Piper Sandler Cuts First Internet Bancorp (NASDAQ:INBK) Price Target to $22.00
Piper Sandler has reduced its price target for First Internet Bancorp (NASDAQ:INBK) from $25.50 to $22.00, maintaining a "neutral" rating. This new target suggests a potential upside of 10.36% from the current price. Other analysts have varied ratings, with one Buy, three Holds, and one Sell. The stock opened at $19.94, with a 12-month low of $18.48 and a high of $43.26. The bank reported a loss of $1.43 EPS for the last quarter, missing estimates significantly.
First Internet Bancorp (NASDAQ:INBK - Get Free Report) had its price objective dropped by Piper Sandler from $25.50 to $22.00 in a research report issued on Monday,Benzinga reports. The firm currently has a "neutral" rating on the bank's stock. Piper Sandler's price target would suggest a potential upside of 10.36% from the company's current price.
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Other research analysts also recently issued research reports about the company. Zacks Research upgraded First Internet Bancorp from a "strong sell" rating to a "hold" rating in a report on Thursday, September 25th. Wall Street Zen downgraded First Internet Bancorp from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. Weiss Ratings reiterated a "sell (d+)" rating on shares of First Internet Bancorp in a report on Saturday. Keefe, Bruyette & Woods decreased their price objective on First Internet Bancorp from $27.00 to $25.00 and set a "market perform" rating on the stock in a report on Friday. Finally, Hovde Group cut their target price on First Internet Bancorp from $29.00 to $26.00 and set an "outperform" rating on the stock in a research note on Friday. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, First Internet Bancorp currently has a consensus rating of "Hold" and a consensus price target of $24.33.
Read Our Latest Analysis on First Internet Bancorp
First Internet Bancorp Trading Up 0.7%
NASDAQ INBK opened at $19.94 on Monday. The stock's 50-day simple moving average is $23.30 and its two-hundred day simple moving average is $23.90. First Internet Bancorp has a twelve month low of $18.48 and a twelve month high of $43.26. The company has a quick ratio of 0.90, a current ratio of 0.93 and a debt-to-equity ratio of 0.95. The company has a market capitalization of $173.63 million, a price-to-earnings ratio of -5.27 and a beta of 0.79.
First Internet Bancorp (NASDAQ:INBK - Get Free Report) last released its quarterly earnings results on Wednesday, October 22nd. The bank reported ($1.43) earnings per share for the quarter, missing analysts' consensus estimates of $0.66 by ($2.09). First Internet Bancorp had a negative net margin of 9.35% and a negative return on equity of 2.00%. The firm had revenue of $43.53 million for the quarter, compared to analysts' expectations of $33.48 million. Research analysts forecast that First Internet Bancorp will post 4.11 EPS for the current fiscal year.
Institutional Trading of First Internet Bancorp
Several large investors have recently bought and sold shares of INBK. AlphaQuest LLC boosted its position in shares of First Internet Bancorp by 239.4% in the 1st quarter. AlphaQuest LLC now owns 1,361 shares of the bank's stock worth $36,000 after purchasing an additional 960 shares in the last quarter. US Bancorp DE bought a new stake in shares of First Internet Bancorp in the 1st quarter worth approximately $38,000. Tower Research Capital LLC TRC boosted its position in shares of First Internet Bancorp by 202.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,789 shares of the bank's stock worth $48,000 after purchasing an additional 1,198 shares in the last quarter. Jump Financial LLC purchased a new position in First Internet Bancorp in the 2nd quarter worth approximately $236,000. Finally, Jane Street Group LLC purchased a new position in First Internet Bancorp in the 1st quarter worth approximately $297,000. 65.46% of the stock is owned by institutional investors.
First Internet Bancorp Company Profile
(Get Free Report)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.
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