First Internet Bancorp (NASDAQ:INBK) Price Target Cut to $25.00 by Analysts at Keefe, Bruyette & Woods

Key Points

• First Internet Bancorp's price target has been cut to $25.00 by Keefe, Bruyette & Woods, indicating a potential upside of 23.58% based on the bank's previous close.
• Multiple analysts have issued revised ratings on INBK, with Hovde Group setting a new target of $26.00 and Weiss Ratings maintaining a sell rating.
• Despite a recent 2.2% increase in share price, First Internet Bancorp reported a significant earnings miss with an EPS of ($1.43) for the recent quarter.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) had its target price dropped by Keefe, Bruyette & Woods from $27.00 to $25.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a "market perform" rating on the bank's stock. Keefe, Bruyette & Woods' price target indicates a potential upside of 23.58% from the stock's previous close.

INBK has been the subject of several other research reports. Hovde Group dropped their price objective on First Internet Bancorp from $29.00 to $26.00 and set an "outperform" rating for the company in a report on Friday. Zacks Research raised First Internet Bancorp from a "strong sell" rating to a "hold" rating in a research report on Thursday, September 25th. Weiss Ratings reissued a "sell (d+)" rating on shares of First Internet Bancorp in a research note on Wednesday, October 8th. Wall Street Zen lowered First Internet Bancorp from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Finally, Piper Sandler cut their price objective on shares of First Internet Bancorp from $27.00 to $26.00 and set a "neutral" rating on the stock in a research report on Monday, July 28th. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $25.67.

First Internet Bancorp Trading Up 2.2%

Shares of NASDAQ INBK traded up $0.44 during mid-day trading on Friday, hitting $20.23. The stock had a trading volume of 53,333 shares, compared to its average volume of 49,120. The business has a 50 day moving average price of $23.36 and a two-hundred day moving average price of $23.93. First Internet Bancorp has a 1 year low of $18.48 and a 1 year high of $43.26. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.90 and a current ratio of 0.93. The firm has a market cap of $176.20 million, a P/E ratio of -5.32 and a beta of 0.79.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last issued its quarterly earnings data on Wednesday, October 22nd. The bank reported ($1.43) EPS for the quarter, missing the consensus estimate of $0.66 by ($2.09). The firm had revenue of $43.53 million for the quarter, compared to the consensus estimate of $33.48 million. First Internet Bancorp had a negative net margin of 9.35% and a negative return on equity of 2.00%. On average, equities analysts anticipate that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. AlphaQuest LLC increased its holdings in First Internet Bancorp by 239.4% in the 1st quarter. AlphaQuest LLC now owns 1,361 shares of the bank's stock worth $36,000 after acquiring an additional 960 shares in the last quarter. US Bancorp DE purchased a new stake in shares of First Internet Bancorp in the first quarter worth $38,000. Tower Research Capital LLC TRC lifted its stake in shares of First Internet Bancorp by 202.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,789 shares of the bank's stock valued at $48,000 after buying an additional 1,198 shares in the last quarter. Jump Financial LLC bought a new position in First Internet Bancorp in the 2nd quarter worth $236,000. Finally, Jane Street Group LLC bought a new stake in First Internet Bancorp during the first quarter valued at about $297,000. 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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