TheStreet downgrades First Internet Bancorp (NASDAQ:INBK) stock.

According to TheStreetRatingsTable, analysts from TheStreet downgraded First Internet Bancorp (NASDAQ:INBK) in a report published Wednesday. The company moved from a “B-” rating to a “C” rating.

There have been recent publications of reports on the company from several additional equity research analysts. Keefe, Bruyette & Woods downgraded First Internet Bancorp from “outperform” to “market perform” in a report released on Friday, October 21st. In addition, the brokerage firm lowered its target price per share from $42.00 to $30.00. Craig Hallum downgraded First Internet Bancorp from a “buy” rating to “hold” and lowered his price target for the stock from $42.00 to $30.00 in a research report published on Friday, October 21st. First, Internet Bancorp was downgraded from a “buy” rating to a “hold” rating in a research report published on Wednesday, October 26, by StockNews.com. Piper Sandler cut his price target on First Internet Bancorp from $43.00 to $38.00 and downgraded the stock’s rating from “overweight” to “neutral” in a research report published on Friday, October 7th. Finally, in a research report published on Thursday, October 20th, Janney Montgomery Scott lowered its price target for First Internet Bancorp from $37.00 to $32.00. He changed their rating of the company from “Buy” to “Neutral”. Five different analysts gave the stock a “holding” rating. According to Bloomberg, the company’s overall rating is “Hold,” and the consensus price target for the stock is $32.50.
NASDAQ:INBK stock started trading at $26.11 on Wednesday. There is a 1.92 debt-to-equity ratio, a 1.08 quick ratio, and a 1.09 current ratio. Internet Bancorp’s first price last year is $22.01, while its all-time high is $53.56. The simple moving average over the past 50 days for the company is $27.98, and the simple moving average over the past 200 days is $33.82. The company currently has a market cap of $241.26 million, a price-earnings ratio of 6.11, and a beta of 0.50.
On October 24, the company’s CEO, David B. Baker, purchased 10,000 shares of the company’s stock. The total price of the shares was $236,000.00, which is $23.60 per share. As a direct result of the deal, the CEO now owns 431,365 shares of the company’s stock, which is valued at $10,180,214. The transaction was announced through a filing with the Securities and Exchange Commission, which can be viewed in more detail by clicking here. On Monday, October 24, First Internet Bancorp CEO David B. Becker purchased 10,000 shares of the company’s stock. This was revealed in other news regarding First Internet Bancorp. The shares were purchased with a total spend of $236,000.00, which works out to an average price of $23.60 per share. As a result of the acquisition, the CEO now owns 431,365 shares, which have an approximate value of $10,180,214. The acquisition was announced through a filing with the Securities and Exchange Commission, which may be located here.
Additionally, on October 25, director Justin P. Christian purchased 10,475 shares of the company’s stock. The shares were acquired at a total expense of $249,724, which works out to an average price of $23.84 per share and shares. The total price of the shares was $236,000.00, which is $23.60 per share. As a direct result of the deal, the CEO now owns 431,365 shares of the company’s stock, which is valued at $10,180,214. The transaction was announced through a filing with the Securities and Exchange Commission, which can be viewed in more detail by clicking here. On Monday, October 24, First Internet Bancorp CEO David B. Becker purchased 10,000 shares of the company’s stock. This was revealed in other news regarding First Internet Bancorp. The shares were purchased with a total spend of $236,000.00, which works out to an average price of $23.60 per share. As a result of the acquisition, the CEO now owns 431,365 shares, which have an approximate value of $10,180,214. The acquisition was announced through a filing with the Securities and Exchange Commission, which may be located here.
Additionally, on October 25, director Justin P. Christian purchased 10,475 shares of the company’s stock. The shares were purchased at a total expense of $249,724, at an average price of $23.84 per share. As a result of the purchase, the director now owns a total of 10,475 shares of the company’s stock, which is valued at $249,724. Disclosure relating to this purchase can be found here. Over the past three months, company insiders have acquired 21,475 shares with a total value of $508,644. 7.20 percent of the company’s equity is privately owned.

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INBK shares have been bought and sold by many institutions and hedge funds in the recent period. Tower Research Capital LLC (TRC) boosted its stake in First Internet Bancorp by 148.9% as of the third quarter. After purchasing an additional 758 shares during the last quarter, Tower Research Capital LLC (TRC) now owns 1,267 shares of the bank’s stock, valued at $42,000. The acquisition of a new stake in First Internet Bancorp during the second quarter cost Ronald Blue Trust Inc. approximately $46,000. The combined bank spent $48,000 during the first three months of the year to acquire a new stake in First Internet Bancorp. Prospera Financial Services Inc. $82,000 during the first three months of the year to acquire a new stake in First Internet Bancorp.
Last but not least, during the third quarter, BNP Paribas Arbitrage SNC achieved a 61.4% increase in the stake it already owns in First Internet Bancorp. BNP Paribas Arbitrage SNC now owns 3,124 shares of the bank’s stock, which has a total value of $106,000 after acquiring an additional 1,189 shares during the last quarter. Hedge funds and other institutional investors own 70.119 percent of the company’s shares.

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First Internet Bancorp is the parent company of First Internet Bank of Indiana, which provides commercial and retail banking products and services to customers throughout the United States. These clients include individuals as well as companies. The organization will accept demand deposits, both with and without interest, as well as savings, money market, intermediate deposit accounts, and certificates of deposit.

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