TheStreet Upgrades First Internet Bancorp (NASDAQ:INBK) to B-

First Internet Bancorp (NASDAQ:INBKGet Rating) was upgraded by research analysts at TheStreet from a “c” rating to a “b-” rating in a research report issued to clients and investors on Monday, TheStreetRatingsTable reports.

A number of other equities analysts have also recently weighed in on INBK. Zacks Investment Research cut First Internet Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, May 5th. Piper Sandler decreased their price objective on First Internet Bancorp from $68.00 to $54.00 and set an “overweight” rating on the stock in a report on Friday, April 22nd. Keefe, Bruyette & Woods decreased their price objective on First Internet Bancorp from $66.00 to $62.00 and set an “outperform” rating on the stock in a report on Thursday, April 21st. StockNews.com assumed coverage on First Internet Bancorp in a research report on Thursday, March 31st. They set a “buy” rating on the stock. Finally, Craig Hallum cut their price objective on First Internet Bancorp from $70.00 to $60.00 in a research report on Tuesday, May 3rd. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, First Internet Bancorp currently has a consensus rating of “Buy” and an average target price of $56.50.

Shares of NASDAQ INBK opened at $39.09 on Monday. The business has a 50-day simple moving average of $39.25 and a two-hundred day simple moving average of $44.52. First Internet Bancorp has a 52 week low of $28.05 and a 52 week high of $53.56. The company has a market cap of $377.61 million, a P/E ratio of 7.96 and a beta of 0.73. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 1.65.

First Internet Bancorp (NASDAQ:INBKGet Rating) last released its quarterly earnings results on Wednesday, April 20th. The bank reported $1.22 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.23. First Internet Bancorp had a return on equity of 13.17% and a net margin of 29.10%. The firm had revenue of $32.57 million for the quarter, compared to analysts’ expectations of $29.45 million. During the same quarter last year, the firm posted $1.05 EPS. Equities research analysts anticipate that First Internet Bancorp will post 4.54 EPS for the current year.

In related news, Director Aasif M. Bade acquired 5,000 shares of the stock in a transaction on Tuesday, May 3rd. The stock was acquired at an average price of $37.60 per share, for a total transaction of $188,000.00. Following the completion of the purchase, the director now owns 7,314 shares of the company’s stock, valued at $275,006.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO David B. Becker acquired 16,314 shares of the stock in a transaction on Thursday, March 10th. The shares were bought at an average price of $44.50 per share, with a total value of $725,973.00. The disclosure for this purchase can be found here. Insiders have purchased 51,314 shares of company stock worth $2,006,573 over the last 90 days. 8.00% of the stock is currently owned by corporate insiders.

A number of large investors have recently made changes to their positions in the business. Franklin Resources Inc. raised its stake in shares of First Internet Bancorp by 6.5% in the third quarter. Franklin Resources Inc. now owns 150,900 shares of the bank’s stock worth $4,705,000 after purchasing an additional 9,200 shares during the last quarter. Denali Advisors LLC purchased a new position in shares of First Internet Bancorp in the fourth quarter worth $66,000. Jacob Asset Management of New York LLC raised its stake in shares of First Internet Bancorp by 20.7% in the fourth quarter. Jacob Asset Management of New York LLC now owns 54,778 shares of the bank’s stock worth $2,577,000 after purchasing an additional 9,400 shares during the last quarter. American Century Companies Inc. raised its stake in shares of First Internet Bancorp by 32.3% in the fourth quarter. American Century Companies Inc. now owns 29,335 shares of the bank’s stock worth $1,380,000 after purchasing an additional 7,167 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of First Internet Bancorp by 1.4% in the third quarter. Geode Capital Management LLC now owns 175,592 shares of the bank’s stock worth $5,474,000 after purchasing an additional 2,462 shares during the last quarter. Institutional investors and hedge funds own 70.50% of the company’s stock.

About First Internet Bancorp (Get Rating)

First Internet Bancorp operates as the bank holding company for First Internet Bank of Indiana that provides commercial and retail banking products and services to individuals and commercial customers in the United States. The company accepts non-interest bearing and interest-bearing demand deposit, savings, money market, and brokered deposit accounts, as well as certificates of deposit.

Read More

Want More Great Investing Ideas?

Receive News & Ratings for First Internet Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Internet Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.