Hovde Group Cuts First Internet Bancorp (NASDAQ:INBK) Price Target to $39.00

First Internet Bancorp (NASDAQ:INBK) had its price objective dropped by Hovde Group from $44.00 to $39.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the bank’s stock. Hovde Group’s price target indicates a potential upside of 44.15% from the company’s current price.

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

First Internet Bancorp Stock Performance

Shares of First Internet Bancorp stock opened at $27.06 on Wednesday. First Internet Bancorp has a 52 week low of $24.18 and a 52 week high of $43.26. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.61. The business has a 50 day moving average price of $30.24 and a 200-day moving average price of $34.64. The company has a market cap of $235.30 million, a PE ratio of 9.26 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 EPS for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.51). First Internet Bancorp had a net margin of 7.45% and a return on equity of 5.86%. Equities analysts anticipate that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

Institutional Investors Weigh In On First Internet Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in INBK. R Squared Ltd bought a new position in First Internet Bancorp in the 4th quarter worth about $33,000. Wells Fargo & Company MN boosted its position in shares of First Internet Bancorp by 35.0% in the fourth quarter. Wells Fargo & Company MN now owns 4,381 shares of the bank’s stock valued at $158,000 after acquiring an additional 1,137 shares during the period. MetLife Investment Management LLC increased its holdings in First Internet Bancorp by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 4,737 shares of the bank’s stock worth $162,000 after acquiring an additional 2,669 shares during the period. SG Americas Securities LLC lifted its stake in First Internet Bancorp by 22.5% in the 4th quarter. SG Americas Securities LLC now owns 5,181 shares of the bank’s stock worth $186,000 after purchasing an additional 953 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in First Internet Bancorp in the 3rd quarter valued at $201,000. 65.46% of the stock is currently owned by 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.