First Internet Bancorp (NASDAQ:INBK) Stock Rating Raised to Strong-Buy at Zacks Research

Key Points

• Zacks Research upgraded First Internet Bancorp (NASDAQ: INBK) from “hold” to “strong buy.” Other analysts also raised price targets, contributing to a “moderate buy” consensus rating and an average target price of $29.38.
• First Internet Bancorp reported quarterly EPS of $0.27, beating the $0.15 consensus estimate, although revenue of $41.12 million fell short of expectations and the company posted negative net margin and return on equity.
• Institutional ownership stands at 65.46%, with BlackRock, Heartland Advisors, and other investment firms recently establishing or increasing positions in the bank.

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

Several other analysts have also recently issued reports on INBK. Wall Street Zen upgraded shares of First Internet Bancorp from a "hold" rating to a "buy" rating in a research report on Saturday, June 6th. Piper Sandler lifted their price target on First Internet Bancorp from $26.00 to $29.50 and gave the stock a "neutral" rating in a research report on Friday, July 31st. Benchmark boosted their price objective on First Internet Bancorp from $33.00 to $35.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Finally, Weiss Ratings upgraded First Internet Bancorp from a "sell (d)" rating to a "sell (d+)" rating in a research report on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, First Internet Bancorp currently has an average rating of "Moderate Buy" and a consensus target price of $29.38.

First Internet Bancorp Trading Down 0.2%

INBK stock opened at $26.11 on Monday. The firm has a fifty day moving average price of $28.09 and a 200 day moving average price of $25.46. First Internet Bancorp has a fifty-two week low of $17.05 and a fifty-two week high of $31.09. The firm has a market cap of $228.04 million, a PE ratio of -7.25 and a beta of 0.83. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.87 and a current ratio of 0.88.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last released its quarterly earnings results 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. First Internet Bancorp had a negative net margin of 9.01% and a negative return on equity of 0.55%. The company had revenue of $41.12 million for the quarter, compared to the consensus estimate of $43.83 million. First Internet Bancorp has set its FY 2026 guidance at 2.350-2.450 EPS. Sell-side analysts anticipate that First Internet Bancorp will post 2.36 earnings per share for the current fiscal year.

Institutional Investors Weigh In On First Internet Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of INBK. BlackRock Inc. bought a new position in First Internet Bancorp in the 2nd quarter valued at $20,209,000. Heartland Advisors Inc. bought a new stake in shares of First Internet Bancorp during the second quarter worth $10,450,000. Aegis Financial Corp purchased a new stake in shares of First Internet Bancorp during the fourth quarter valued at $5,224,000. Wellington Management Group LLP purchased a new stake in shares of First Internet Bancorp during the second quarter valued at $1,649,000. Finally, GSA Capital Partners LLP bought a new position in shares of First Internet Bancorp in the second quarter worth about $1,491,000. 65.46% of the stock is owned by institutional investors.

About First Internet Bancorp

First Internet Bancorp is the bank holding company for First Internet Bank, a full-service digital financial institution headquartered in Fishers, Indiana. Founded in 1999, First Internet Bank was established as an internet-based bank and provides banking services through digital channels, supported by offices and lending operations serving customers in Indiana and other markets.

The bank offers commercial and consumer financial products, including checking and savings accounts, money market accounts, certificates of deposit, residential and commercial real estate lending, construction loans, commercial and industrial financing, small business lending, and municipal finance.

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