Piper Sandler Lowers First Internet Bancorp (NASDAQ:INBK) Price Target to $38.00

First Internet Bancorp (NASDAQ:INBK) had its price target trimmed by Piper Sandler from $42.50 to $38.00 in a research report report published on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the bank’s stock.

Separately, Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $40.00 target price (down previously from $45.00) on shares of First Internet Bancorp in a research note on Friday, January 24th.

First Internet Bancorp Price Performance

INBK opened at $33.42 on Monday. The company has a fifty day simple moving average of $37.66 and a 200 day simple moving average of $36.18. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.61. The firm has a market cap of $289.75 million, a price-to-earnings ratio of 11.56 and a beta of 0.73. First Internet Bancorp has a twelve month low of $24.18 and a twelve month high of $43.26.

First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.51). First Internet Bancorp had a return on equity of 5.86% and a net margin of 7.45%. Equities research analysts expect that First Internet Bancorp will post 4.25 EPS for the current fiscal year.

First Internet Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid a $0.06 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $0.24 annualized dividend and a dividend yield of 0.72%. First Internet Bancorp’s payout ratio is currently 8.30%.

Institutional Trading of First Internet Bancorp

Several large investors have recently added to or reduced their stakes in the business. R Squared Ltd bought a new position in First Internet Bancorp in the 4th quarter valued at about $33,000. SG Americas Securities LLC acquired a new position in shares of First Internet Bancorp in the 3rd quarter worth $145,000. MetLife Investment Management LLC increased its stake in First Internet Bancorp by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 4,737 shares of the bank’s stock worth $162,000 after purchasing an additional 2,669 shares in the last quarter. XTX Topco Ltd acquired a new stake in shares of First Internet Bancorp during the third quarter valued at approximately $201,000. Finally, Jane Street Group LLC acquired a new stake in First Internet Bancorp during the 3rd quarter valued at $203,000. 65.46% of the stock is currently owned by institutional investors and hedge funds.

First Internet Bancorp Company Profile

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.