Zacks Research Upgrades First Internet Bancorp (NASDAQ:INBK) to "Hold"

Key Points

• Zacks Research has upgraded First Internet Bancorp from a "strong sell" to a "hold" rating, reflecting a more favorable outlook on the stock.
• The company missed analysts' earnings expectations for the last quarter, reporting an EPS of $0.02 against a consensus estimate of $0.33, while generating $33.55 million in revenue.
• Several other analysts have also adjusted their ratings and price targets for First Internet Bancorp, with an average target now set at $27.33.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) was upgraded by analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a report issued on Thursday,Zacks.com reports.

A number of other equities analysts have also recently issued reports on the stock. Piper Sandler cut their price objective on shares of First Internet Bancorp from $27.00 to $26.00 and set a "neutral" rating on the stock in a research report on Monday, July 28th. Wall Street Zen cut shares of First Internet Bancorp from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Hovde Group cut their price objective on shares of First Internet Bancorp from $32.00 to $29.00 and set an "outperform" rating on the stock in a research report on Monday, July 28th. Finally, Keefe, Bruyette & Woods reissued a "market perform" rating and set a $27.00 price objective (down previously from $30.00) on shares of First Internet Bancorp in a research report on Monday, July 28th. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $27.33.

First Internet Bancorp Stock Performance

NASDAQ INBK opened at $23.65 on Thursday. The company has a market capitalization of $205.99 million, a price-to-earnings ratio of 13.44 and a beta of 0.80. First Internet Bancorp has a twelve month low of $19.54 and a twelve month high of $43.26. The stock has a fifty day simple moving average of $23.95 and a 200 day simple moving average of $24.57. The company has a quick ratio of 0.90, a current ratio of 0.93 and a debt-to-equity ratio of 0.95.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The bank reported $0.02 EPS for the quarter, missing analysts' consensus estimates of $0.33 by ($0.31). The firm had revenue of $33.55 million for the quarter, compared to the consensus estimate of $30.08 million. First Internet Bancorp had a net margin of 4.36% and a return on equity of 3.03%. Sell-side analysts expect that First Internet Bancorp will post 4.11 EPS for the current year.

Institutional Investors Weigh In On First Internet Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. AlphaQuest LLC increased its stake in First Internet Bancorp by 239.4% in the 1st quarter. AlphaQuest LLC now owns 1,361 shares of the bank's stock valued at $36,000 after buying an additional 960 shares during the last quarter. US Bancorp DE purchased a new stake in First Internet Bancorp in the 1st quarter valued at about $38,000. Tower Research Capital LLC TRC increased its stake in First Internet Bancorp by 202.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,789 shares of the bank's stock valued at $48,000 after buying an additional 1,198 shares during the last quarter. GAMMA Investing LLC increased its stake 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 buying an additional 6,335 shares during the last quarter. Finally, Deutsche Bank AG increased its stake in First Internet Bancorp by 4.5% in the 4th quarter. Deutsche Bank AG now owns 7,789 shares of the bank's stock valued at $280,000 after buying an additional 335 shares during the last quarter. Hedge funds and other institutional investors own 65.46% of the company's stock.

First Internet Bancorp Company Profile

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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