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

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

A number of other analysts have also commented on INBK. StockNews.com upgraded shares of First Internet Bancorp from a sell rating to a hold rating in a research note on Friday, January 5th. Keefe, Bruyette & Woods boosted 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 research report on Friday, January 26th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, First Internet Bancorp currently has an average rating of Hold and an average target price of $35.75.

First Internet Bancorp Stock Up 0.0 %

First Internet Bancorp stock opened at $31.06 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.98. First Internet Bancorp has a 12-month low of $9.68 and a 12-month high of $35.72. The firm’s fifty day moving average is $32.19 and its 200 day moving average is $26.37. The company has a market capitalization of $268.98 million, a PE ratio of 16.35 and a beta of 0.72.

First Internet Bancorp Announces Dividend

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Public Employees Retirement System of Ohio lifted its holdings in shares of 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 valued at $195,000 after purchasing an additional 2,592 shares in the last quarter. Barclays PLC lifted its holdings in shares of First Internet Bancorp by 42.1% in the third quarter. Barclays PLC now owns 15,342 shares of the bank’s stock valued at $249,000 after purchasing an additional 4,543 shares in the last quarter. Citigroup Inc. lifted its holdings in shares of First Internet Bancorp by 101,984.6% in 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. Quadrature Capital Ltd lifted its holdings in shares of First Internet Bancorp by 44.4% in the third quarter. Quadrature Capital Ltd now owns 35,502 shares of the bank’s stock valued at $569,000 after purchasing an additional 10,916 shares in the last quarter. Finally, Denali Advisors LLC lifted its holdings in shares of First Internet Bancorp by 98.0% in the third quarter. Denali Advisors LLC now owns 40,000 shares of the bank’s stock valued at $648,000 after purchasing an additional 19,800 shares in the last quarter. 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.