First Internet Bancorp (NASDAQ:INBK) Price Target Cut to $39.00 by Analysts at Hovde Group

First Internet Bancorp (NASDAQ:INBK) had its price target decreased by Hovde Group from $44.00 to $39.00 in a report published on Wednesday,Benzinga reports. Hovde Group currently has an outperform rating on the bank’s stock.

Several other equities research analysts have also recently weighed in on the company. StockNews.com cut First Internet Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, March 27th. Piper Sandler reduced their target price on shares of First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating on the stock in a research report on Monday, January 27th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $40.00 price target (down from $45.00) on shares of First Internet Bancorp in a research note on Friday, January 24th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $40.50.

First Internet Bancorp Stock Up 0.9 %

Shares of NASDAQ INBK opened at $27.21 on Wednesday. The firm has a fifty day simple moving average of $30.08 and a two-hundred day simple moving average of $34.59. First Internet Bancorp has a 12 month low of $24.18 and a 12 month high of $43.26. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.61. The firm has a market capitalization of $236.65 million, a PE ratio of 9.42 and a beta of 0.72.

First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.51). First Internet Bancorp had a return on equity of 5.86% and a net margin of 7.45%. Equities analysts expect that First Internet Bancorp will post 4.11 earnings per share for the current year.

First Internet Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.88%. The ex-dividend date of this dividend is Monday, March 31st. First Internet Bancorp’s dividend payout ratio is presently 8.30%.

Institutional Trading of First Internet Bancorp

Several institutional investors have recently bought and sold shares of the company. Deutsche Bank AG lifted its stake in shares of First Internet Bancorp by 4.5% in the fourth quarter. Deutsche Bank AG now owns 7,789 shares of the bank’s stock worth $280,000 after buying an additional 335 shares in the last quarter. Sei Investments Co. lifted its position in First Internet Bancorp by 2.8% in the 4th quarter. Sei Investments Co. now owns 13,045 shares of the bank’s stock valued at $470,000 after acquiring an additional 360 shares in the last quarter. Ancora Advisors LLC lifted its position in First Internet Bancorp by 0.5% in the 4th quarter. Ancora Advisors LLC now owns 130,767 shares of the bank’s stock valued at $4,706,000 after acquiring an additional 700 shares in the last quarter. Bank of America Corp DE boosted its stake in First Internet Bancorp by 3.5% during the 4th quarter. Bank of America Corp DE now owns 20,800 shares of the bank’s stock valued at $749,000 after purchasing an additional 707 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of First Internet Bancorp by 3.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 23,505 shares of the bank’s stock worth $846,000 after purchasing an additional 841 shares in the last quarter. 65.46% of the stock is owned by hedge funds and other institutional investors.

First Internet Bancorp Company Profile

First Internet Bancorp operates as the bank holding company for First Internet Bank of Indiana that provides commercial, small business, consumer, and municipal banking products and services to individuals and commercial customers in the United States. The company accepts non-interest bearing and interest-bearing demand deposit, commercial deposit, savings, money market, and Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.