Piper Sandler Has Lowered Expectations for First Internet Bancorp (NASDAQ:INBK) Stock Price

First Internet Bancorp (NASDAQ:INBK) had its target price trimmed by Piper Sandler from $42.50 to $38.00 in a research report report published on Monday,Benzinga reports. The brokerage currently has a neutral rating on the bank’s stock.

Separately, Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $40.00 price target (down from $45.00) on shares of First Internet Bancorp in a research report on Friday.

First Internet Bancorp Stock Up 0.6 %

Shares of NASDAQ INBK opened at $33.77 on Monday. First Internet Bancorp has a 12-month low of $24.18 and a 12-month high of $43.26. The stock has a market cap of $292.79 million, a P/E ratio of 11.69 and a beta of 0.73. 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 business’s fifty day simple moving average is $37.93 and its 200-day simple moving average is $36.14.

First Internet Bancorp (NASDAQ:INBK) last issued its earnings results on Wednesday, January 22nd. The bank reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.92 by ($0.51). First Internet Bancorp had a net margin of 7.45% and a return on equity of 5.86%. As a group, equities analysts predict that First Internet Bancorp will post 4.25 EPS for the current fiscal year.

First Internet Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.71%. First Internet Bancorp’s dividend payout ratio (DPR) is 8.30%.

Institutional Investors Weigh In On First Internet Bancorp

Several institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP raised its holdings in First Internet Bancorp by 9.4% during the second quarter. Dimensional Fund Advisors LP now owns 489,663 shares of the bank’s stock worth $13,230,000 after purchasing an additional 42,227 shares during the last quarter. Geode Capital Management LLC increased its holdings in First Internet Bancorp by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 201,641 shares of the bank’s stock valued at $6,909,000 after acquiring an additional 3,967 shares in the last quarter. Foundry Partners LLC lifted its holdings in shares of First Internet Bancorp by 8.9% in the third quarter. Foundry Partners LLC now owns 121,827 shares of the bank’s stock valued at $4,174,000 after purchasing an additional 9,977 shares in the last quarter. State Street Corp grew its position in shares of First Internet Bancorp by 8.9% in the third quarter. State Street Corp now owns 106,282 shares of the bank’s stock valued at $3,648,000 after purchasing an additional 8,701 shares during the last quarter. Finally, Franklin Resources Inc. raised its position in shares of First Internet Bancorp by 3.1% during the 3rd quarter. Franklin Resources Inc. now owns 99,620 shares of the bank’s stock worth $3,539,000 after purchasing an additional 2,981 shares during the last quarter. 65.46% of the stock is currently 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.