ValuEngine Upgrades First Internet Bancorp (NASDAQ:INBK) to “Sell”

First Internet Bancorp (NASDAQ:INBK) was upgraded by investment analysts at ValuEngine from a “strong sell” rating to a “sell” rating in a report released on Tuesday, May 7th, ValuEngine reports.

Other analysts have also issued reports about the stock. Zacks Investment Research raised shares of First Internet Bancorp from a “hold” rating to a “strong-buy” rating and set a $26.00 price objective for the company in a research note on Wednesday, May 1st. Maxim Group lowered shares of First Internet Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, January 25th. Hovde Group lowered shares of First Internet Bancorp from an “outperform” rating to a “market perform” rating and set a $22.00 price objective for the company. in a research note on Monday, January 28th. Finally, FIG Partners lowered shares of First Internet Bancorp from an “outperform” rating to a “market perform” rating in a research note on Friday, January 25th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. First Internet Bancorp presently has an average rating of “Hold” and an average price target of $30.20.

INBK traded down $0.71 on Tuesday, reaching $20.33. The company had a trading volume of 18,794 shares, compared to its average volume of 42,940. The firm has a market capitalization of $215.33 million, a PE ratio of 8.13 and a beta of 0.56. The company has a quick ratio of 1.04, a current ratio of 1.05 and a debt-to-equity ratio of 1.80. First Internet Bancorp has a one year low of $17.56 and a one year high of $36.40.

First Internet Bancorp (NASDAQ:INBK) last announced its earnings results on Wednesday, April 24th. The bank reported $0.56 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.12. First Internet Bancorp had a net margin of 16.21% and a return on equity of 8.15%. The firm had revenue of $18.62 million during the quarter, compared to analyst estimates of $17.30 million. On average, equities analysts expect that First Internet Bancorp will post 2.41 EPS for the current year.

A number of large investors have recently added to or reduced their stakes in the stock. Hotchkis & Wiley Capital Management LLC grew its holdings in First Internet Bancorp by 53.4% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 200,561 shares of the bank’s stock valued at $3,877,000 after purchasing an additional 69,840 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. grew its holdings in First Internet Bancorp by 1,973.4% during the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 16,857 shares of the bank’s stock valued at $326,000 after purchasing an additional 16,044 shares during the last quarter. SEI Investments Co grew its holdings in First Internet Bancorp by 34,242.9% during the first quarter. SEI Investments Co now owns 14,424 shares of the bank’s stock valued at $279,000 after purchasing an additional 14,382 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in First Internet Bancorp by 14.5% during the first quarter. Goldman Sachs Group Inc. now owns 125,826 shares of the bank’s stock valued at $2,432,000 after purchasing an additional 15,925 shares during the last quarter. Finally, State of Wisconsin Investment Board grew its holdings in First Internet Bancorp by 48.5% during the first quarter. State of Wisconsin Investment Board now owns 127,700 shares of the bank’s stock valued at $2,468,000 after purchasing an additional 41,700 shares during the last quarter. Hedge funds and other institutional investors own 68.75% of the company’s stock.

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

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