Piper Sandler Issues Pessimistic Forecast for First Internet Bancorp (NASDAQ:INBK) Stock Price

First Internet Bancorp (NASDAQ:INBK) had its price target lowered by analysts at Piper Sandler from $32.00 to $24.00 in a research note issued on Monday,Benzinga reports. The firm presently has a “neutral” rating on the bank’s stock. Piper Sandler’s price target suggests a potential upside of 15.11% from the company’s current price.

Several other equities analysts also recently weighed in on INBK. StockNews.com downgraded First Internet Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, March 27th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $40.00 price objective (down from $45.00) on shares of First Internet Bancorp in a research report on Friday, January 24th. Finally, Hovde Group dropped their target price on shares of First Internet Bancorp from $39.00 to $28.00 and set an “outperform” rating for the company in a report on Friday, April 25th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $31.75.

First Internet Bancorp Trading Up 2.9 %

NASDAQ INBK opened at $20.85 on Monday. 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 company has a fifty day simple moving average of $26.02 and a two-hundred day simple moving average of $33.02. The stock has a market cap of $181.33 million, a P/E ratio of 7.21 and a beta of 0.52. First Internet Bancorp has a 12-month low of $19.54 and a 12-month high of $43.26.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings results on Wednesday, April 23rd. The bank reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.64). The firm had revenue of $76.83 million for the quarter, compared to analysts’ expectations of $26.73 million. First Internet Bancorp had a return on equity of 5.86% and a net margin of 7.45%. On average, analysts forecast that First Internet Bancorp will post 4.11 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. R Squared Ltd purchased a new position in First Internet Bancorp during the 4th quarter worth $33,000. Wells Fargo & Company MN grew its stake in shares of First Internet Bancorp by 35.0% during the 4th quarter. Wells Fargo & Company MN now owns 4,381 shares of the bank’s stock worth $158,000 after purchasing an additional 1,137 shares during the period. GAMMA Investing LLC increased its holdings in shares of First Internet Bancorp by 52,791.7% in the 1st quarter. GAMMA Investing LLC now owns 6,347 shares of the bank’s stock valued at $170,000 after purchasing an additional 6,335 shares in the last quarter. SG Americas Securities LLC lifted its stake in shares of First Internet Bancorp by 22.5% in the fourth 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, Jane Street Group LLC purchased a new position in First Internet Bancorp in the third quarter valued at about $203,000. 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.