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

First Internet Bancorp (NASDAQ:INBK) had its target price lowered by Piper Sandler from $42.50 to $38.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “neutral” rating on the bank’s stock. Piper Sandler’s target price suggests a potential upside of 13.33% from the stock’s current price.

Separately, Keefe, Bruyette & Woods reissued a “market perform” rating and set a $40.00 price objective (down previously from $45.00) on shares of First Internet Bancorp in a report on Friday, January 24th.

First Internet Bancorp Stock Down 0.7 %

Shares of INBK stock opened at $33.53 on Monday. The stock has a 50 day moving average of $37.80 and a 200-day moving average of $36.17. The firm has a market cap of $290.71 million, a PE ratio of 11.60 and a beta of 0.73. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.61. First Internet Bancorp has a 12 month low of $24.18 and a 12 month high of $43.26.

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

Institutional Investors Weigh In On First Internet Bancorp

Several large investors have recently modified their holdings of INBK. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of First Internet Bancorp during the 3rd quarter worth approximately $469,000. Jane Street Group LLC acquired a new stake in shares of First Internet Bancorp in the 3rd quarter valued at $203,000. Barclays PLC grew its holdings in shares of First Internet Bancorp by 20.5% in the 3rd 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. State Street Corp increased its position in shares of First Internet Bancorp by 8.9% during the 3rd quarter. State Street Corp now owns 106,282 shares of the bank’s stock worth $3,648,000 after purchasing an additional 8,701 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of First Internet Bancorp by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 201,641 shares of the bank’s stock worth $6,909,000 after purchasing an additional 3,967 shares in the last quarter. 65.46% of the stock is currently owned by institutional investors.

First Internet Bancorp Company Profile

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.