Piper Sandler Trims First Internet Bancorp (NASDAQ:INBK) Target Price to $34.00

First Internet Bancorp (NASDAQ:INBK - Get Free Report) had its price target decreased by equities researchers at Piper Sandler from $35.00 to $34.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has a "neutral" rating on the bank's stock. Piper Sandler's target price suggests a potential upside of 9.47% from the stock's previous close.

Other equities research analysts have also recently issued reports about the company. StockNews.com upgraded First Internet Bancorp from a "sell" rating to a "hold" rating in a research note on Friday, January 5th. Hovde Group reduced their target price on shares of First Internet Bancorp from $38.50 to $38.00 and set an "outperform" rating for the company in a research note on Friday. Finally, Keefe, Bruyette & Woods restated a "market perform" rating and issued a $36.00 price target (up previously from $34.00) on shares of First Internet Bancorp in a research note on Friday. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, First Internet Bancorp has an average rating of "Hold" and an average price target of $35.75.

First Internet Bancorp Stock Performance

INBK stock traded up $0.01 during midday trading on Monday, reaching $31.06. The company had a trading volume of 76,286 shares, compared to its average volume of 54,783. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.98. The stock has a 50 day moving average price of $32.19 and a 200 day moving average price of $26.37. The firm has a market capitalization of $268.98 million, a PE ratio of 16.35 and a beta of 0.72. First Internet Bancorp has a fifty-two week low of $9.68 and a fifty-two week high of $35.72.

Institutional Trading of First Internet Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Barclays PLC raised its holdings in First Internet Bancorp by 42.1% during the third quarter. Barclays PLC now owns 15,342 shares of the bank's stock worth $249,000 after purchasing an additional 4,543 shares in the last quarter. Citigroup Inc. raised its stake in shares of First Internet Bancorp by 101,984.6% in the 3rd quarter. Citigroup Inc. now owns 26,542 shares of the bank's stock worth $430,000 after buying an additional 26,516 shares in the last quarter. Brandywine Global Investment Management LLC lifted its holdings in shares of First Internet Bancorp by 1.9% in the third quarter. Brandywine Global Investment Management LLC now owns 154,435 shares of the bank's stock valued at $2,503,000 after buying an additional 2,900 shares during the period. Patriot Financial Partners GP LP boosted its stake in First Internet Bancorp by 1.9% during the third quarter. Patriot Financial Partners GP LP now owns 155,482 shares of the bank's stock valued at $2,520,000 after buying an additional 2,958 shares in the last quarter. Finally, Ancora Advisors LLC grew its holdings in First Internet Bancorp by 41.7% during the third quarter. Ancora Advisors LLC now owns 152,509 shares of the bank's stock worth $2,472,000 after acquiring an additional 44,895 shares during the period. 65.46% of the stock is currently owned by institutional investors.

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, Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.