First Internet Bancorp (NASDAQ:INBK) Price Target Cut to $26.00 by Analysts at Piper Sandler

Key Points

• Piper Sandler reduced the price target for First Internet Bancorp (NASDAQ: INBK) from $27.00 to $26.00, maintaining a "neutral" rating on the stock, which suggests a potential upside of 12.99%.
• Other analysts, including Keefe Bruyette & Woods and Hovde Group, have also adjusted their ratings and price targets, reflecting mixed sentiments on the stock's future performance.
• First Internet Bancorp reported $0.02 EPS for the last quarter, missing the consensus estimate of $0.33 EPS, highlighting ongoing challenges for the bank.

First Internet Bancorp (NASDAQ:INBK - Free Report) had its target price cut by Piper Sandler from $27.00 to $26.00 in a research note released on Monday,Benzinga reports. They currently have a neutral rating on the bank's stock.

Several other research firms have also recently issued reports on INBK. Wall Street Zen upgraded First Internet Bancorp from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Hovde Group dropped their target price on First Internet Bancorp from $32.00 to $29.00 and set an "outperform" rating on the stock in a research report on Monday. Finally, Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $27.00 target price (down previously from $30.00) on shares of First Internet Bancorp in a research report on Monday.

First Internet Bancorp Stock Performance

INBK stock traded down $0.32 during trading on Monday, hitting $21.93. The company had a trading volume of 45,440 shares, compared to its average volume of 51,077. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 1.29. The firm has a 50-day moving average price of $25.30 and a 200-day moving average price of $26.97. First Internet Bancorp has a 1-year low of $19.54 and a 1-year high of $43.26. The firm has a market cap of $190.79 million, a PE ratio of 12.46 and a beta of 0.72.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last released its earnings results on Wednesday, July 23rd. The bank reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.33 by ($0.31). First Internet Bancorp had a return on equity of 3.04% and a net margin of 4.36%. The business had revenue of $33.55 million for the quarter, compared to analyst estimates of $30.08 million. On average, analysts expect that First Internet Bancorp will post 4.11 earnings per share for the current year.

First Internet Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were paid a $0.06 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.24 dividend on an annualized basis and a yield of 1.1%. First Internet Bancorp's dividend payout ratio is presently 13.64%.

Institutional Investors Weigh In On First Internet Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of INBK. Charles Schwab Investment Management Inc. lifted its stake in First Internet Bancorp by 3.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 23,505 shares of the bank's stock valued at $846,000 after buying an additional 841 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in First Internet Bancorp in the 4th quarter valued at approximately $1,780,000. American Century Companies Inc. lifted its stake in First Internet Bancorp by 19.9% in the 4th quarter. American Century Companies Inc. now owns 114,605 shares of the bank's stock valued at $4,125,000 after buying an additional 19,019 shares in the last quarter. Sei Investments Co. lifted its stake in First Internet Bancorp by 2.8% in the 4th quarter. Sei Investments Co. now owns 13,045 shares of the bank's stock valued at $470,000 after buying an additional 360 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in First Internet Bancorp by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 440,356 shares of the bank's stock valued at $15,848,000 after buying an additional 7,066 shares in the last quarter. 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.