First Internet Bancorp (NASDAQ:INBK) has been upgraded to a ‘buy’ on StockNews.com | Panda Anku

First Internet Bancorp (NASDAQ:INBK – Get Valuation) was upgraded from a “hold” rating to a “buy” rating by research analysts at StockNews.com in a report published on Wednesday.

A number of other research firms have also recently commented on INBK. TheStreet upgraded the shares of First Internet Bancorp from a “c” rating to a “b-” rating in a research note on Monday, June 6th. Craig Hallum lowered its price target on shares of First Internet Bancorp from $70.00 to $60.00 in a research note on Tuesday, May 3. Finally, on Friday, July 22, Piper Sandler lowered her price target on shares of First Internet Bancorp to $43.00 in a research note. Four research analysts have given the stock a buy rating. According to MarketBeat.com, First Internet Bancorp currently has an average rating of “buy” and an average price target of $55.00.

Internet Bancorp’s first stock performance

INBK stock fell $0.63 during Wednesday’s trading to hit $37.32. The company had a trading volume of 16,504 shares compared to its average volume of 41,319. The company has a 50-day simple moving average of $36.87 and a 200-day simple moving average of $40.47. The company has a market cap of $351.11 million, a price-to-earnings ratio of 8.13 and a beta of 0.66. The company has a debt to equity ratio of 1.56, a quick ratio of 1.04 and a current ratio of 1.05. First Internet Bancorp has a 12-month low of $28.05 and a 12-month high of $53.56.

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First Internet Bancorp (NASDAQ:INBK – Get Rating) last announced its earnings results on Wednesday, July 20th. The bank reported earnings per share of $1.06 for the quarter, missing analyst consensus estimates 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 quarter last year, the company generated earnings per share of $1.11. As a group, sell-side analysts expect First Internet Bancorp to report year-to-date EPS of 4.75.

Institutional Trading by First Internet Bancorp

Several institutional investors and hedge funds have recently bought and sold shares in INBK. Indie Asset Partners LLC acquired a new position in First Internet Bancorp stock valued at approximately $484,000 during the first quarter. Jacob Asset Management of New York LLC increased its stake in 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, valued at $2,577,000, after purchasing an additional 9,400 shares last quarter. American Century Companies Inc. increased its ownership of First Internet Bancorp stock by 32.3% in the fourth quarter. American Century Companies Inc. now owns 29,335 shares of the bank, valued at $1,380,000, after purchasing an additional 7,167 shares last quarter. Sonen Capital LLC acquired a new position in First Internet Bancorp stock valued at approximately $847,000 during the fourth quarter. Finally, the New York State Common Retirement Fund increased its holdings of shares in First Internet Bancorp by 8.1% during the fourth quarter. The New York State Common Retirement Fund now owns 6,674 shares of the bank, valued at $314,000, after buying another 500 shares last quarter. 70.50% of the shares are currently owned by institutional investors and hedge funds.

First company profile of Internet Bancorp

(get 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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