First Internet Bancorp (NASDAQ:INBK) Downgraded to “Hold” Rating by StockNews.com

First Internet Bancorp (NASDAQ:INBK) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.

INBK has been the topic of a number of other research reports. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $40.00 target price (down previously from $45.00) on shares of First Internet Bancorp in a research report on Friday, January 24th. Piper Sandler cut their price objective on First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating on the stock in a research note on Monday, January 27th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $41.75.

First Internet Bancorp Stock Up 0.9 %

Shares of INBK opened at $26.55 on Tuesday. The firm’s 50 day moving average is $32.26 and its 200-day moving average is $35.39. First Internet Bancorp has a 12 month low of $24.18 and a 12 month high of $43.26. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.61. The stock has a market capitalization of $230.14 million, a PE ratio of 9.19 and a beta of 0.72.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.51). First Internet Bancorp had a return on equity of 5.86% and a net margin of 7.45%. Equities research analysts forecast that First Internet Bancorp will post 4.11 EPS for the current year.

Institutional Trading of First Internet Bancorp

Several large investors have recently modified their holdings of the stock. Thrivent Financial for Lutherans boosted its stake in First Internet Bancorp by 14.7% during the third quarter. Thrivent Financial for Lutherans now owns 27,053 shares of the bank’s stock worth $926,000 after acquiring an additional 3,477 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of First Internet Bancorp during the 3rd quarter worth about $469,000. Foundry Partners LLC boosted its position in shares of First Internet Bancorp by 8.9% during the 3rd quarter. Foundry Partners LLC now owns 121,827 shares of the bank’s stock worth $4,174,000 after purchasing an additional 9,977 shares in the last quarter. MetLife Investment Management LLC grew its stake in shares of First Internet Bancorp by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 4,737 shares of the bank’s stock valued at $162,000 after buying an additional 2,669 shares during the period. Finally, State Street Corp increased its position in First Internet Bancorp by 8.9% in the 3rd quarter. State Street Corp now owns 106,282 shares of the bank’s stock valued at $3,648,000 after buying an additional 8,701 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.