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

First Internet Bancorp (NASDAQ:INBK) had its target price dropped by investment analysts at Hovde Group from $44.00 to $39.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the bank’s stock. Hovde Group’s price target suggests a potential upside of 44.15% from the stock’s current price.

Several other research analysts also recently commented on INBK. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $40.00 target price (down from $45.00) on shares of First Internet Bancorp in a research note on Friday, January 24th. StockNews.com cut shares of First Internet Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, March 27th. Finally, Piper Sandler dropped their target price on shares of First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating for the company in a report on Monday, January 27th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $40.50.

First Internet Bancorp Stock Up 0.3 %

Shares of INBK opened at $27.06 on Wednesday. The firm has a market cap of $235.30 million, a P/E ratio of 9.26 and a beta of 0.72. First Internet Bancorp has a 1 year low of $24.18 and a 1 year high of $43.26. The stock has a 50 day simple moving average of $30.24 and a two-hundred day simple moving average of $34.64. 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 (NASDAQ:INBK) last announced its quarterly earnings data on Wednesday, January 22nd. The bank reported $0.41 earnings per share (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, analysts forecast that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

Hedge Funds Weigh In On First Internet Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of INBK. Jane Street Group LLC purchased a new position in shares of First Internet Bancorp in the 3rd quarter valued at approximately $203,000. First Merchants Corp purchased a new stake in First Internet Bancorp in the fourth quarter worth about $402,000. JPMorgan Chase & Co. increased its stake in shares of First Internet Bancorp by 37.7% during the third 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 in the last quarter. Barclays PLC lifted its holdings in shares of First Internet Bancorp by 20.5% during the third quarter. Barclays PLC now owns 20,286 shares of the bank’s stock valued at $696,000 after purchasing an additional 3,447 shares during the last quarter. Finally, State Street Corp boosted its position in shares of First Internet Bancorp by 8.9% in the 3rd quarter. State Street Corp now owns 106,282 shares of the bank’s stock worth $3,648,000 after purchasing an additional 8,701 shares in 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, and Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.