First Internet Bancorp (NASDAQ:INBK) PT Lowered to $34.00

First Internet Bancorp (NASDAQ:INBK) had its price target decreased by equities research analysts at Piper Sandler from $35.00 to $34.00 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 target price points to a potential upside of 9.50% from the company’s current price.

INBK has been the topic of several other research reports. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $36.00 price target (up previously from $34.00) on shares of First Internet Bancorp in a report on Friday. StockNews.com upgraded shares of First Internet Bancorp from a “sell” rating to a “hold” rating in a report on Friday, January 5th. Finally, Hovde Group lowered their price target on First Internet Bancorp from $38.50 to $38.00 and set an “outperform” rating for the company in a report on Friday. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $35.75.

First Internet Bancorp Price Performance

Shares of NASDAQ INBK opened at $31.05 on Monday. The stock has a market cap of $268.89 million, a price-to-earnings ratio of 16.34 and a beta of 0.72. First Internet Bancorp has a 52 week low of $9.68 and a 52 week high of $35.72. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.98. The company’s 50-day moving average price is $32.23 and its 200 day moving average price is $26.28.

Institutional Investors Weigh In On First Internet Bancorp

Large investors have recently added to or reduced their stakes in the company. Sapient Capital LLC purchased a new position in First Internet Bancorp in the fourth quarter valued at about $3,094,000. GSA Capital Partners LLP acquired a new position in shares of First Internet Bancorp during the third quarter valued at $1,031,000. Patriot Financial Partners GP LP grew its position in shares of First Internet Bancorp by 1.9% during the third quarter. Patriot Financial Partners GP LP now owns 155,482 shares of the bank’s stock worth $2,520,000 after acquiring an additional 2,958 shares during the last quarter. Citigroup Inc. increased its holdings in shares of First Internet Bancorp by 101,984.6% in the 3rd quarter. Citigroup Inc. now owns 26,542 shares of the bank’s stock worth $430,000 after acquiring an additional 26,516 shares during the period. Finally, Acuitas Investments LLC bought a new stake in First Internet Bancorp in the 4th quarter valued at about $1,940,000. 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, Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.