First Internet Bancorp (NASDAQ:INBK) Given New $29.00 Price Target at Hovde Group

Key Points

• Hovde Group has decreased its price target for First Internet Bancorp from $32.00 to $29.00, indicating a potential upside of 24.78% from the current stock price.
• The bank reported earnings of $0.02 per share for the last quarter, missing expectations by $0.31, though revenue surpassed forecasts at $33.55 million.
• Recent institutional activities include substantial investments from hedge funds, with 65.46% of the stock now owned by institutional investors.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) had its target price decreased by research analysts at Hovde Group from $32.00 to $29.00 in a research report issued on Monday. The firm presently has an "outperform" rating on the bank's stock. Hovde Group's price target would suggest a potential upside of 24.78% from the stock's current price.

A number of other research analysts have also weighed in on INBK. Wall Street Zen raised First Internet Bancorp from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Piper Sandler reduced their price target on First Internet Bancorp from $32.00 to $24.00 and set a "neutral" rating on the stock in a research note on Monday, April 28th. Finally, Keefe, Bruyette & Woods reduced their price target on First Internet Bancorp from $35.00 to $30.00 and set a "market perform" rating on the stock in a research note on Tuesday, April 29th.

First Internet Bancorp Price Performance

Shares of NASDAQ:INBK opened at $23.24 on Monday. The business's fifty day moving average price is $25.40 and its two-hundred day moving average price is $27.09. The stock has a market cap of $202.19 million, a PE ratio of 13.20 and a beta of 0.72. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.93 and a current ratio of 0.94. First Internet Bancorp has a one year low of $19.54 and a one year high of $43.26.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The bank reported $0.02 earnings per share for the quarter, missing analysts' consensus estimates of $0.33 by ($0.31). First Internet Bancorp had a return on equity of 3.04% and a net margin of 4.36%. The business had revenue of $33.55 million for the quarter, compared to analysts' expectations of $30.08 million. On average, analysts forecast that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in INBK. Raymond James Financial Inc. purchased a new position in First Internet Bancorp in the fourth quarter valued at about $1,780,000. Heartland Advisors Inc. raised its position in First Internet Bancorp by 20.2% in the first quarter. Heartland Advisors Inc. now owns 240,400 shares of the bank's stock valued at $6,438,000 after purchasing an additional 40,400 shares during the period. Patriot Financial Partners GP LP raised its position in First Internet Bancorp by 8.0% in the first quarter. Patriot Financial Partners GP LP now owns 403,482 shares of the bank's stock valued at $10,805,000 after purchasing an additional 30,000 shares during the period. Nuveen LLC purchased a new position in First Internet Bancorp in the first quarter valued at about $725,000. Finally, Rhino Investment Partners Inc purchased a new position in First Internet Bancorp in the fourth quarter valued at about $965,000. 65.46% of the stock is owned by hedge funds and other 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.

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