First Internet Bancorp (INBK) Downgraded by Zacks Investment Research

First Internet Bancorp (NASDAQ:INBK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday.

According to Zacks, “First Internet Bancorp is a bank holding company that conducts its business activities through its subsidiary, First Internet Bank of Indiana. The Bank operates through the internet primarily in the United States. Its services includes checking accounts, regular and money market savings accounts, consumer loans, conforming mortgages, jumbo mortgages, home equity loans and lines of credit, and commercial loans. First Internet Bancorp is based in Indianapolis, United States. “

A number of other analysts have also recently commented on INBK. Keefe, Bruyette & Woods restated a “buy” rating and issued a $44.00 price objective on shares of First Internet Bancorp in a research report on Friday, October 20th. Hovde Group increased their target price on First Internet Bancorp from $37.00 to $43.00 and gave the stock an “outperform” rating in a report on Monday, October 23rd. Maxim Group increased their target price on First Internet Bancorp from $37.00 to $44.00 and gave the stock a “buy” rating in a report on Monday, October 23rd. TheStreet upgraded First Internet Bancorp from a “c+” rating to a “b” rating in a report on Thursday, November 16th. Finally, BidaskClub cut First Internet Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, December 12th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $43.75.

Shares of First Internet Bancorp (INBK) opened at $38.75 on Tuesday. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.01 and a quick ratio of 0.99. First Internet Bancorp has a 1 year low of $25.48 and a 1 year high of $41.20. The company has a market cap of $327.61 and a price-to-earnings ratio of 16.21.

First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings data on Friday, October 20th. The bank reported $0.71 EPS for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.08. First Internet Bancorp had a net margin of 17.60% and a return on equity of 8.87%. The business had revenue of $17.33 million during the quarter, compared to analysts’ expectations of $16.90 million. research analysts expect that First Internet Bancorp will post 2.36 earnings per share for the current year.

A number of hedge funds have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company increased its holdings in First Internet Bancorp by 3.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 5,144 shares of the bank’s stock worth $144,000 after purchasing an additional 159 shares in the last quarter. Teachers Advisors LLC increased its holdings in First Internet Bancorp by 9.1% during the 2nd quarter. Teachers Advisors LLC now owns 10,653 shares of the bank’s stock worth $299,000 after purchasing an additional 893 shares in the last quarter. Connors Investor Services Inc. increased its holdings in First Internet Bancorp by 10.1% during the 2nd quarter. Connors Investor Services Inc. now owns 10,911 shares of the bank’s stock worth $306,000 after purchasing an additional 1,000 shares in the last quarter. Northern Trust Corp increased its holdings in First Internet Bancorp by 2.1% during the 2nd quarter. Northern Trust Corp now owns 83,179 shares of the bank’s stock worth $2,333,000 after purchasing an additional 1,700 shares in the last quarter. Finally, Victory Capital Management Inc. increased its holdings in First Internet Bancorp by 5.2% during the 2nd quarter. Victory Capital Management Inc. now owns 43,322 shares of the bank’s stock worth $1,215,000 after purchasing an additional 2,150 shares in the last quarter. Hedge funds and other institutional investors own 63.87% of the company’s stock.

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About First Internet Bancorp

First Internet Bancorp is a bank holding company that conducts its business activities through its subsidiary, First Internet Bank of Indiana (the Bank). The Company offers a complement of products and services on a nationwide basis. The Company conducts its deposit operations primarily over the Internet.

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