First Internet Bancorp (INBK) Lifted to Sell at ValuEngine

ValuEngine upgraded shares of First Internet Bancorp (NASDAQ:INBK) from a strong sell rating to a sell rating in a report published on Wednesday.

A number of other research analysts have also weighed in on INBK. Zacks Investment Research lowered shares of First Internet Bancorp from a hold rating to a sell rating in a research note on Tuesday, October 30th. Maxim Group reissued a buy rating and issued a $30.00 target price (down from $38.00) on shares of First Internet Bancorp in a research note on Friday, October 26th. Finally, Craig Hallum set a $45.00 target price on shares of First Internet Bancorp and gave the stock a buy rating in a research note on Thursday, October 25th. Three equities research analysts have rated the stock with a sell rating and four have assigned a buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $40.50.

Shares of First Internet Bancorp stock opened at $23.20 on Wednesday. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.05 and a current ratio of 1.06. First Internet Bancorp has a twelve month low of $22.99 and a twelve month high of $42.40. The stock has a market capitalization of $246.91 million, a P/E ratio of 9.26 and a beta of 0.38.

First Internet Bancorp (NASDAQ:INBK) last released its earnings results on Wednesday, October 24th. The bank reported $0.61 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.61. First Internet Bancorp had a net margin of 18.57% and a return on equity of 9.29%. The business had revenue of $17.96 million for the quarter, compared to analyst estimates of $18.50 million. Sell-side analysts forecast that First Internet Bancorp will post 2.58 EPS for the current year.

In other news, Director Jerry L. Williams purchased 1,500 shares of First Internet Bancorp stock in a transaction dated Thursday, November 1st. The shares were purchased at an average price of $25.88 per share, with a total value of $38,820.00. Following the transaction, the director now owns 39,885 shares in the company, valued at $1,032,223.80. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Jerry L. Williams purchased 4,000 shares of First Internet Bancorp stock in a transaction dated Monday, December 3rd. The shares were purchased at an average cost of $25.10 per share, for a total transaction of $100,400.00. The disclosure for this purchase can be found here. Company insiders own 6.20% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of First Internet Bancorp by 12.2% during the 3rd quarter. Vanguard Group Inc. now owns 520,410 shares of the bank’s stock valued at $15,846,000 after buying an additional 56,661 shares during the period. Penn Capital Management Co. Inc. raised its position in shares of First Internet Bancorp by 4.9% during the 3rd quarter. Penn Capital Management Co. Inc. now owns 145,042 shares of the bank’s stock valued at $4,417,000 after buying an additional 6,776 shares during the period. TIAA CREF Investment Management LLC raised its position in shares of First Internet Bancorp by 31.4% during the 3rd quarter. TIAA CREF Investment Management LLC now owns 21,291 shares of the bank’s stock valued at $648,000 after buying an additional 5,092 shares during the period. Teachers Advisors LLC raised its position in shares of First Internet Bancorp by 21.1% during the 3rd quarter. Teachers Advisors LLC now owns 15,615 shares of the bank’s stock valued at $475,000 after buying an additional 2,721 shares during the period. Finally, Connors Investor Services Inc. raised its position in shares of First Internet Bancorp by 530.1% during the 3rd quarter. Connors Investor Services Inc. now owns 68,755 shares of the bank’s stock valued at $2,094,000 after buying an additional 57,844 shares during the period. 70.69% of the stock is currently owned by hedge funds and other institutional investors.

About First Internet Bancorp

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 accounts, non-interest bearing and interest-bearing demand deposits, money market accounts, brokered deposit accounts, and certificates of deposit.

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