Hovde Group Lowers First Internet Bancorp (NASDAQ:INBK) Price Target to $38.00

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

INBK has been the topic of a number of other reports. Keefe, Bruyette & Woods increased their price target on shares of First Internet Bancorp from $29.00 to $34.00 and gave the stock 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 equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, First Internet Bancorp has an average rating of “Hold” and a consensus target price of $31.75.

First Internet Bancorp Trading Up 1.1 %

Shares of First Internet Bancorp stock opened at $31.05 on Friday. First Internet Bancorp has a 12-month low of $9.68 and a 12-month high of $35.72. The company has a market cap of $268.89 million, a price-to-earnings 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. The company’s 50-day moving average price is $32.23 and its 200-day moving average price is $26.22.

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

Institutional Investors Weigh In On First Internet Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of INBK. Denali Advisors LLC raised its stake in First Internet Bancorp by 98.0% in the third quarter. Denali Advisors LLC now owns 40,000 shares of the bank’s stock valued at $648,000 after purchasing an additional 19,800 shares in the last quarter. Barclays PLC raised its stake in shares of First Internet Bancorp by 42.1% during the third quarter. Barclays PLC now owns 15,342 shares of the bank’s stock worth $249,000 after acquiring an additional 4,543 shares in the last quarter. Citigroup Inc. raised its stake in shares of First Internet Bancorp by 101,984.6% during the third quarter. Citigroup Inc. now owns 26,542 shares of the bank’s stock worth $430,000 after acquiring an additional 26,516 shares in the last quarter. Brandywine Global Investment Management LLC raised its stake in shares of First Internet Bancorp by 1.9% during the third quarter. Brandywine Global Investment Management LLC now owns 154,435 shares of the bank’s stock worth $2,503,000 after acquiring an additional 2,900 shares in the last quarter. Finally, Patriot Financial Partners GP LP raised its stake in shares of First Internet Bancorp by 1.9% during the third quarter. Patriot Financial Partners GP LP now owns 155,482 shares of the bank’s stock worth $2,520,000 after acquiring an additional 2,958 shares in the last quarter. 65.46% of the stock is owned by hedge funds and other institutional investors.

About First Internet Bancorp

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.