First Internet Bancorp (NASDAQ:INBK – Get Free Report) was raised by equities research analysts at Hovde Group from $38.00 to $44.00 in a research note issued to investors on Friday, MarketBeat reports. The firm currently has an “outperform” rating on the bank’s stock. Hovde Group’s price target suggests a potential upside of 12.53% from the company’s previous close.

Several other equities research analysts also recently commented on the company. Keefe, Bruyette & Woods reiterated a “market perform” rating and gave a $36.00 price target (up from $34.00) on shares of First Internet Bancorp in a research report on Friday, April 26th. Piper Sandler lowered their price target on First Internet Bancorp from $35.00 to $34.00 and gave the stock a “neutral” rating in a research report on Monday, April 29th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $41.25.

View our latest research report on First Internet Bancorp

First Internet Bancorp Price Development

Shares of First Internet Bancorp opened at $39.10 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.85. The company has a market cap of $338.61 million, a price-to-earnings ratio of 20.58 and a beta of 0.68. First Internet Bancorp has a 52-week low of $14.11 and a 52-week high of $39.46. The stock’s 50-day simple moving average is $29.68 and its 200-day simple moving average is $30.76.

First Internet Bancorp (NASDAQ:INBK – Get Free Report) last released its earnings results on Wednesday, July 24. The bank reported $0.72 EPS for the quarter, which topped analysts’ consensus estimates of $0.72. The company had revenue of $81.99 million for the quarter, compared to the consensus estimate of $30.55 million. First Internet Bancorp had a return on equity of 5.27% and a net margin of 6.12%. During the same period last year, the company earned $0.44 EPS. As a group, analysts expect First Internet Bancorp to post 3.1 EPS for the current fiscal year.

Institutional investors weigh in on First Internet Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ancora Advisors LLC increased its stake in shares of First Internet Bancorp by 7.0% in the first quarter. Ancora Advisors LLC now owns 216,712 shares of the bank’s stock worth $7,529,000 after purchasing an additional 14,190 shares in the last quarter. Sapient Capital LLC purchased a new position in shares of First Internet Bancorp in the fourth quarter worth approximately $3,495,000. Acadian Asset Management LLC increased its stake in shares of First Internet Bancorp by 263.2% in the first quarter. Acadian Asset Management LLC now owns 97,600 shares of the bank’s stock worth $3,389,000 after purchasing an additional 70,725 shares in the last quarter. Foundry Partners LLC increased its stake in shares of First Internet Bancorp by 56.6% in the first quarter. Foundry Partners LLC now owns 97,245 shares of the bank’s stock worth $3,378,000 after purchasing an additional 35,140 shares in the last quarter. Finally, Acuitas Investments LLC bought a new position in shares of First Internet Bancorp in the fourth quarter worth about $1,940,000. 65.46% of the shares are currently owned by hedge funds and other institutional investors.

Company Profile of First Internet Bancorp

(Get free report)

First Internet Bancorp operates as the bank holding company for First Internet Bank of Indiana, which provides commercial, small business, consumer and municipal banking products and services to individuals and business customers in the United States. The company accepts noninterest-bearing and interest-bearing deposits, commercial deposits, savings accounts, money market accounts and Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.

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