Piper Sandler Cuts First Internet Bancorp (NASDAQ:INBK) Price Target to $38.00

First Internet Bancorp (NASDAQ:INBK) had its target price lowered by Piper Sandler from $42.50 to $38.00 in a research note issued on Monday,Benzinga reports. The firm presently has a “neutral” rating on the bank’s stock. Piper Sandler’s price target suggests a potential upside of 12.86% from the stock’s current price.

Separately, 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 report on Friday.

First Internet Bancorp Trading Up 0.3 %

NASDAQ INBK traded up $0.09 during trading hours on Monday, reaching $33.67. The company’s stock had a trading volume of 3,083 shares, compared to its average volume of 38,892. The firm has a fifty day simple moving average of $37.93 and a 200-day simple moving average of $36.09. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.98. First Internet Bancorp has a 52 week low of $24.18 and a 52 week high of $43.26. The stock has a market cap of $291.92 million, a P/E ratio of 11.65 and a beta of 0.73.

First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.92 by ($0.51). First Internet Bancorp had a net margin of 7.45% and a return on equity of 5.86%. Equities analysts forecast that First Internet Bancorp will post 4.25 earnings per share for the current fiscal year.

Institutional Trading of First Internet Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP boosted its position in shares of First Internet Bancorp by 9.4% during the second quarter. Dimensional Fund Advisors LP now owns 489,663 shares of the bank’s stock valued at $13,230,000 after buying an additional 42,227 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of First Internet Bancorp by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 201,641 shares of the bank’s stock worth $6,909,000 after acquiring an additional 3,967 shares in the last quarter. Foundry Partners LLC raised its holdings in shares of First Internet Bancorp by 8.9% in the third quarter. Foundry Partners LLC now owns 121,827 shares of the bank’s stock valued at $4,174,000 after purchasing an additional 9,977 shares during the last quarter. State Street Corp lifted its position in shares of First Internet Bancorp by 8.9% during the third quarter. State Street Corp now owns 106,282 shares of the bank’s stock valued at $3,648,000 after purchasing an additional 8,701 shares in the last quarter. Finally, Franklin Resources Inc. grew its position in First Internet Bancorp by 3.1% in the 3rd quarter. Franklin Resources Inc. now owns 99,620 shares of the bank’s stock worth $3,539,000 after purchasing an additional 2,981 shares in the last quarter. 65.46% of the stock is 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, and Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.