First Internet Bancorp (NASDAQ:INBK) Price Target Lowered to $26.00 at Piper Sandler

First Internet Bancorp (NASDAQ:INBK) had its price objective reduced by Piper Sandler from $27.00 to $26.00 in a research note published on Monday,Benzinga reports. They currently have a neutral rating on the bank’s stock.

Several other equities research analysts have also recently commented on INBK. Wall Street Zen upgraded First Internet Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, July 18th. Hovde Group cut their target price on First Internet Bancorp from $32.00 to $29.00 and set an “outperform” rating on the stock in a research note on Monday. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and issued a $27.00 target price (down previously from $30.00) on shares of First Internet Bancorp in a research note on Monday.

First Internet Bancorp Trading Down 0.2%

NASDAQ:INBK opened at $23.19 on Monday. First Internet Bancorp has a fifty-two week low of $19.54 and a fifty-two week high of $43.26. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.94 and a quick ratio of 0.93. The stock has a market capitalization of $201.68 million, a PE ratio of 13.18 and a beta of 0.72. The business’s 50-day simple moving average is $25.37 and its 200-day simple moving average is $27.03.

First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings data on Wednesday, July 23rd. The bank reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.31). First Internet Bancorp had a net margin of 4.36% and a return on equity of 3.04%. The business had revenue of $33.55 million for the quarter, compared to the consensus estimate of $30.08 million. Sell-side analysts expect that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

First Internet Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.03%. The ex-dividend date was Monday, June 30th. First Internet Bancorp’s payout ratio is 13.64%.

Institutional Investors Weigh In On First Internet Bancorp

Institutional investors and hedge funds have recently made changes to their positions in the stock. AlphaQuest LLC raised its stake in shares of First Internet Bancorp by 239.4% during the 1st quarter. AlphaQuest LLC now owns 1,361 shares of the bank’s stock worth $36,000 after purchasing an additional 960 shares in the last quarter. US Bancorp DE bought a new stake in shares of First Internet Bancorp during the 1st quarter worth approximately $38,000. Wells Fargo & Company MN raised 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 in the last quarter. GAMMA Investing LLC raised its stake in shares of First Internet Bancorp by 52,791.7% during the 1st quarter. GAMMA Investing LLC now owns 6,347 shares of the bank’s stock worth $170,000 after purchasing an additional 6,335 shares in the last quarter. Finally, Deutsche Bank AG raised its stake in shares of First Internet Bancorp by 4.5% during the 4th quarter. Deutsche Bank AG now owns 7,789 shares of the bank’s stock worth $280,000 after purchasing an additional 335 shares in the last quarter. Institutional investors own 65.46% of the company’s stock.

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, and Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.