Weiss Ratings Reaffirms Sell (D+) Rating for First Internet Bancorp (NASDAQ:INBK)

Key Points

• Weiss Ratings has reaffirmed a "Sell (D+)" rating for First Internet Bancorp (NASDAQ: INBK), indicating continued negative sentiment surrounding the stock.
• The price target set by Piper Sandler has decreased from $27.00 to $26.00, with a "neutral" rating, reflecting a cautious outlook from multiple analysts.
• First Internet Bancorp reported earnings of only $0.02 per share, significantly below analysts' expectations of $0.33, which could impact future investor confidence.

First Internet Bancorp (NASDAQ:INBK - Get Free Report)'s stock had its "sell (d+)" rating reaffirmed by research analysts at Weiss Ratings in a research report issued on Wednesday,Weiss Ratings reports.

Other equities research analysts have also issued research reports about the company. Piper Sandler decreased their price target on First Internet Bancorp from $27.00 to $26.00 and set a "neutral" rating on the stock in a research note on Monday, July 28th. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $27.00 price target (down previously from $30.00) on shares of First Internet Bancorp in a research note on Monday, July 28th. Zacks Research raised First Internet Bancorp from a "strong sell" rating to a "hold" rating in a research note on Thursday, September 25th. Hovde Group decreased their price target on First Internet Bancorp from $32.00 to $29.00 and set an "outperform" rating on the stock in a research note on Monday, July 28th. Finally, Wall Street Zen lowered First Internet Bancorp from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, First Internet Bancorp currently has a consensus rating of "Hold" and an average target price of $27.33.

First Internet Bancorp Price Performance

Shares of INBK opened at $22.13 on Wednesday. First Internet Bancorp has a twelve month low of $19.54 and a twelve month high of $43.26. The stock's 50 day moving average is $23.56 and its two-hundred day moving average is $24.30. The firm has a market capitalization of $192.75 million, a PE ratio of 12.57 and a beta of 0.79. The company has a current ratio of 0.93, a quick ratio of 0.90 and a debt-to-equity ratio of 0.95.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The bank reported $0.02 earnings per share for the quarter, missing analysts' consensus estimates of $0.33 by ($0.31). First Internet Bancorp had a net margin of 4.36% and a return on equity of 3.03%. The business had revenue of $33.55 million during the quarter, compared to analysts' expectations of $30.08 million. Research analysts anticipate that First Internet Bancorp will post 4.11 earnings per share for the current year.

Institutional Trading of First Internet Bancorp

Institutional investors and hedge funds have recently made changes to their positions in the company. AlphaQuest LLC increased its holdings in shares of First Internet Bancorp by 239.4% during the 1st quarter. AlphaQuest LLC now owns 1,361 shares of the bank's stock worth $36,000 after buying an additional 960 shares during the last quarter. US Bancorp DE acquired a new stake in shares of First Internet Bancorp during the 1st quarter worth $38,000. Tower Research Capital LLC TRC increased its holdings in shares of First Internet Bancorp by 202.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,789 shares of the bank's stock worth $48,000 after buying an additional 1,198 shares during the last quarter. GAMMA Investing LLC increased its holdings in First Internet Bancorp by 52,791.7% in the 1st quarter. GAMMA Investing LLC now owns 6,347 shares of the bank's stock valued at $170,000 after purchasing an additional 6,335 shares in the last quarter. Finally, Jump Financial LLC acquired a new stake in First Internet Bancorp in the 2nd quarter valued at $236,000. 65.46% of the stock is currently owned by institutional investors and hedge funds.

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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