Keefe, Bruyette & Woods Cuts First Internet Bancorp (NASDAQ:INBK) Price Target to $30.00

First Internet Bancorp (NASDAQ:INBK - Get Free Report) had its target price decreased by analysts at Keefe, Bruyette & Woods from $35.00 to $30.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a "market perform" rating on the bank's stock. Keefe, Bruyette & Woods' price target would indicate a potential upside of 45.36% from the stock's previous close.

INBK has been the subject of a number of other research reports. Piper Sandler decreased their target price on shares of First Internet Bancorp from $32.00 to $24.00 and set a "neutral" rating for the company in a research report on Monday. StockNews.com cut First Internet Bancorp from a "buy" rating to a "hold" rating in a report on Thursday, March 27th. Finally, Hovde Group dropped their target price on First Internet Bancorp from $39.00 to $28.00 and set an "outperform" rating on the stock in a report on Friday. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $31.75.

First Internet Bancorp Trading Up 1.9 %

First Internet Bancorp stock traded up $0.38 during midday trading on Tuesday, hitting $20.64. 24,325 shares of the stock were exchanged, compared to its average volume of 45,178. The stock has a market capitalization of $179.50 million, a PE ratio of 7.12 and a beta of 0.52. The company has a fifty day simple moving average of $26.23 and a two-hundred day simple moving average of $33.11. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.61. First Internet Bancorp has a 52 week low of $19.54 and a 52 week high of $43.26.

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

Institutional Investors Weigh In On First Internet Bancorp

Hedge funds have recently modified their holdings of the company. Jane Street Group LLC bought a new position in shares of First Internet Bancorp during the third quarter valued at $203,000. First Merchants Corp bought a new position in First Internet Bancorp during the 4th quarter worth $402,000. JPMorgan Chase & Co. raised its position in First Internet Bancorp by 110.4% during the 4th quarter. JPMorgan Chase & Co. now owns 35,954 shares of the bank's stock worth $1,294,000 after purchasing an additional 18,868 shares during the last quarter. Barclays PLC lifted its holdings in First Internet Bancorp by 20.5% during the 3rd quarter. Barclays PLC now owns 20,286 shares of the bank's stock worth $696,000 after buying an additional 3,447 shares during the period. Finally, Proficio Capital Partners LLC bought a new stake in shares of First Internet Bancorp in the 4th quarter valued at about $579,000. Institutional investors and hedge funds own 65.46% of the company's stock.

About First Internet Bancorp

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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