First Internet Bancorp (NASDAQ:INBK) Given New $26.00 Price Target at Hovde Group

First Internet Bancorp (NASDAQ:INBK - Get Free Report) had its price objective reduced by analysts at Hovde Group from $29.00 to $26.00 in a report released on Friday. The firm currently has an "outperform" rating on the bank's stock. Hovde Group's target price points to a potential upside of 31.38% from the stock's previous close.

A number of other brokerages also recently commented on INBK. Wall Street Zen downgraded First Internet Bancorp from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Weiss Ratings reissued a "sell (d+)" rating on shares of First Internet Bancorp in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $27.00 target price (down from $30.00) on shares of First Internet Bancorp in a research report on Monday, July 28th. Piper Sandler decreased their target price on First Internet Bancorp from $27.00 to $26.00 and set a "neutral" rating for the company in a research report on Monday, July 28th. Finally, Zacks Research raised First Internet Bancorp from a "strong sell" rating to a "hold" rating in a research report on Thursday, September 25th. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, First Internet Bancorp has a consensus rating of "Hold" and an average price target of $26.33.

First Internet Bancorp Stock Down 9.7%

Shares of NASDAQ:INBK opened at $19.79 on Friday. The business's 50 day simple moving average is $23.36 and its two-hundred day simple moving average is $23.93. The firm has a market cap of $172.37 million, a P/E ratio of -5.21 and a beta of 0.79. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.90 and a current ratio of 0.93. First Internet Bancorp has a 52-week low of $18.48 and a 52-week high of $43.26.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last posted its earnings results on Wednesday, October 22nd. The bank reported ($1.43) earnings per share for the quarter, missing analysts' consensus estimates 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 company had revenue of $43.53 million during the quarter, compared to the consensus estimate of $33.48 million. As a group, research analysts forecast that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

Institutional Investors Weigh In On First Internet Bancorp

Several hedge funds have recently added to or reduced their stakes in INBK. CSM Advisors LLC bought a new stake in First Internet Bancorp during the second quarter worth about $3,923,000. Fourthstone LLC lifted its stake in First Internet Bancorp by 254.9% during the second quarter. Fourthstone LLC now owns 145,141 shares of the bank's stock worth $3,904,000 after purchasing an additional 104,241 shares during the last quarter. Creative Planning bought a new stake in First Internet Bancorp during the second quarter worth about $1,691,000. Heartland Advisors Inc. lifted its stake in First Internet Bancorp by 20.2% during the first quarter. Heartland Advisors Inc. now owns 240,400 shares of the bank's stock worth $6,438,000 after purchasing an additional 40,400 shares during the last quarter. Finally, Patriot Financial Partners GP LP lifted its stake in First Internet Bancorp by 8.0% during the first quarter. Patriot Financial Partners GP LP now owns 403,482 shares of the bank's stock worth $10,805,000 after purchasing an additional 30,000 shares during the last quarter. Institutional investors own 65.46% of the company's stock.

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.

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