First Internet Bancorp (NASDAQ:INBK) Stock Rating Upgraded by ValuEngine

First Internet Bancorp (NASDAQ:INBK) was upgraded by ValuEngine from a “strong sell” rating to a “sell” rating in a note issued to investors on Thursday, ValuEngine reports.

Several other research analysts have also issued reports on INBK. Zacks Investment Research upgraded shares of First Internet Bancorp from a “hold” rating to a “strong-buy” rating and set a $26.00 price target for the company in a report on Wednesday, May 1st. Maxim Group restated a “hold” rating on shares of First Internet Bancorp in a report on Monday, April 29th. One analyst has rated the stock with a sell rating, three have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $30.20.

NASDAQ INBK traded up $0.01 during trading hours on Thursday, reaching $20.37. The company’s stock had a trading volume of 23,009 shares, compared to its average volume of 29,255. The company’s fifty day simple moving average is $20.69. The firm has a market capitalization of $205.25 million, a PE ratio of 8.85 and a beta of 0.59. First Internet Bancorp has a 52 week low of $17.56 and a 52 week high of $32.45. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.04 and a current ratio of 1.05.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings data on Wednesday, July 24th. The bank reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.03. The business had revenue of $19.56 million during the quarter, compared to analyst estimates of $19.20 million. First Internet Bancorp had a net margin of 15.08% and a return on equity of 8.13%. On average, sell-side analysts expect that First Internet Bancorp will post 2.23 earnings per share for the current year.

A number of institutional investors have recently added to or reduced their stakes in INBK. Teton Advisors Inc. raised its stake in First Internet Bancorp by 3.8% during the 2nd quarter. Teton Advisors Inc. now owns 36,440 shares of the bank’s stock valued at $785,000 after purchasing an additional 1,320 shares during the period. Signia Capital Management LLC raised its stake in First Internet Bancorp by 1.3% during the 1st quarter. Signia Capital Management LLC now owns 113,361 shares of the bank’s stock valued at $2,192,000 after purchasing an additional 1,454 shares during the period. Connors Investor Services Inc. raised its stake in First Internet Bancorp by 5.5% during the 1st quarter. Connors Investor Services Inc. now owns 114,041 shares of the bank’s stock valued at $2,204,000 after purchasing an additional 5,950 shares during the period. Victory Capital Management Inc. raised its stake in First Internet Bancorp by 20.4% during the 1st quarter. Victory Capital Management Inc. now owns 46,127 shares of the bank’s stock valued at $892,000 after purchasing an additional 7,827 shares during the period. Finally, BNP Paribas Arbitrage SA raised its stake in First Internet Bancorp by 546.9% during the 1st quarter. BNP Paribas Arbitrage SA now owns 2,057 shares of the bank’s stock valued at $40,000 after purchasing an additional 1,739 shares during the period. Hedge funds and other institutional investors own 68.73% of the company’s stock.

First Internet Bancorp Company Profile

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

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To view ValuEngine’s full report, visit ValuEngine’s official website.

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