First Internet Bancorp (NASDAQ:INBK) Lifted to Buy at StockNews.com


First Internet Bancorp (NASDAQ:INBK – Get Valuation) was upgraded from a “hold” rating to a “buy” rating by equity researchers at StockNews.com in a research note issued to investors on Wednesday.

Several other analysts have also commented on INBK. Piper Sandler lowered her target price on First Internet Bancorp to $43.00 in a report on Friday, July 22. TheStreet upgraded First Internet Bancorp from a “c” rating to a “b-” rating in a report Monday, June 6th. Four investment analysts have given the stock a buy rating. Based on data from MarketBeat, the stock currently has an average rating of Buy and an average price target of $55.00.

First Internet Bancorp stock down 0.6%

Shares of INBK stock opened at $36.43 on Wednesday. The stock’s 50-day simple moving average is $36.61 and its 200-day simple moving average is $38.70. The company has a debt to equity ratio of 1.56, a quick ratio of 1.04 and a current ratio of 1.05. The company has a market cap of $342.73 million, a P/E of 7.94 and a beta of 0.63. First Internet Bancorp has a 52-week low of $29.01 and a 52-week high of $53.56.

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First Internet Bancorp (NASDAQ:INBK – Get Rating) last released its earnings results on Wednesday, July 20th. The bank reported $1.06 EPS for the quarter, missing the consensus estimate of $1.10 ($0.04). The company had revenue of $29.99 million for the quarter, compared to analyst estimates of $31.05 million. First Internet Bancorp had a return on equity of 12.89% and a net margin of 27.30%. In the same period last year, the company generated earnings per share of $1.11. Equity analysts expect First Internet Bancorp to report earnings per share of 4.75 for the current year.

Hedge funds invest in First Internet Bancorp

Hedge funds have recently bought and sold shares in the company. Indie Asset Partners LLC acquired a new position in First Internet Bancorp valued at approximately $484,000 during the first quarter. Acadian Asset Management LLC increased its position in shares of First Internet Bancorp by 22.9% in the first quarter. Acadian Asset Management LLC now owns 20,836 shares of the bank, valued at $894,000, after purchasing an additional 3,882 shares last quarter. Hennion & Walsh Asset Management Inc. increased its position in shares of First Internet Bancorp by 5.7% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 10,175 shares of the bank, valued at $375,000, after purchasing an additional 553 shares last quarter. Connors Investor Services Inc. increased its position in shares of First Internet Bancorp by 1.6% in the first quarter. Connors Investor Services Inc. now owns 117,798 shares of the bank, valued at $5,066,000, after purchasing an additional 1,860 shares last quarter. Finally, during the first quarter, Prospera Financial Services Inc acquired a new position in shares of First Internet Bancorp valued at approximately $82,000. Hedge funds and other institutional investors own 70.19% of the company’s shares.

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About First Internet Bancorp

(received rating)

First Internet Bancorp acts as the banking holding company for First Internet Bank of Indiana, which provides commercial and consumer banking products and services to residential and commercial customers throughout the United States. The Company accepts interest-free and interest-bearing demand deposits, savings deposits, money market and brokered deposit accounts, and certificates of deposit.

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Further reading

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