First Internet Bancorp (NASDAQ:INBK) Rating Lowered to Sell at ValuEngine

First Internet Bancorp (NASDAQ:INBK) was downgraded by research analysts at ValuEngine from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Friday, ValuEngine reports.

A number of other brokerages have also weighed in on INBK. Craig Hallum started coverage on First Internet Bancorp in a research report on Monday, December 23rd. They set a “buy” rating and a $33.00 price objective on the stock. Zacks Investment Research downgraded First Internet Bancorp from a “buy” rating to a “hold” rating in a report on Friday, November 1st. Finally, Hovde Group raised First Internet Bancorp from a “market perform” rating to an “outperform” rating and set a $29.00 target price on the stock in a report on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $29.33.

INBK stock traded up $1.22 during midday trading on Friday, reaching $27.40. 65,605 shares of the stock were exchanged, compared to its average volume of 24,958. The stock has a market capitalization of $266.88 million, a PE ratio of 10.92 and a beta of 0.61. First Internet Bancorp has a 52 week low of $17.56 and a 52 week high of $27.96. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.04 and a quick ratio of 1.02. The company has a fifty day moving average price of $24.02 and a 200 day moving average price of $22.01.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings data on Wednesday, January 22nd. The bank reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.15. The business had revenue of $20.78 million for the quarter, compared to analyst estimates of $20.50 million. First Internet Bancorp had a return on equity of 8.55% and a net margin of 15.37%. As a group, analysts anticipate that First Internet Bancorp will post 2.46 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently made changes to their positions in the business. Russell Investments Group Ltd. bought a new stake in First Internet Bancorp during the 3rd quarter worth approximately $151,000. Citadel Advisors LLC bought a new stake in First Internet Bancorp during the 2nd quarter worth approximately $203,000. Donaldson Capital Management LLC bought a new stake in First Internet Bancorp during the 3rd quarter worth approximately $227,000. Parametric Portfolio Associates LLC increased its holdings in First Internet Bancorp by 16.9% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 14,805 shares of the bank’s stock worth $319,000 after purchasing an additional 2,137 shares in the last quarter. Finally, Rhumbline Advisers grew its holdings in shares of First Internet Bancorp by 8.0% in the third quarter. Rhumbline Advisers now owns 15,233 shares of the bank’s stock valued at $326,000 after acquiring an additional 1,127 shares in the last quarter. 69.34% of the stock is currently owned by hedge funds and other institutional investors.

First Internet Bancorp Company Profile

First Internet Bancorp operates as a bank holding company for First Internet Bank of Indiana that provides commercial and retail banking products and services in the United States. The company offers savings and money market accounts, non-interest bearing and interest-bearing demand deposits, brokered deposit accounts, and certificates of deposit.

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