Piper Sandler Has Lowered Expectations for First Internet Bancorp (NASDAQ:INBK) Stock Price

First Internet Bancorp (NASDAQ:INBK - Get Free Report) had its price target cut by stock analysts at Piper Sandler from $32.00 to $24.00 in a research report issued on Monday,Benzinga reports. The firm currently has a "neutral" rating on the bank's stock. Piper Sandler's price target points to a potential upside of 8.89% from the stock's previous close.

INBK has been the subject of a number of other research reports. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $40.00 price target (down previously from $45.00) on shares of First Internet Bancorp in a research note on Friday, January 24th. StockNews.com cut shares of First Internet Bancorp from a "buy" rating to a "hold" rating in a report on Thursday, March 27th. Finally, Hovde Group lowered their price objective on shares of First Internet Bancorp from $39.00 to $28.00 and set an "outperform" rating on the stock in a research report on Friday, April 25th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, First Internet Bancorp has a consensus rating of "Hold" and an average target price of $31.75.

First Internet Bancorp Trading Up 3.9 %

INBK stock traded up $0.83 during midday trading on Monday, hitting $22.04. 234,782 shares of the company's stock were exchanged, compared to its average volume of 46,770. 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 stock has a market capitalization of $191.68 million, a PE ratio of 7.63 and a beta of 0.52. The business has a 50-day simple moving average of $25.49 and a two-hundred day simple moving average of $32.74. First Internet Bancorp has a 1-year low of $19.54 and a 1-year high of $43.26.

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

Institutional Trading of First Internet Bancorp

Several large investors have recently bought and sold shares of the company. Victory Capital Management Inc. lifted its holdings in shares of First Internet Bancorp by 8.7% in the first quarter. Victory Capital Management Inc. now owns 28,250 shares of the bank's stock valued at $757,000 after purchasing an additional 2,272 shares in the last quarter. Sowell Financial Services LLC purchased a new position in shares of First Internet Bancorp during the first quarter valued at approximately $267,000. GAMMA Investing LLC boosted its position in First Internet Bancorp by 52,791.7% during the first quarter. GAMMA Investing LLC now owns 6,347 shares of the bank's stock worth $170,000 after acquiring an additional 6,335 shares during the last quarter. Two Sigma Advisers LP grew its stake in First Internet Bancorp by 5.2% in the 4th quarter. Two Sigma Advisers LP now owns 26,200 shares of the bank's stock worth $943,000 after acquiring an additional 1,300 shares during the period. Finally, Man Group plc raised its holdings in First Internet Bancorp by 28.9% in the 4th quarter. Man Group plc now owns 17,430 shares of the bank's stock valued at $627,000 after acquiring an additional 3,911 shares during the last quarter. 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.