First Internet Bancorp (NASDAQ:INBK) Downgraded by Keefe, Bruyette & Woods to Market Perform

First Internet Bancorp (NASDAQ:INBK – Get Valuation) was downgraded from an “outperform” rating to a “market perform” rating by equity analysts Keefe, Bruyette & Woods in a research note published on Friday, reports The Fly. They currently have a $30.00 price target on the bank’s shares, down from their previous price target of $42.00. Keefe, Bruyette & Woods’ price target indicates a potential upside of 22.10% from the stock’s current price.

Other research analysts have also recently issued reports on the company. Piper Sandler downgraded First Internet Bancorp from an “overweight” rating to a “neutral” rating in a research note on Friday, October 7, and lowered the price target on the stock to $38.00 from $43.00. Janney Montgomery Scott lowered First Internet Bancorp from a “buy” rating to a “neutral” rating in a report Thursday, lowering the price target on the stock to $32.00 from $37.00. Finally, raised First Internet Bancorp from a “hold” rating to a “buy” rating in a report Tuesday. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, First Internet Bancorp currently has a consensus rating of Hold and an average price target of $40.00.

First Internet Bancorp is trading down 20.3%

INBK stock opened at $24.57 on Friday. First Internet Bancorp has a 1 year low of $24.50 and a 1 year high of $53.56. The company has a gearing ratio of 1.56, a current ratio of 1.05 and a quick ratio of 1.04. The company has a market cap of $231.20 million, a price-to-earnings ratio of 5.75 and a beta of 0.64. The company has a 50-day simple moving average of $35.09 and a 200-day simple moving average of $36.84.

First Internet Bancorp (NASDAQ:INBK – Get Rating) last released its quarterly earnings results on Wednesday, July 20th. The bank reported earnings per share of $1.06 for the quarter, missing the consensus estimate of $1.10 ($0.04). First Internet Bancorp had a return on equity of 12.89% and a net margin of 27.30%. The company had revenue of $29.99 million for the quarter, compared to the consensus estimate of $31.05 million. In the same quarter last year, the company generated earnings per share of $1.11. Research analysts expect First Internet Bancorp to report earnings per share of 4.7 for the current fiscal year.

Institutional Trading by First Internet Bancorp

Hedge funds and other institutional investors have been buying and selling shares of the stock recently. Ronald Blue Trust Inc. acquired a new $46,000 stake in First Internet Bancorp during the second quarter. Amalgamated Bank acquired a new $48,000 stake in First Internet Bancorp during the first quarter. Prospera Financial Services Inc acquired a new $82,000 stake in First Internet Bancorp during the first quarter. SG Americas Securities LLC acquired a new equity interest in First Internet Bancorp for $137,000 during the second quarter. Finally, Summit Global Investments acquired a new $215,000 stake in First Internet Bancorp during the first quarter. Hedge funds and other institutional investors own 70.19% of the company’s shares.

First company profile of Internet Bancorp

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First Internet Bancorp acts as the banking holding company for First Internet Bank of Indiana, which provides commercial and consumer banking products and services to residential and commercial customers throughout the United States. The Company accepts interest-free and interest-bearing demand deposits, savings deposits, money market and brokered deposit accounts, and certificates of deposit.

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