First Internet Bancorp (NASDAQ:INBK) Given New $38.00 Price Target at Hovde Group

First Internet Bancorp (NASDAQ:INBK) had its price objective lowered by research analysts at Hovde Group from $38.50 to $38.00 in a research report issued to clients and investors on Friday, Briefing.com reports. The brokerage presently has an “outperform” rating on the bank’s stock. Hovde Group’s price objective suggests a potential upside of 23.74% from the company’s previous close.

A number of other research analysts have also weighed in on the company. Keefe, Bruyette & Woods raised their target price on First Internet Bancorp from $29.00 to $34.00 and gave the company a “market perform” rating in a report on Friday, January 26th. StockNews.com upgraded First Internet Bancorp from a “sell” rating to a “hold” rating in a report on Friday, January 5th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, First Internet Bancorp presently has a consensus rating of “Hold” and an average price target of $31.25.

First Internet Bancorp Stock Down 7.7 %

INBK stock opened at $30.71 on Friday. First Internet Bancorp has a twelve month low of $9.68 and a twelve month high of $35.72. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.98. The stock’s 50 day moving average is $32.28 and its 200-day moving average is $26.06. The firm has a market capitalization of $265.95 million, a PE ratio of 16.16 and a beta of 0.72.

First Internet Bancorp (NASDAQ:INBK) last posted its earnings results on Wednesday, January 24th. The bank reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.24. First Internet Bancorp had a return on equity of 4.68% and a net margin of 5.84%. The company had revenue of $27.21 million for the quarter, compared to analyst estimates of $24.50 million. Sell-side analysts expect that First Internet Bancorp will post 3.01 EPS for the current fiscal year.

Institutional Trading of First Internet Bancorp

A number of hedge funds have recently bought and sold shares of the business. Sapient Capital LLC purchased a new position in First Internet Bancorp during the fourth quarter worth about $3,495,000. Acuitas Investments LLC purchased a new position in First Internet Bancorp during the fourth quarter worth about $1,940,000. GSA Capital Partners LLP purchased a new position in First Internet Bancorp during the third quarter worth about $1,031,000. Ancora Advisors LLC grew its position in First Internet Bancorp by 41.7% during the third quarter. Ancora Advisors LLC now owns 152,509 shares of the bank’s stock worth $2,472,000 after buying an additional 44,895 shares in the last quarter. Finally, Citigroup Inc. grew its position in First Internet Bancorp by 101,984.6% during the third quarter. Citigroup Inc. now owns 26,542 shares of the bank’s stock worth $430,000 after buying an additional 26,516 shares in the last quarter. 65.46% of the stock is currently owned by 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, Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.