First Internet Bancorp (NASDAQ:INBK) was downgraded by investment analysts at ValuEngine from a “sell” rating to a “strong sell” rating in a report issued on Monday, February 4th.
Other research analysts also recently issued reports about the stock. Maxim Group downgraded shares of First Internet Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, January 25th. Hovde Group downgraded shares of First Internet Bancorp from an “outperform” rating to a “market perform” rating and set a $22.00 price target on the stock. in a research report on Monday, January 28th. FIG Partners raised shares of First Internet Bancorp from a “market perform” rating to an “outperform” rating and set a $28.00 price objective on the stock in a report on Friday, January 4th. Zacks Investment Research raised shares of First Internet Bancorp from a “sell” rating to a “hold” rating in a report on Friday, December 28th. Finally, Craig Hallum set a $45.00 price objective on shares of First Internet Bancorp and gave the stock a “buy” rating in a report on Thursday, October 25th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $33.60.
NASDAQ INBK traded up $0.39 during trading hours on Monday, reaching $21.99. 36,283 shares of the company traded hands, compared to its average volume of 56,949. First Internet Bancorp has a 12 month low of $18.78 and a 12 month high of $39.70. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.06 and a quick ratio of 1.05. The company has a market capitalization of $223.39 million, a price-to-earnings ratio of 8.80 and a beta of 0.54.
In related news, Director Jerry L. Williams bought 4,000 shares of the stock in a transaction on Monday, December 3rd. The shares were purchased at an average price of $25.10 per share, with a total value of $100,400.00. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 6.20% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. Southside Capital LLC acquired a new position in shares of First Internet Bancorp in the 4th quarter worth approximately $96,000. Barclays PLC boosted its holdings in shares of First Internet Bancorp by 27.5% in the fourth quarter. Barclays PLC now owns 5,900 shares of the bank’s stock worth $121,000 after buying an additional 1,271 shares during the period. Valeo Financial Advisors LLC boosted its holdings in shares of First Internet Bancorp by 48.3% in the third quarter. Valeo Financial Advisors LLC now owns 6,138 shares of the bank’s stock worth $158,000 after buying an additional 2,000 shares during the period. Nwam LLC boosted its holdings in shares of First Internet Bancorp by 33.0% in the fourth quarter. Nwam LLC now owns 10,274 shares of the bank’s stock worth $210,000 after buying an additional 2,551 shares during the period. Finally, Strs Ohio acquired a new position in shares of First Internet Bancorp in the fourth quarter worth about $253,000. 70.90% of the stock is currently owned by hedge funds and other institutional investors.
About First Internet Bancorp
First Internet Bancorp engages in the provision of online commercial and retail banking products and services, through its subsidiary. It offers first-lien residential mortgage loans, consumer loans and credit cards & CRE loans in Indiana and other parts of the midwest in the form of office, retail, industrial, and multifamily loans, with credit tenant lease financing.
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