First Internet Bancorp (NASDAQ:INBK) PT Lowered to $34.00

First Internet Bancorp (NASDAQ:INBK) had its price target dropped by research analysts at Piper Sandler from $35.00 to $34.00 in a report issued on Monday, Benzinga reports. The brokerage currently has a “neutral” rating on the bank’s stock. Piper Sandler’s price target indicates a potential upside of 9.50% from the stock’s current price.

Other equities research analysts also recently issued reports about the company. StockNews.com upgraded First Internet Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, January 5th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $36.00 target price (up from $34.00) on shares of First Internet Bancorp in a research report on Friday. Finally, Hovde Group decreased their price target on shares of First Internet Bancorp from $38.50 to $38.00 and set an “outperform” rating on the stock in a research report on Friday. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, First Internet Bancorp currently has a consensus rating of “Hold” and a consensus price target of $35.75.

First Internet Bancorp Price Performance

Shares of INBK opened at $31.05 on Monday. The firm has a market cap of $268.89 million, a PE ratio of 16.34 and a beta of 0.72. First Internet Bancorp has a 1-year low of $9.68 and a 1-year high of $35.72. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.98. The firm has a fifty day simple moving average of $32.23 and a two-hundred day simple moving average of $26.28.

Hedge Funds Weigh In On First Internet Bancorp

A number of hedge funds have recently modified their holdings of the company. Quadrature Capital Ltd boosted its holdings in First Internet Bancorp by 33.0% in the 4th quarter. Quadrature Capital Ltd now owns 47,209 shares of the bank’s stock worth $1,142,000 after buying an additional 11,707 shares during the period. Sapient Capital LLC bought a new stake in First Internet Bancorp in the 4th quarter valued at $3,495,000. Acuitas Investments LLC bought a new position in shares of First Internet Bancorp during the 4th quarter valued at approximately $1,940,000. Public Employees Retirement System of Ohio increased its position in First Internet Bancorp by 27.5% in the third quarter. Public Employees Retirement System of Ohio now owns 12,018 shares of the bank’s stock worth $195,000 after purchasing an additional 2,592 shares during the last quarter. Finally, Citigroup Inc. raised its stake in First Internet Bancorp by 101,984.6% during the third quarter. Citigroup Inc. now owns 26,542 shares of the bank’s stock valued at $430,000 after purchasing an additional 26,516 shares in the last quarter. 65.46% of the stock is currently 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, Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.