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

First Internet Bancorp (NASDAQ:INBK) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a report released on Wednesday.

INBK has been the topic of several other reports. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $40.00 target price (down from $45.00) on shares of First Internet Bancorp in a research report on Friday, January 24th. Piper Sandler lowered their target price on First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating on the stock in a research report on Monday, January 27th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $41.75.

First Internet Bancorp Stock Performance

Shares of INBK opened at $27.81 on Wednesday. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.98. First Internet Bancorp has a one year low of $24.18 and a one year high of $43.26. The firm has a market capitalization of $241.86 million, a P/E ratio of 9.62 and a beta of 0.72. The business has a fifty day moving average of $31.41 and a 200 day moving average of $35.03.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings data on Wednesday, January 22nd. The bank reported $0.41 EPS for the quarter, missing the consensus estimate of $0.92 by ($0.51). First Internet Bancorp had a return on equity of 5.86% and a net margin of 7.45%. As a group, sell-side analysts anticipate that First Internet Bancorp will post 4.11 EPS for the current year.

Hedge Funds Weigh In On First Internet Bancorp

Several large investors have recently made changes to their positions in the business. Two Sigma Advisers LP lifted its position in shares of First Internet Bancorp by 5.2% in the fourth quarter. Two Sigma Advisers LP now owns 26,200 shares of the bank’s stock valued at $943,000 after acquiring an additional 1,300 shares in the last quarter. Man Group plc lifted its position in shares of First Internet Bancorp by 28.9% in the fourth quarter. Man Group plc now owns 17,430 shares of the bank’s stock valued at $627,000 after acquiring an additional 3,911 shares in the last quarter. Deutsche Bank AG lifted its position in shares of First Internet Bancorp by 4.5% in the fourth quarter. Deutsche Bank AG now owns 7,789 shares of the bank’s stock valued at $280,000 after acquiring an additional 335 shares in the last quarter. Bridgeway Capital Management LLC lifted its position in shares of First Internet Bancorp by 27.7% in the fourth quarter. Bridgeway Capital Management LLC now owns 29,242 shares of the bank’s stock valued at $1,052,000 after acquiring an additional 6,342 shares in the last quarter. Finally, Bank of America Corp DE lifted its position in shares of First Internet Bancorp by 3.5% in the fourth quarter. Bank of America Corp DE now owns 20,800 shares of the bank’s stock valued at $749,000 after acquiring an additional 707 shares in the last quarter. 65.46% of the stock is currently owned by hedge funds and other institutional investors.

First Internet Bancorp Company Profile

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.