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

First Internet Bancorp (NASDAQ:INBK) had its target price cut by Piper Sandler from $42.50 to $38.00 in a research report released on Monday morning,Benzinga reports. They currently have a neutral rating on the bank’s stock.

Separately, Keefe, Bruyette & Woods restated a “market perform” rating and set a $40.00 target price (down from $45.00) on shares of First Internet Bancorp in a research report on Friday.

First Internet Bancorp Trading Up 0.6 %

Shares of NASDAQ:INBK opened at $33.77 on Monday. First Internet Bancorp has a 52-week low of $24.18 and a 52-week high of $43.26. The business has a 50-day moving average price of $37.93 and a 200-day moving average price of $36.14. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.61. The stock has a market cap of $292.79 million, a price-to-earnings ratio of 11.69 and a beta of 0.73.

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

First Internet Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were given a dividend of $0.06 per share. The ex-dividend date was Tuesday, December 31st. This represents a $0.24 dividend on an annualized basis and a yield of 0.71%. First Internet Bancorp’s payout ratio is presently 8.30%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. R Squared Ltd acquired a new position in First Internet Bancorp during the fourth quarter worth $33,000. SG Americas Securities LLC raised its stake in First Internet Bancorp by 22.5% during the fourth quarter. SG Americas Securities LLC now owns 5,181 shares of the bank’s stock worth $186,000 after purchasing an additional 953 shares during the period. JPMorgan Chase & Co. boosted its holdings in First Internet Bancorp by 37.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 17,086 shares of the bank’s stock valued at $585,000 after purchasing an additional 4,675 shares during the last quarter. Franklin Resources Inc. increased its holdings in shares of First Internet Bancorp by 3.1% during the 3rd quarter. Franklin Resources Inc. now owns 99,620 shares of the bank’s stock worth $3,539,000 after buying an additional 2,981 shares during the last quarter. Finally, Barclays PLC raised its position in shares of First Internet Bancorp by 20.5% during the 3rd quarter. Barclays PLC now owns 20,286 shares of the bank’s stock valued at $696,000 after buying an additional 3,447 shares during the period. 65.46% of the stock is currently 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.