Piper Sandler Lowers First Internet Bancorp (NASDAQ:INBK) Price Target to $38.00

First Internet Bancorp (NASDAQ:INBK) had its target price reduced by equities research analysts at Piper Sandler from $42.50 to $38.00 in a research note issued on Monday,Benzinga reports. The firm currently has a “neutral” rating on the bank’s stock. Piper Sandler’s price target would indicate a potential upside of 12.86% from the company’s previous close.

Separately, Keefe, Bruyette & Woods restated a “market perform” rating and set a $40.00 target price (down from $45.00) on shares of First Internet Bancorp in a research report on Friday.

First Internet Bancorp Stock Performance

INBK stock traded up $0.09 during midday trading on Monday, reaching $33.67. 3,083 shares of the company’s stock traded hands, compared to its average volume of 38,892. The firm has a market capitalization of $291.92 million, a PE ratio of 11.65 and a beta of 0.73. First Internet Bancorp has a 52 week low of $24.18 and a 52 week high of $43.26. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.98 and a current ratio of 0.99. The company has a 50-day moving average price of $37.93 and a two-hundred day moving average price of $36.09.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings data on Wednesday, January 22nd. The bank reported $0.41 EPS for the quarter, missing the consensus estimate of $0.92 by ($0.51). First Internet Bancorp had a net margin of 7.45% and a return on equity of 5.86%. As a group, equities analysts anticipate that First Internet Bancorp will post 4.25 EPS for the current year.

Institutional Trading of First Internet Bancorp

Several hedge funds have recently added to or reduced their stakes in the business. R Squared Ltd purchased a new position in shares of First Internet Bancorp during the 4th quarter worth approximately $33,000. SG Americas Securities LLC boosted its holdings in First Internet Bancorp by 22.5% in the fourth quarter. SG Americas Securities LLC now owns 5,181 shares of the bank’s stock worth $186,000 after purchasing an additional 953 shares during the last quarter. JPMorgan Chase & Co. increased its position in First Internet Bancorp by 37.7% during the third quarter. JPMorgan Chase & Co. now owns 17,086 shares of the bank’s stock valued at $585,000 after acquiring an additional 4,675 shares during the last quarter. Franklin Resources Inc. lifted its holdings in First Internet Bancorp by 3.1% in the third quarter. Franklin Resources Inc. now owns 99,620 shares of the bank’s stock valued at $3,539,000 after acquiring an additional 2,981 shares during the period. Finally, Barclays PLC boosted its position in First Internet Bancorp by 20.5% in the third quarter. Barclays PLC now owns 20,286 shares of the bank’s stock worth $696,000 after purchasing an additional 3,447 shares during the last quarter. 65.46% of the stock is 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, and Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.