Piper Sandler Cuts First Internet Bancorp (NASDAQ:INBK) Price Target to $26.00

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 - Get Free Report) had its target price cut by equities research analysts at Piper Sandler from $27.00 to $26.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a "neutral" rating on the bank's stock. Piper Sandler's price target indicates a potential upside of 12.99% from the company's current price.

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

First Internet Bancorp Price Performance

Shares of INBK traded down $0.23 during mid-day trading on Monday, hitting $23.01. The company's stock had a trading volume of 20,307 shares, compared to its average volume of 50,438. First Internet Bancorp has a fifty-two week low of $19.54 and a fifty-two week high of $43.26. The firm has a 50-day moving average price of $25.40 and a 200 day moving average price of $27.09. The stock has a market capitalization of $200.19 million, a price-to-earnings ratio of 13.07 and a beta of 0.72. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.94 and a quick ratio of 0.93.

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

Hedge Funds Weigh In On First Internet Bancorp

Several institutional investors have recently added to or reduced their stakes in the business. Sowell Financial Services LLC purchased a new stake in First Internet Bancorp in the 1st quarter valued at $267,000. Raymond James Financial Inc. bought a new position in shares of First Internet Bancorp during the 4th quarter worth $1,780,000. JPMorgan Chase & Co. grew its stake in shares of 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 acquiring an additional 18,868 shares during the period. GAMMA Investing LLC boosted its stake in First Internet Bancorp by 52,791.7% in the 1st quarter. GAMMA Investing LLC now owns 6,347 shares of the bank's stock worth $170,000 after purchasing an additional 6,335 shares during the period. Finally, Bank of America Corp DE raised its holdings in shares of First Internet Bancorp by 3.5% in the 4th quarter. Bank of America Corp DE now owns 20,800 shares of the bank's stock valued at $749,000 after acquiring an additional 707 shares in the last quarter. 65.46% of the stock is owned by institutional investors and hedge funds.

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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