First Internet Bancorp (NASDAQ:INBK) Upgraded at Wall Street Zen

First Internet Bancorp (NASDAQ:INBK - Get Free Report) was upgraded by analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report issued on Friday.

INBK has been the topic of a number of other research reports. Hovde Group cut their price target on shares of First Internet Bancorp from $39.00 to $28.00 and set an "outperform" rating on the stock in a research note on Friday, April 25th. Keefe, Bruyette & Woods cut their price target on shares of First Internet Bancorp from $35.00 to $30.00 and set a "market perform" rating on the stock in a research note on Tuesday, April 29th. Finally, Piper Sandler cut their price target on shares of First Internet Bancorp from $32.00 to $24.00 and set a "neutral" rating on the stock in a research note on Monday, April 28th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, First Internet Bancorp has a consensus rating of "Hold" and a consensus price target of $31.75.

First Internet Bancorp Trading Down 0.7%

NASDAQ:INBK traded down $0.20 during trading hours on Friday, reaching $27.50. 40,441 shares of the company were exchanged, compared to its average volume of 42,696. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.94 and a quick ratio of 0.93. The firm has a market cap of $239.25 million, a price-to-earnings ratio of 11.41 and a beta of 0.72. First Internet Bancorp has a 52-week low of $19.54 and a 52-week high of $43.26. The stock has a 50 day simple moving average of $25.29 and a 200 day simple moving average of $27.50.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The bank reported $0.11 earnings per share for the quarter, missing analysts' consensus estimates of $0.75 by ($0.64). The company had revenue of $76.83 million for the quarter, compared to analysts' expectations of $26.73 million. First Internet Bancorp had a return on equity of 4.64% and a net margin of 6.01%. As a group, analysts predict that First Internet Bancorp will post 4.11 EPS for the current year.

Institutional Investors Weigh In On First Internet Bancorp

Several large investors have recently made changes to their positions in INBK. Charles Schwab Investment Management Inc. increased its position in shares of First Internet Bancorp by 3.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 23,505 shares of the bank's stock worth $846,000 after acquiring an additional 841 shares in the last quarter. Proficio Capital Partners LLC acquired a new stake in shares of First Internet Bancorp in the fourth quarter worth $579,000. Raymond James Financial Inc. acquired a new stake in shares of First Internet Bancorp in the fourth quarter worth $1,780,000. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of First Internet Bancorp by 71.0% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 23,403 shares of the bank's stock valued at $842,000 after purchasing an additional 9,714 shares during the period. Finally, American Century Companies Inc. lifted its position in shares of First Internet Bancorp by 19.9% during the fourth quarter. American Century Companies Inc. now owns 114,605 shares of the bank's stock worth $4,125,000 after purchasing an additional 19,019 shares in the last quarter. Institutional investors and hedge funds own 65.46% of the company's stock.

About First Internet Bancorp

First Internet Bancorp operates as the bank holding company for First Internet Bank of Indiana that provides commercial, small business, consumer, and municipal banking products and services to individuals and commercial customers in the United States. The company accepts non-interest bearing and interest-bearing demand deposit, commercial deposit, savings, money market, and Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.

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