First Internet Bancorp (NASDAQ:INBK) Stock Rating Upgraded by StockNews.com

First Internet Bancorp (NASDAQ:INBK) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Monday.

A number of other research firms have also recently commented on INBK. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $40.00 target price (down from $45.00) on shares of First Internet Bancorp in a research note on Friday, January 24th. Piper Sandler dropped their price objective on shares of First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating on the stock in a report on Monday, January 27th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $41.75.

First Internet Bancorp Stock Up 1.1 %

Shares of INBK stock traded up $0.34 during trading hours on Monday, reaching $30.01. 35,849 shares of the company’s stock were exchanged, compared to its average volume of 35,574. First Internet Bancorp has a fifty-two week low of $24.18 and a fifty-two week high of $43.26. The stock’s 50 day moving average is $33.52 and its 200-day moving average is $35.72. 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 company has a market cap of $260.13 million, a price-to-earnings ratio of 10.38 and a beta of 0.73.

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

Institutional Trading of First Internet Bancorp

Institutional investors have recently modified their holdings of the stock. Raymond James Financial Inc. purchased a new position in First Internet Bancorp in the 4th quarter valued at about $1,780,000. Patriot Financial Partners GP LP raised its holdings in shares of First Internet Bancorp by 14.7% during the fourth quarter. Patriot Financial Partners GP LP now owns 373,482 shares of the bank’s stock valued at $13,442,000 after acquiring an additional 48,000 shares during the last quarter. Rhino Investment Partners Inc purchased a new position in shares of First Internet Bancorp in the fourth quarter valued at approximately $965,000. Rangeley Capital LLC acquired a new stake in shares of First Internet Bancorp in the fourth quarter worth approximately $738,000. Finally, American Century Companies Inc. boosted its stake in shares of First Internet Bancorp by 19.9% in the fourth quarter. American Century Companies Inc. now owns 114,605 shares of the bank’s stock worth $4,125,000 after acquiring an additional 19,019 shares during 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.