Hovde Group Cuts First Internet Bancorp (NASDAQ:INBK) Price Target to $39.00

First Internet Bancorp (NASDAQ:INBK) had its price target cut by analysts at Hovde Group from $44.00 to $39.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the bank’s stock. Hovde Group’s price objective suggests a potential upside of 58.54% from the company’s previous close.

A number of other analysts have also recently weighed in on the company. Piper Sandler lowered their price objective on First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating for the company in a research report on Monday, January 27th. StockNews.com cut First Internet Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, March 27th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and set a $40.00 price target (down previously from $45.00) on shares of First Internet Bancorp in a research note on Friday, January 24th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $40.50.

First Internet Bancorp Stock Down 9.6 %

NASDAQ:INBK opened at $24.60 on Wednesday. The company’s 50-day simple moving average is $29.90 and its 200-day simple moving average is $34.52. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.98 and a current ratio of 0.99. First Internet Bancorp has a fifty-two week low of $24.18 and a fifty-two week high of $43.26. The stock has a market capitalization of $213.95 million, a P/E ratio of 8.51 and a beta of 0.72.

First Internet Bancorp (NASDAQ:INBK) last posted its earnings results on Wednesday, January 22nd. The bank reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.51). First Internet Bancorp had a net margin of 7.45% and a return on equity of 5.86%. On average, equities analysts anticipate that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

Institutional Trading of First Internet Bancorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Two Sigma Advisers LP raised its stake in shares of First Internet Bancorp by 5.2% in the fourth quarter. Two Sigma Advisers LP now owns 26,200 shares of the bank’s stock worth $943,000 after purchasing an additional 1,300 shares during the last quarter. Man Group plc increased its holdings in First Internet Bancorp by 28.9% in the 4th quarter. Man Group plc now owns 17,430 shares of the bank’s stock worth $627,000 after buying an additional 3,911 shares during the period. Deutsche Bank AG raised its position in First Internet Bancorp by 4.5% during the 4th quarter. Deutsche Bank AG now owns 7,789 shares of the bank’s stock worth $280,000 after buying an additional 335 shares during the last quarter. Bridgeway Capital Management LLC lifted its stake in First Internet Bancorp by 27.7% during the 4th quarter. Bridgeway Capital Management LLC now owns 29,242 shares of the bank’s stock valued at $1,052,000 after acquiring an additional 6,342 shares during the period. Finally, Bank of America Corp DE boosted 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 during the last quarter. Institutional investors and hedge funds own 65.46% of the company’s stock.

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.