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

First Internet Bancorp (NASDAQ:INBKGet Rating) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday.

Several other analysts have also commented on INBK. Piper Sandler dropped their target price on First Internet Bancorp to $43.00 in a report on Friday, July 22nd. TheStreet raised First Internet Bancorp from a “c” rating to a “b-” rating in a report on Monday, June 6th. Four investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently 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 firm has a market capitalization of $342.73 million, a PE ratio of 7.94 and a beta of 0.63. First Internet Bancorp has a fifty-two week low of $29.01 and a fifty-two week high of $53.56.

First Internet Bancorp (NASDAQ:INBKGet Rating) last posted its earnings results on Wednesday, July 20th. The bank reported $1.06 EPS for the quarter, missing the consensus estimate of $1.10 by ($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%. During the same period last year, the business earned $1.11 earnings per share. Equities analysts expect that First Internet Bancorp will post 4.75 earnings per share for the current year.

Hedge Funds Weigh In On First Internet Bancorp

Hedge funds have recently bought and sold shares of the business. Indie Asset Partners LLC purchased a new position in First Internet Bancorp during the first quarter worth approximately $484,000. Acadian Asset Management LLC lifted 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’s stock valued at $894,000 after acquiring an additional 3,882 shares in the last quarter. Hennion & Walsh Asset Management Inc. lifted 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’s stock valued at $375,000 after acquiring an additional 553 shares in the last quarter. Connors Investor Services Inc. lifted 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’s stock valued at $5,066,000 after acquiring an additional 1,860 shares in the last quarter. Finally, Prospera Financial Services Inc purchased a new position in shares of First Internet Bancorp in the first quarter valued at approximately $82,000. Hedge funds and other institutional investors own 70.19% of the company’s stock.

About First Internet Bancorp

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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.

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