First Internet Bancorp (NASDAQ:INBK) Price Target Raised to $29.00

First Internet Bancorp (NASDAQ:INBK) had its price target hoisted by stock analysts at Hovde Group from $26.00 to $29.00 in a research note issued to investors on Friday, Marketbeat.com reports. The brokerage currently has an “outperform” rating on the bank’s stock. Hovde Group’s target price points to a potential upside of 30.40% from the company’s current price.

A number of other equities research analysts also recently issued reports on INBK. Piper Sandler decreased their price objective on First Internet Bancorp from $25.50 to $22.00 and set a “neutral” rating on the stock in a research report on Monday, October 27th. Zacks Research upgraded First Internet Bancorp from a “strong sell” rating to a “hold” rating in a report on Thursday, December 25th. Keefe, Bruyette & Woods dropped their price objective on shares of First Internet Bancorp from $27.00 to $25.00 and set a “market perform” rating for the company in a research note on Friday, October 24th. Wall Street Zen raised shares of First Internet Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of First Internet Bancorp in a research note on Monday, December 29th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $25.33.

First Internet Bancorp Trading Up 4.8%

INBK stock opened at $22.24 on Friday. The firm has a fifty day moving average price of $21.01 and a 200 day moving average price of $21.97. First Internet Bancorp has a fifty-two week low of $17.05 and a fifty-two week high of $34.21. The firm has a market cap of $193.71 million, a PE ratio of -5.85 and a beta of 0.81. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.88 and a current ratio of 0.91.

First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings data on Thursday, January 29th. The bank reported $0.64 EPS for the quarter, beating the consensus estimate of $0.59 by $0.05. The business had revenue of $42.11 million during the quarter, compared to analyst estimates of $32.80 million. First Internet Bancorp had a negative net margin of 9.35% and a negative return on equity of 2.05%. Sell-side analysts anticipate that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

Insider Activity at First Internet Bancorp

In other First Internet Bancorp news, COO Nicole S. Lorch purchased 2,000 shares of First Internet Bancorp stock in a transaction dated Monday, November 17th. The shares were acquired at an average cost of $17.96 per share, with a total value of $35,920.00. Following the completion of the transaction, the chief operating officer owned 70,206 shares in the company, valued at approximately $1,260,899.76. This trade represents a 2.93% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 8.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On First Internet Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in INBK. Inscription Capital LLC purchased a new position in First Internet Bancorp in the 4th quarter worth $229,000. Sowell Financial Services LLC increased its holdings in shares of First Internet Bancorp by 13.2% in the fourth quarter. Sowell Financial Services LLC now owns 11,122 shares of the bank’s stock valued at $232,000 after purchasing an additional 1,301 shares during the period. Donaldson Capital Management LLC raised its stake in shares of First Internet Bancorp by 16.3% in the fourth quarter. Donaldson Capital Management LLC now owns 14,250 shares of the bank’s stock worth $297,000 after purchasing an additional 2,000 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of First Internet Bancorp by 1,123.5% during the fourth quarter. GAMMA Investing LLC now owns 3,181 shares of the bank’s stock worth $66,000 after purchasing an additional 2,921 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in First Internet Bancorp by 384.4% in the third quarter. JPMorgan Chase & Co. now owns 18,762 shares of the bank’s stock valued at $421,000 after buying an additional 14,889 shares during the last quarter. 65.46% of the stock is currently owned by institutional investors and hedge funds.

About First Internet Bancorp

First Internet Bancorp is the bank holding company for First Internet Bank of Indiana, a pioneer in digital banking in the United States. Established with a focus on online-only operations, the company offers fully integrated, web-based financial solutions without the overhead of physical branches. Headquartered in Indianapolis, Indiana, First Internet Bancorp leverages technology to deliver streamlined banking services to customers across the country.

The company’s core offerings include a range of deposit products such as checking accounts, savings accounts, money market accounts, certificates of deposit (CDs) and individual retirement accounts (IRAs).