First Internet Bancorp (NASDAQ:INBK) Price Target Raised to $40.50 at Piper Sandler

First Internet Bancorp (NASDAQ:INBK) had its price objective increased by stock analysts at Piper Sandler from $30.00 to $40.50 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has a “neutral” rating on the bank’s stock. Piper Sandler’s price target indicates a potential upside of 3.58% from the company’s previous close.

A number of other research firms also recently weighed in on INBK. Keefe, Bruyette & Woods boosted their target price on First Internet Bancorp from $36.00 to $42.00 and gave the stock a “market perform” rating in a research report on Friday. Craig Hallum boosted their target price on First Internet Bancorp from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Hovde Group upped their price objective on First Internet Bancorp from $38.00 to $44.00 and gave the company an “outperform” rating in a report on Friday. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, First Internet Bancorp currently has a consensus rating of “Hold” and an average target price of $42.88.

First Internet Bancorp Trading Up 8.9 %

INBK stock opened at $39.10 on Monday. The company has a market cap of $338.61 million, a P/E ratio of 20.58 and a beta of 0.68. First Internet Bancorp has a twelve month low of $14.11 and a twelve month high of $39.46. 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 business has a fifty day moving average of $29.68 and a 200-day moving average of $30.80.

First Internet Bancorp (NASDAQ:INBK) last released its earnings results on Wednesday, July 24th. The bank reported $0.72 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.72. The company had revenue of $81.99 million during 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 quarter in the previous year, the company posted $0.44 earnings per share. As a group, equities research analysts expect that First Internet Bancorp will post 3.1 EPS for the current year.

Institutional Investors Weigh In On First Internet Bancorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Ancora Advisors LLC increased its holdings 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 acquiring an additional 14,190 shares in the last quarter. Sapient Capital LLC bought a new stake in shares of First Internet Bancorp in the fourth quarter worth about $3,495,000. Acadian Asset Management LLC increased its holdings 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 acquiring an additional 70,725 shares in the last quarter. Foundry Partners LLC increased its holdings 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 acquiring an additional 35,140 shares in the last quarter. Finally, Acuitas Investments LLC bought a new stake in shares of First Internet Bancorp in the fourth quarter worth about $1,940,000. 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, and Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.