Piper Sandler Lowers First Internet Bancorp (NASDAQ:INBK) Price Target to $34.00

First Internet Bancorp (NASDAQ:INBK) had its price objective reduced by Piper Sandler from $35.00 to $34.00 in a report issued on Monday, Benzinga reports. Piper Sandler currently has a neutral rating on the bank’s stock.

Several other research firms also recently issued reports on INBK. StockNews.com raised shares of First Internet Bancorp from a sell rating to a hold rating in a research report on Friday, January 5th. Keefe, Bruyette & Woods restated a market perform rating and set a $36.00 price objective (up from $34.00) on shares of First Internet Bancorp in a research note on Friday. Finally, Hovde Group dropped their price objective on First Internet Bancorp from $38.50 to $38.00 and set an outperform rating on the stock in a research note on Friday. Three investment 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 a consensus rating of Hold and an average target price of $35.75.

First Internet Bancorp Stock Performance

NASDAQ INBK opened at $31.06 on Monday. The company has a fifty day simple moving average of $32.19 and a 200 day simple moving average of $26.37. First Internet Bancorp has a 12-month low of $9.68 and a 12-month high of $35.72. 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 has a market cap of $268.98 million, a P/E ratio of 16.35 and a beta of 0.72.

First Internet Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.77%. The ex-dividend date of this dividend was Wednesday, March 27th. First Internet Bancorp’s dividend payout ratio (DPR) is presently 12.63%.

Hedge Funds Weigh In On First Internet Bancorp

Several large investors have recently bought and sold shares of INBK. Public Employees Retirement System of Ohio boosted its holdings in shares of First Internet Bancorp by 27.5% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 12,018 shares of the bank’s stock worth $195,000 after buying an additional 2,592 shares during the last quarter. Barclays PLC boosted its holdings in shares of First Internet Bancorp by 42.1% in the 3rd quarter. Barclays PLC now owns 15,342 shares of the bank’s stock worth $249,000 after buying an additional 4,543 shares during the last quarter. Citigroup Inc. boosted its holdings in shares of First Internet Bancorp by 101,984.6% in the 3rd quarter. Citigroup Inc. now owns 26,542 shares of the bank’s stock worth $430,000 after buying an additional 26,516 shares during the last quarter. Quadrature Capital Ltd boosted its holdings in shares of First Internet Bancorp by 44.4% in the 3rd quarter. Quadrature Capital Ltd now owns 35,502 shares of the bank’s stock worth $569,000 after buying an additional 10,916 shares during the last quarter. Finally, GSA Capital Partners LLP purchased a new position in shares of First Internet Bancorp in the 3rd quarter worth about $1,031,000. 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, Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.