Benchmark Upgrades First Internet Bancorp (NASDAQ:INBK) to “Strong-Buy”

First Internet Bancorp (NASDAQ:INBK) was upgraded by research analysts at Benchmark to a “strong-buy” rating in a report released on Wednesday,Zacks.com reports.

INBK has been the subject of a number of other research reports. Piper Sandler lifted their target price on shares of First Internet Bancorp from $23.50 to $24.00 and gave the stock a “neutral” rating in a report on Friday, May 1st. Keefe, Bruyette & Woods raised their price target on First Internet Bancorp from $23.00 to $24.00 and gave the stock a “market perform” rating in a research report on Friday, May 1st. Zacks Research raised shares of First Internet Bancorp from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. Weiss Ratings restated a “sell (d)” rating on shares of First Internet Bancorp in a report on Wednesday. Finally, Wall Street Zen raised First Internet Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, First Internet Bancorp currently has an average rating of “Hold” and a consensus price target of $27.50.

First Internet Bancorp Price Performance

Shares of INBK stock opened at $27.41 on Wednesday. The firm has a market cap of $239.02 million, a price-to-earnings ratio of -7.12 and a beta of 0.85. First Internet Bancorp has a 12 month low of $17.05 and a 12 month high of $28.51. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.96. The stock has a 50-day moving average price of $24.40 and a 200 day moving average price of $22.27.

First Internet Bancorp (NASDAQ:INBK) last released its earnings results on Thursday, April 30th. The bank reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.21. The company had revenue of $43.12 million for the quarter, compared to the consensus estimate of $45.67 million. First Internet Bancorp had a negative net margin of 9.60% and a negative return on equity of 1.14%. Research analysts expect that First Internet Bancorp will post 1.98 EPS for the current year.

Institutional Investors Weigh In On First Internet Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the company. Bridgeway Capital Management LLC grew its stake in shares of First Internet Bancorp by 1.3% in the third quarter. Bridgeway Capital Management LLC now owns 44,217 shares of the bank’s stock valued at $992,000 after acquiring an additional 584 shares in the last quarter. GSA Capital Partners LLP boosted its holdings in First Internet Bancorp by 1.5% in the 4th quarter. GSA Capital Partners LLP now owns 48,200 shares of the bank’s stock valued at $1,006,000 after purchasing an additional 691 shares during the period. Public Employees Retirement System of Ohio grew its position in shares of First Internet Bancorp by 19.9% during the 4th quarter. Public Employees Retirement System of Ohio now owns 6,024 shares of the bank’s stock worth $126,000 after purchasing an additional 1,000 shares in the last quarter. Empowered Funds LLC grew its position in shares of First Internet Bancorp by 7.1% during the 4th quarter. Empowered Funds LLC now owns 15,329 shares of the bank’s stock worth $320,000 after purchasing an additional 1,012 shares in the last quarter. Finally, Man Group plc increased its holdings in shares of First Internet Bancorp by 5.1% during the third quarter. Man Group plc now owns 21,818 shares of the bank’s stock worth $489,000 after purchasing an additional 1,053 shares during the period. Institutional investors and hedge funds own 65.46% of the company’s stock.

First Internet Bancorp Company Profile

First Internet Bancorp is the bank holding company for First Internet Bank of Indiana, a pioneer in digital banking in the United States. Established with a focus on online-only operations, the company offers fully integrated, web-based financial solutions without the overhead of physical branches. Headquartered in Indianapolis, Indiana, First Internet Bancorp leverages technology to deliver streamlined banking services to customers across the country.

The company’s core offerings include a range of deposit products such as checking accounts, savings accounts, money market accounts, certificates of deposit (CDs) and individual retirement accounts (IRAs).