First Internet Bancorp (NASDAQ:INBK) Price Target Lowered to $28.00 at Hovde Group

First Internet Bancorp (NASDAQ:INBK - Free Report) had its price target decreased by Hovde Group from $39.00 to $28.00 in a research report sent to investors on Friday, Marketbeat Ratings reports. Hovde Group currently has an outperform rating on the bank's stock.

INBK has been the subject of several other reports. Piper Sandler lowered their price objective on shares of First Internet Bancorp from $42.50 to $38.00 and set a "neutral" rating for the company in a research note on Monday, January 27th. StockNews.com downgraded shares of First Internet Bancorp from a "buy" rating to a "hold" rating in a research note on Thursday, March 27th. Finally, Keefe, Bruyette & Woods restated a "market perform" rating and set a $40.00 target price (down from $45.00) on shares of First Internet Bancorp in a research report on Friday, January 24th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $31.75.

First Internet Bancorp Stock Performance

Shares of NASDAQ:INBK traded up $0.01 on Friday, hitting $20.86. 76,609 shares of the company were exchanged, compared to its average volume of 45,506. First Internet Bancorp has a 1-year low of $19.54 and a 1-year high of $43.26. The stock's 50 day moving average price is $26.02 and its 200 day moving average price is $33.02. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.61. The firm has a market capitalization of $181.42 million, a P/E ratio of 7.22 and a beta of 0.52.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The bank reported $0.11 EPS for the quarter, missing the consensus estimate of $0.75 by ($0.64). First Internet Bancorp had a return on equity of 5.86% and a net margin of 7.45%. The company had revenue of $76.83 million for the quarter, compared to analyst estimates of $26.73 million. Sell-side analysts predict that First Internet Bancorp will post 4.11 EPS for the current year.

First Internet Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a dividend of $0.06 per share. The ex-dividend date was Monday, March 31st. This represents a $0.24 dividend on an annualized basis and a yield of 1.15%. First Internet Bancorp's dividend payout ratio is presently 9.96%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in INBK. Jane Street Group LLC acquired a new position in shares of First Internet Bancorp in the third quarter worth about $203,000. First Merchants Corp acquired a new position in shares of First Internet Bancorp in the fourth quarter worth about $402,000. JPMorgan Chase & Co. raised its position in shares of First Internet Bancorp by 110.4% in the fourth quarter. JPMorgan Chase & Co. now owns 35,954 shares of the bank's stock worth $1,294,000 after acquiring an additional 18,868 shares during the period. Barclays PLC raised its position in shares of First Internet Bancorp by 20.5% in the third quarter. Barclays PLC now owns 20,286 shares of the bank's stock worth $696,000 after acquiring an additional 3,447 shares during the period. Finally, Proficio Capital Partners LLC acquired a new position in shares of First Internet Bancorp in the fourth quarter worth about $579,000. 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.