Hovde Group Lowers First Internet Bancorp (NASDAQ:INBK) Price Target to $29.00

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 - Free Report) had its price objective lowered by Hovde Group from $32.00 to $29.00 in a research note released on Monday, MarketBeat reports. The brokerage currently has an outperform rating on the bank's stock.

INBK has been the subject of a number of other reports. Keefe, Bruyette & Woods decreased their target price on First Internet Bancorp from $35.00 to $30.00 and set a "market perform" rating for the company in a research report on Tuesday, April 29th. Piper Sandler decreased their target price on First Internet Bancorp from $32.00 to $24.00 and set a "neutral" rating for the company in a research report on Monday, April 28th. Finally, Wall Street Zen raised First Internet Bancorp from a "sell" rating to a "hold" rating in a research report on Friday, July 18th.

First Internet Bancorp Stock Down 1.4%

Shares of NASDAQ INBK traded down $0.31 during trading on Monday, hitting $21.95. The stock had a trading volume of 29,319 shares, compared to its average volume of 50,956. First Internet Bancorp has a 12 month low of $19.54 and a 12 month high of $43.26. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.94 and a quick ratio of 0.93. The company has a market capitalization of $190.92 million, a PE ratio of 12.47 and a beta of 0.72. The firm has a fifty day moving average of $25.30 and a two-hundred day moving average of $26.97.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The bank reported $0.02 earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts' expectations of $30.08 million. As a group, equities research analysts forecast that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a dividend of $0.06 per share. The ex-dividend date was Monday, June 30th. This represents a $0.24 annualized dividend and a dividend yield of 1.1%. First Internet Bancorp's dividend payout ratio is currently 13.64%.

Institutional Investors Weigh In On First Internet Bancorp

Several institutional investors have recently made changes to their positions in INBK. Dimensional Fund Advisors LP grew its position in shares of First Internet Bancorp by 1.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 509,661 shares of the bank's stock valued at $18,343,000 after purchasing an additional 9,190 shares in the last quarter. Vanguard Group Inc. grew its position in shares of First Internet Bancorp by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 440,356 shares of the bank's stock valued at $15,848,000 after purchasing an additional 7,066 shares in the last quarter. Patriot Financial Partners GP LP grew its position in shares of First Internet Bancorp by 8.0% during the 1st 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 in the last quarter. Heartland Advisors Inc. grew its position in shares of First Internet Bancorp by 20.2% during the 1st 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 in the last quarter. Finally, Acadian Asset Management LLC grew its position in shares of First Internet Bancorp by 0.9% during the 1st quarter. Acadian Asset Management LLC now owns 186,529 shares of the bank's stock valued at $4,994,000 after purchasing an additional 1,731 shares in the last quarter. Hedge funds and other 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.