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

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

Several other analysts also recently commented on INBK. StockNews.com downgraded 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 set a $40.00 price objective (down from $45.00) on shares of First Internet Bancorp in a report on Friday, January 24th. Finally, Piper Sandler reduced their target price on shares of First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating for the company in a research note on Monday, January 27th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $40.50.

First Internet Bancorp Trading Down 3.4 %

Shares of NASDAQ INBK opened at $23.76 on Wednesday. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.61. First Internet Bancorp has a twelve month low of $22.22 and a twelve month high of $43.26. The company’s fifty day moving average is $29.71 and its 200-day moving average is $34.44. The stock has a market cap of $206.64 million, a price-to-earnings ratio of 8.22 and a beta of 0.52.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate 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 research analysts predict that First Internet Bancorp will post 4.11 EPS for the current year.

First Internet Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a $0.06 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.24 annualized dividend and a dividend yield of 1.01%. First Internet Bancorp’s dividend payout ratio is currently 8.30%.

Institutional Trading of First Internet Bancorp

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

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.