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

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

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

First Internet Bancorp Stock Performance

Shares of First Internet Bancorp stock opened at $33.42 on Monday. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.61. The firm’s 50 day moving average is $37.66 and its two-hundred day moving average is $36.18. The firm has a market capitalization of $289.75 million, a P/E ratio of 11.56 and a beta of 0.73. First Internet Bancorp has a 52 week low of $24.18 and a 52 week high of $43.26.

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

First Internet Bancorp Dividend Announcement

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

Institutional Investors Weigh In On First Internet Bancorp

Several hedge funds have recently modified their holdings of INBK. R Squared Ltd purchased a new stake in shares of First Internet Bancorp during the 4th quarter worth $33,000. SG Americas Securities LLC acquired a new stake in First Internet Bancorp during the 3rd quarter valued at $145,000. MetLife Investment Management LLC boosted its stake in shares of First Internet Bancorp by 129.1% during the third quarter. MetLife Investment Management LLC now owns 4,737 shares of the bank’s stock valued at $162,000 after acquiring an additional 2,669 shares during the last quarter. XTX Topco Ltd acquired a new stake in shares of First Internet Bancorp during the 3rd quarter worth about $201,000. Finally, Jane Street Group LLC purchased a new stake in First Internet Bancorp in the 3rd quarter worth approximately $203,000. 65.46% of the stock is 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.