Hovde Group Boosts First Internet Bancorp (NASDAQ:INBK) Price Target to $44.00

First Internet Bancorp (NASDAQ:INBK) had its price target raised by equities researchers at Hovde Group from $38.00 to $44.00 in a research report issued on Friday, Briefing.com reports. The brokerage currently has an “outperform” rating on the bank’s stock. Hovde Group’s price target suggests a potential upside of 22.53% from the stock’s current price.

INBK has been the topic of a number of other reports. Piper Sandler lowered their price target on shares of First Internet Bancorp from $35.00 to $34.00 and set a “neutral” rating on the stock in a research report on Monday, April 29th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $36.00 price objective (up from $34.00) on shares of First Internet Bancorp in a research report on Friday, April 26th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, First Internet Bancorp currently has a consensus rating of “Hold” and an average target price of $37.25.

First Internet Bancorp Stock Down 0.5 %

INBK opened at $35.91 on Friday. First Internet Bancorp has a fifty-two week low of $14.11 and a fifty-two week high of $37.69. The company has a debt-to-equity ratio of 1.85, a quick ratio of 1.02 and a current ratio of 1.02. The company has a fifty day moving average of $29.55 and a two-hundred day moving average of $30.62. The stock has a market capitalization of $310.98 million, a price-to-earnings ratio of 18.90 and a beta of 0.68.

First Internet Bancorp (NASDAQ:INBK) last announced its earnings results on Wednesday, July 24th. The bank reported $0.72 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.72. First Internet Bancorp had a net margin of 6.12% and a return on equity of 5.27%. The business had revenue of $81.99 million for the quarter, compared to analyst estimates of $30.55 million. During the same quarter last year, the business earned $0.44 earnings per share. On average, research analysts expect that First Internet Bancorp will post 3.1 earnings per share for the current year.

Institutional Investors Weigh In On First Internet Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Public Employees Retirement System of Ohio grew its holdings in First Internet Bancorp by 27.5% in the third quarter. Public Employees Retirement System of Ohio now owns 12,018 shares of the bank’s stock valued at $195,000 after purchasing an additional 2,592 shares during the period. Valeo Financial Advisors LLC grew its holdings in First Internet Bancorp by 2.6% in the second quarter. Valeo Financial Advisors LLC now owns 23,967 shares of the bank’s stock valued at $648,000 after purchasing an additional 606 shares during the period. Bank of New York Mellon Corp grew its holdings in First Internet Bancorp by 149.9% in the second quarter. Bank of New York Mellon Corp now owns 38,972 shares of the bank’s stock valued at $1,053,000 after purchasing an additional 23,376 shares during the period. Quadrature Capital Ltd grew its holdings in First Internet Bancorp by 33.0% in the fourth quarter. Quadrature Capital Ltd now owns 47,209 shares of the bank’s stock valued at $1,142,000 after purchasing an additional 11,707 shares during the period. Finally, Acuitas Investments LLC purchased a new stake in First Internet Bancorp in the fourth quarter valued at approximately $1,940,000. 65.46% of the stock is currently owned by hedge funds and other institutional investors.

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.