BidaskClub Downgrades First Internet Bancorp (INBK) to Sell

BidaskClub lowered shares of First Internet Bancorp (NASDAQ:INBK) from a hold rating to a sell rating in a research note published on Tuesday, May 8th.

A number of other equities research analysts also recently issued reports on INBK. TheStreet downgraded First Internet Bancorp from a b rating to a c+ rating in a research report on Wednesday, January 24th. Keefe, Bruyette & Woods reaffirmed a buy rating on shares of First Internet Bancorp in a report on Friday, April 20th. ValuEngine downgraded First Internet Bancorp from a buy rating to a hold rating in a report on Thursday, May 3rd. Zacks Investment Research downgraded First Internet Bancorp from a buy rating to a hold rating in a report on Tuesday, January 9th. Finally, Maxim Group reaffirmed a buy rating on shares of First Internet Bancorp in a report on Friday, April 20th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. The stock has an average rating of Hold and an average price target of $44.00.

Shares of NASDAQ INBK traded up $0.10 during trading hours on Tuesday, reaching $34.15. 10 shares of the stock were exchanged, compared to its average volume of 29,978. The firm has a market cap of $283.53 million, a P/E ratio of 14.25 and a beta of 0.03. The company has a current ratio of 1.05, a quick ratio of 1.04 and a debt-to-equity ratio of 2.00. First Internet Bancorp has a 52 week low of $33.20 and a 52 week high of $33.30.



First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings results on Thursday, April 19th. The bank reported $0.71 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.02. The business had revenue of $17.96 million for the quarter, compared to the consensus estimate of $18.40 million. First Internet Bancorp had a return on equity of 9.73% and a net margin of 17.67%. analysts forecast that First Internet Bancorp will post 3.19 EPS for the current year.

Large investors have recently made changes to their positions in the stock. MetLife Investment Advisors LLC bought a new position in First Internet Bancorp during the 4th quarter worth $153,000. FineMark National Bank & Trust bought a new position in First Internet Bancorp during the 4th quarter worth $210,000. Wells Fargo & Company MN raised its position in First Internet Bancorp by 94.4% during the 3rd quarter. Wells Fargo & Company MN now owns 7,310 shares of the bank’s stock worth $236,000 after purchasing an additional 3,549 shares during the last quarter. Goldman Sachs Group Inc. bought a new position in First Internet Bancorp during the 4th quarter worth $239,000. Finally, Prudential Financial Inc. bought a new position in First Internet Bancorp during the 1st quarter worth $282,000. 69.64% of the stock is owned by institutional investors and hedge funds.

About First Internet Bancorp

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

Analyst Recommendations for First Internet Bancorp (NASDAQ:INBK)

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