented on INBK. Piper Sandler boosted their price objective on shares of First Internet Bancorp from $26.00 to $29.50 and gave the company a "neutral" rating in a research note on Friday, July 31st. Benchmark increased their price objective 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. Finally, Weiss Ratings reiterated a "sell (d+)" rating on shares of First Internet Bancorp in a research report on Friday, October 2nd. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, First Internet Bancorp currently has an average rating of "Hold" and a consensus price target of $29.38.

First Internet Bancorp Price Performance

Shares of NASDAQ INBK opened at $26.66 on Tuesday. The stock's 50 day moving average price is $27.25 and its 200-day moving average price is $24.66. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.95. First Internet Bancorp has a twelve month low of $17.05 and a twelve month high of $31.09. The company has a market capitalization of $232.74 million, a PE ratio of -7.41 and a beta of 0.87.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The bank reported $0.27 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.15 by $0.12. The firm had revenue of $41.12 million during the quarter, compared to the consensus estimate of $43.83 million. First Internet Bancorp had a negative return on equity of 0.55% and a negative net margin of 9.01%. On average, equities analysts anticipate that First Internet Bancorp will post 2.36 EPS for the current year.

Institutional Investors Weigh In On First Internet Bancorp

Several hedge funds have recently bought and sold shares of INBK. BlackRock Inc. bought a new position in First Internet Bancorp in the 2nd quarter worth about $20,209,000. Heartland Advisors Inc. purchased a new stake in First Internet Bancorp in the second quarter worth approximately $10,450,000. Aegis Financial Corp grew its holdings in shares of First Internet Bancorp by 41.5% in the first quarter. Aegis Financial Corp now owns 354,261 shares of the bank's stock worth $7,220,000 after acquiring an additional 103,941 shares during the period. Wellington Management Group LLP bought a new stake in shares of First Internet Bancorp during the 2nd quarter valued at about $1,649,000. Finally, GSA Capital Partners LLP bought a new stake in First Internet Bancorp during the second quarter valued at approximately $1,491,000. 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.

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