First Internet Bancorp (NASDAQ:INBK) Price Target Cut to $38.00

First Internet Bancorp (NASDAQ:INBK) had its price objective decreased by equities research analysts at Hovde Group from $38.50 to $38.00 in a research report issued on Friday, Marketbeat.com reports. The brokerage presently has an “outperform” rating on the bank’s stock. Hovde Group’s target price would indicate a potential upside of 22.38% from the stock’s previous close.

Several other brokerages have also issued reports on INBK. Keefe, Bruyette & Woods lifted their price target on shares of First Internet Bancorp from $29.00 to $34.00 and gave the company a “market perform” rating in a report on Friday, January 26th. StockNews.com raised shares of First Internet Bancorp from a “sell” rating to a “hold” rating in a report on Friday, January 5th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $31.75.

First Internet Bancorp Price Performance

Shares of NASDAQ:INBK opened at $31.05 on Friday. The firm has a 50 day moving average of $32.23 and a 200-day moving average of $26.22. The stock has a market capitalization of $268.89 million, a PE ratio of 16.34 and a beta of 0.72. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.98. First Internet Bancorp has a 12 month low of $9.68 and a 12 month high of $35.72.

First Internet Bancorp (NASDAQ:INBK) last issued its earnings results on Wednesday, January 24th. The bank reported $0.48 EPS for the quarter, beating the consensus estimate of $0.24 by $0.24. The company had revenue of $27.21 million during the quarter, compared to analysts’ expectations of $24.50 million. First Internet Bancorp had a net margin of 5.84% and a return on equity of 4.68%. On average, equities research analysts predict that First Internet Bancorp will post 3.01 EPS for the current fiscal year.

Institutional Investors Weigh In On First Internet Bancorp

Institutional investors have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio grew its holdings in First Internet Bancorp by 27.5% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 12,018 shares of the bank’s stock worth $195,000 after acquiring an additional 2,592 shares during the last quarter. Barclays PLC grew its holdings in First Internet Bancorp by 42.1% during the 3rd quarter. Barclays PLC now owns 15,342 shares of the bank’s stock worth $249,000 after acquiring an additional 4,543 shares during the last quarter. Citigroup Inc. grew its holdings in First Internet Bancorp by 101,984.6% during the 3rd quarter. Citigroup Inc. now owns 26,542 shares of the bank’s stock worth $430,000 after acquiring an additional 26,516 shares during the last quarter. Quadrature Capital Ltd grew its holdings in First Internet Bancorp by 44.4% during the 3rd quarter. Quadrature Capital Ltd now owns 35,502 shares of the bank’s stock worth $569,000 after acquiring an additional 10,916 shares during the last quarter. Finally, Denali Advisors LLC grew its holdings in First Internet Bancorp by 98.0% during the 3rd quarter. Denali Advisors LLC now owns 40,000 shares of the bank’s stock worth $648,000 after acquiring an additional 19,800 shares during the last quarter. 65.46% of the stock is 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, Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.