First Internet Bancorp (NASDAQ:INBK) Downgraded by Zacks Investment Research to “Sell”

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First Internet Bancorp (NASDAQ:INBK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Friday, Zacks.com reports.

According to Zacks, “First Internet Bancorp is a bank holding company that conducts its business activities through its subsidiary, First Internet Bank of Indiana. The Bank operates through the internet primarily in the United States. Its services includes checking accounts, regular and money market savings accounts, consumer loans, conforming mortgages, jumbo mortgages, home equity loans and lines of credit, and commercial loans. First Internet Bancorp is based in Indianapolis, United States. “

Other research analysts also recently issued reports about the company. ValuEngine raised First Internet Bancorp from a “strong sell” rating to a “sell” rating in a research note on Wednesday, March 18th. Hovde Group raised First Internet Bancorp from a “market perform” rating to an “outperform” rating and set a $29.00 price objective on the stock in a research note on Tuesday, January 14th. BidaskClub raised First Internet Bancorp from a “strong sell” rating to a “sell” rating in a research note on Tuesday, January 28th. Craig Hallum started coverage on First Internet Bancorp in a research note on Monday, December 23rd. They issued a “buy” rating and a $33.00 price objective on the stock. Finally, Piper Sandler raised their price objective on First Internet Bancorp from $30.00 to $33.00 and gave the company an “overweight” rating in a research note on Monday, January 27th. Three research analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. First Internet Bancorp presently has an average rating of “Hold” and an average price target of $31.50.

INBK opened at $16.73 on Friday. First Internet Bancorp has a fifty-two week low of $10.47 and a fifty-two week high of $28.50. The business has a 50-day moving average of $22.69 and a 200-day moving average of $23.00. The company has a debt-to-equity ratio of 1.92, a current ratio of 1.04 and a quick ratio of 1.02. The company has a market capitalization of $135.01 million, a PE ratio of 6.67 and a beta of 0.63.

First Internet Bancorp (NASDAQ:INBK) last posted its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.72 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.15. First Internet Bancorp had a return on equity of 8.48% and a net margin of 15.37%. The company had revenue of $20.78 million during the quarter, compared to the consensus estimate of $20.50 million. On average, equities research analysts expect that First Internet Bancorp will post 2.41 earnings per share for the current fiscal year.

In other First Internet Bancorp news, CEO David B. Becker bought 7,000 shares of the stock in a transaction on Thursday, March 19th. The shares were purchased at an average price of $14.51 per share, with a total value of $101,570.00. Also, Director Jerry L. Williams bought 17,000 shares of the stock in a transaction on Tuesday, March 17th. The stock was acquired at an average cost of $12.36 per share, for a total transaction of $210,120.00. Following the acquisition, the director now directly owns 44,036 shares in the company, valued at $544,284.96. The disclosure for this purchase can be found here. Insiders purchased a total of 27,200 shares of company stock worth $354,566 over the last three months. 5.60% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Emerald Mutual Fund Advisers Trust acquired a new stake in First Internet Bancorp in the 4th quarter valued at approximately $31,000. Citigroup Inc. grew its holdings in First Internet Bancorp by 38.6% in the 4th quarter. Citigroup Inc. now owns 1,991 shares of the bank’s stock valued at $47,000 after buying an additional 554 shares during the last quarter. Russell Investments Group Ltd. acquired a new stake in First Internet Bancorp in the 3rd quarter valued at approximately $151,000. Barclays PLC grew its holdings in First Internet Bancorp by 94.1% in the 4th quarter. Barclays PLC now owns 9,657 shares of the bank’s stock valued at $229,000 after buying an additional 4,682 shares during the last quarter. Finally, California Public Employees Retirement System acquired a new stake in First Internet Bancorp in the 4th quarter valued at approximately $280,000. 70.29% of the stock is currently owned by hedge funds and other institutional investors.

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

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