Hovde Group Raises First Internet Bancorp (NASDAQ:INBK) Price Target to $29.00

First Internet Bancorp (NASDAQ:INBK) had its target price hoisted by analysts at Hovde Group from $26.00 to $29.00 in a research report issued on Friday, Marketbeat Ratings reports. The brokerage currently has an “outperform” rating on the bank’s stock. Hovde Group’s price target indicates a potential upside of 33.09% from the company’s previous close.

A number of other equities research analysts have also weighed in on the stock. Keefe, Bruyette & Woods lowered their price objective on shares of First Internet Bancorp from $27.00 to $25.00 and set a “market perform” rating for the company in a report on Friday, October 24th. Zacks Research raised First Internet Bancorp from a “strong sell” rating to a “hold” rating in a research report on Thursday, December 25th. Weiss Ratings restated a “sell (d)” rating on shares of First Internet Bancorp in a report on Monday, December 29th. Wall Street Zen upgraded First Internet Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th. Finally, Piper Sandler lowered their price target on shares of First Internet Bancorp from $25.50 to $22.00 and set a “neutral” rating for the company in a research report on Monday, October 27th. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $25.17.

First Internet Bancorp Price Performance

NASDAQ:INBK opened at $21.79 on Friday. The firm has a market capitalization of $189.79 million, a price-to-earnings ratio of -5.41 and a beta of 0.81. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.88 and a current ratio of 0.91. The stock has a fifty day moving average of $21.06 and a 200 day moving average of $21.89. First Internet Bancorp has a 52-week low of $17.05 and a 52-week high of $34.21.

First Internet Bancorp (NASDAQ:INBK) last posted its quarterly earnings data on Thursday, January 29th. The bank reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.05. First Internet Bancorp had a negative net margin of 10.05% and a negative return on equity of 1.52%. The company had revenue of $42.11 million for the quarter, compared to analysts’ expectations of $32.80 million. On average, research analysts expect that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

Insider Buying and Selling at First Internet Bancorp

In other First Internet Bancorp news, COO Nicole S. Lorch acquired 2,000 shares of the company’s stock in a transaction dated Monday, November 17th. The stock was purchased at an average price of $17.96 per share, with a total value of $35,920.00. Following the completion of the purchase, the chief operating officer directly owned 70,206 shares in the company, valued at approximately $1,260,899.76. The trade was a 2.93% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 8.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On First Internet Bancorp

A number of hedge funds have recently made changes to their positions in the company. Tower Research Capital LLC TRC raised its stake in First Internet Bancorp by 202.7% during the second quarter. Tower Research Capital LLC TRC now owns 1,789 shares of the bank’s stock valued at $48,000 after purchasing an additional 1,198 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of First Internet Bancorp by 1,123.5% in the fourth quarter. GAMMA Investing LLC now owns 3,181 shares of the bank’s stock worth $66,000 after purchasing an additional 2,921 shares during the last quarter. BNP Paribas Financial Markets grew its stake in First Internet Bancorp by 92.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 9,261 shares of the bank’s stock worth $208,000 after acquiring an additional 4,439 shares in the last quarter. Teton Advisors LLC purchased a new position in First Internet Bancorp during the 3rd quarter worth $224,000. Finally, Inscription Capital LLC bought a new stake in shares of First Internet Bancorp in the fourth quarter valued at about $229,000. 65.46% of the stock is currently owned by hedge funds and other institutional investors.

More First Internet Bancorp News

Here are the key news stories impacting First Internet Bancorp this week:

• Positive Sentiment: Q4 beat — INBK reported $0.64 EPS vs. $0.59 expected and revenue of $42.1M vs. $32.8M consensus; management highlighted strong net interest income (up ~29%) and revenue momentum. This is the primary bullish catalyst supporting upside. Business Wire – Q4 Results
• Positive Sentiment: Analyst upgrade/raise — Hovde Group raised its price target from $26 to $29 and moved to an “outperform” rating, implying material upside from current levels and giving fundamental validation to the quarter’s strength. The Fly – Hovde Raise
• Neutral Sentiment: Earnings call/transcript available — Analysts and investors can review management’s commentary on revenue mix, margin outlook and deposit/loan trends in the call transcript and highlights to gauge sustainability of the quarter’s growth. These details could swing sentiment once parsed. Yahoo Finance – Q4 Highlights
• Neutral Sentiment: Short interest data shows no meaningful short position (reporting shows 0 shares), which appears anomalous and shouldn’t be treated as a clear signal until corrected by exchanges.
• Negative Sentiment: Analyst downgrade/price-target cut — Keefe, Bruyette & Woods lowered its target from $25 to $23 and set a “market perform” rating, reducing a portion of the street’s upside and likely contributing to intraday selling pressure. Benzinga – KBW Cut
• Negative Sentiment: Profitability concerns — despite revenue growth, INBK still reported a negative net margin and negative return on equity for the quarter; longer-term profitability and ROE normalization will be required to justify higher multiples. MarketBeat – Earnings Summary

About First Internet Bancorp

First Internet Bancorp is the bank holding company for First Internet Bank of Indiana, a pioneer in digital banking in the United States. Established with a focus on online-only operations, the company offers fully integrated, web-based financial solutions without the overhead of physical branches. Headquartered in Indianapolis, Indiana, First Internet Bancorp leverages technology to deliver streamlined banking services to customers across the country.

The company’s core offerings include a range of deposit products such as checking accounts, savings accounts, money market accounts, certificates of deposit (CDs) and individual retirement accounts (IRAs).