Hovde Group Lowers First Internet Bancorp (NASDAQ:INBK) Price Target to $38.00

First Internet Bancorp (NASDAQ:INBK) had its target price cut by Hovde Group from $38.50 to $38.00 in a research report released on Friday morning, Marketbeat reports. They currently have an outperform rating on the bank’s stock.

Several other research analysts also recently weighed in on INBK. Keefe, Bruyette & Woods upped their target price on shares of First Internet Bancorp from $29.00 to $34.00 and gave the stock a market perform rating in a report on Friday, January 26th. StockNews.com raised shares of First Internet Bancorp from a sell rating to a hold rating in a report on Friday, January 5th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Hold and a consensus price target of $31.75.

First Internet Bancorp Trading Up 1.1 %

Shares of First Internet Bancorp stock opened at $31.05 on Friday. The company has a market capitalization of $268.89 million, a P/E ratio of 16.34 and a beta of 0.72. The company has a debt-to-equity ratio of 1.98, a quick ratio of 1.04 and a current ratio of 1.04. The company has a fifty day moving average of $32.23 and a 200 day moving average of $26.15. First Internet Bancorp has a fifty-two week low of $9.68 and a fifty-two week high of $35.72.

First Internet Bancorp (NASDAQ:INBK) last issued its earnings results on Wednesday, January 24th. The bank reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.24. The company had revenue of $27.21 million during the quarter, compared to the consensus estimate of $24.50 million. First Internet Bancorp had a net margin of 5.84% and a return on equity of 4.68%. On average, sell-side analysts anticipate that First Internet Bancorp will post 3.01 earnings per share for the current fiscal year.

First Internet Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.77%. The ex-dividend date of this dividend was Wednesday, March 27th. First Internet Bancorp’s payout ratio is currently 12.63%.

Institutional Trading of First Internet Bancorp

Several hedge funds have recently bought and sold shares of INBK. Denali Advisors LLC lifted its stake in First Internet Bancorp by 98.0% in the 3rd quarter. Denali Advisors LLC now owns 40,000 shares of the bank’s stock worth $648,000 after purchasing an additional 19,800 shares in the last quarter. Barclays PLC raised its position in shares of First Internet Bancorp by 42.1% during the 3rd quarter. Barclays PLC now owns 15,342 shares of the bank’s stock valued at $249,000 after buying an additional 4,543 shares in the last quarter. Citigroup Inc. raised its position in shares of First Internet Bancorp by 101,984.6% during the 3rd quarter. Citigroup Inc. now owns 26,542 shares of the bank’s stock valued at $430,000 after buying an additional 26,516 shares in the last quarter. Brandywine Global Investment Management LLC raised its position in shares of First Internet Bancorp by 1.9% during the 3rd quarter. Brandywine Global Investment Management LLC now owns 154,435 shares of the bank’s stock valued at $2,503,000 after buying an additional 2,900 shares in the last quarter. Finally, Patriot Financial Partners GP LP grew its holdings in First Internet Bancorp by 1.9% during the 3rd quarter. Patriot Financial Partners GP LP now owns 155,482 shares of the bank’s stock valued at $2,520,000 after purchasing an additional 2,958 shares during the last quarter. Hedge funds and other institutional investors 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, Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.