First Internet Bancorp (NASDAQ:INBK) Upgraded at StockNews.com

First Internet Bancorp (NASDAQ:INBK - Get Free Report) was upgraded by equities researchers at StockNews.com from a "hold" rating to a "buy" rating in a research note issued to investors on Monday.

Other equities analysts have also recently issued reports about the company. Piper Sandler reduced 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. Keefe, Bruyette & Woods restated a "market perform" rating and issued a $40.00 price target (down from $45.00) on shares of First Internet Bancorp in a research report on Friday, January 24th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $41.75.

First Internet Bancorp Stock Down 0.9 %

INBK traded down $0.27 on Monday, reaching $28.26. The company's stock had a trading volume of 20,650 shares, compared to its average volume of 34,526. First Internet Bancorp has a 1 year low of $24.18 and a 1 year high of $43.26. The business's 50 day moving average is $33.00 and its 200 day moving average is $35.58. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.98. The stock has a market cap of $244.96 million, a price-to-earnings ratio of 9.78 and a beta of 0.72.

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First Internet Bancorp (NASDAQ:INBK - Get Free Report) last posted its quarterly earnings data on Wednesday, January 22nd. The bank reported $0.41 EPS for the quarter, missing analysts' consensus estimates of $0.92 by ($0.51). First Internet Bancorp had a net margin of 7.45% and a return on equity of 5.86%. As a group, research analysts forecast that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

Institutional Investors Weigh In On First Internet Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of INBK. Raymond James Financial Inc. bought a new position in First Internet Bancorp in the 4th quarter valued at about $1,780,000. Patriot Financial Partners GP LP lifted its stake in shares of First Internet Bancorp by 14.7% in the 4th quarter. Patriot Financial Partners GP LP now owns 373,482 shares of the bank's stock worth $13,442,000 after acquiring an additional 48,000 shares during the period. Rhino Investment Partners Inc bought a new position in shares of First Internet Bancorp in the fourth quarter valued at approximately $965,000. Rangeley Capital LLC acquired a new position in shares of First Internet Bancorp during the fourth quarter valued at approximately $738,000. Finally, American Century Companies Inc. raised its holdings in First Internet Bancorp by 19.9% during the fourth quarter. American Century Companies Inc. now owns 114,605 shares of the bank's stock worth $4,125,000 after purchasing an additional 19,019 shares in the last quarter. 65.46% of the stock is currently owned by institutional investors.

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.