First Internet Bancorp (NASDAQ:INBK) Price Target Lowered to $22.00 at Piper Sandler

First Internet Bancorp (NASDAQ:INBK) had its price objective reduced by Piper Sandler from $25.50 to $22.00 in a report published on Monday morning, Marketbeat reports. They currently have a neutral rating on the bank’s stock.

Other equities analysts have also recently issued reports about the company. Keefe, Bruyette & Woods reduced their target price on First Internet Bancorp from $27.00 to $25.00 and set a “market perform” rating on the stock in a research note on Friday. Hovde Group reduced their target price on First Internet Bancorp from $29.00 to $26.00 and set an “outperform” rating on the stock in a research note on Friday. Weiss Ratings reissued a “sell (d+)” rating on shares of First Internet Bancorp in a research note on Wednesday, October 8th. Wall Street Zen cut First Internet Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, August 2nd. Finally, Zacks Research raised First Internet Bancorp from a “strong sell” rating to a “hold” rating in a research note on Thursday, September 25th. One analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $24.33.

First Internet Bancorp Price Performance

Shares of First Internet Bancorp stock opened at $19.24 on Monday. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.93 and a quick ratio of 0.90. The business’s 50 day simple moving average is $23.22 and its two-hundred day simple moving average is $23.85. The stock has a market capitalization of $167.58 million, a P/E ratio of -5.06 and a beta of 0.79. First Internet Bancorp has a one year low of $18.48 and a one year high of $43.26.

First Internet Bancorp (NASDAQ:INBK) last posted its earnings results on Wednesday, October 22nd. The bank reported ($1.43) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.66 by ($2.09). First Internet Bancorp had a negative net margin of 9.35% and a negative return on equity of 2.00%. The business had revenue of $43.53 million for the quarter, compared to analysts’ expectations of $33.48 million. Analysts forecast that First Internet Bancorp will post 4.11 EPS for the current year.

First Internet Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Tuesday, September 30th. First Internet Bancorp’s dividend payout ratio is presently -6.32%.

Institutional Investors Weigh In On First Internet Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Thrivent Financial for Lutherans boosted its holdings in First Internet Bancorp by 18.8% in the second quarter. Thrivent Financial for Lutherans now owns 30,298 shares of the bank’s stock worth $815,000 after acquiring an additional 4,800 shares in the last quarter. Tower Research Capital LLC TRC grew its stake in shares of First Internet Bancorp by 202.7% in the second quarter. Tower Research Capital LLC TRC now owns 1,789 shares of the bank’s stock worth $48,000 after acquiring an additional 1,198 shares during the last quarter. Man Group plc grew its stake in shares of First Internet Bancorp by 12.3% in the second quarter. Man Group plc now owns 20,765 shares of the bank’s stock worth $559,000 after acquiring an additional 2,275 shares during the last quarter. Bank of America Corp DE grew its stake in shares of First Internet Bancorp by 27.9% in the second quarter. Bank of America Corp DE now owns 21,905 shares of the bank’s stock worth $589,000 after acquiring an additional 4,773 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its stake in shares of First Internet Bancorp by 34.9% in the second quarter. Ameriprise Financial Inc. now owns 44,310 shares of the bank’s stock worth $1,192,000 after acquiring an additional 11,457 shares during 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, and Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.