Hovde Group Cuts First Internet Bancorp (NASDAQ:INBK) Price Target to $38.00

First Internet Bancorp (NASDAQ:INBK) had its price target decreased by Hovde Group from $38.50 to $38.00 in a research report report published on Friday, Marketbeat Ratings reports. Hovde Group currently has an outperform rating on the bank’s stock.

A number of other equities research analysts have also recently commented on INBK. Keefe, Bruyette & Woods raised their price target on First Internet Bancorp from $29.00 to $34.00 and gave the company a market perform rating in a report on Friday, January 26th. StockNews.com raised First Internet Bancorp from a sell rating to a hold rating in a report on Friday, January 5th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $35.75.

First Internet Bancorp Price Performance

NASDAQ:INBK opened at $31.06 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.98. The business’s 50-day simple moving average is $32.19 and its two-hundred day simple moving average is $26.37. The stock has a market cap of $268.98 million, a PE ratio of 16.35 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.

First Internet Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were given a dividend of $0.06 per share. The ex-dividend date was Wednesday, March 27th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.77%. First Internet Bancorp’s payout ratio is 12.63%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Public Employees Retirement System of Ohio grew its position in shares of First Internet Bancorp by 27.5% during the third quarter. Public Employees Retirement System of Ohio now owns 12,018 shares of the bank’s stock valued at $195,000 after purchasing an additional 2,592 shares in the last quarter. Brandywine Global Investment Management LLC grew its position in shares of First Internet Bancorp by 1.9% during the third quarter. Brandywine Global Investment Management LLC now owns 154,435 shares of the bank’s stock valued at $2,503,000 after purchasing an additional 2,900 shares in the last quarter. Patriot Financial Partners GP LP grew its position in First Internet Bancorp by 1.9% in 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 in the last quarter. Barclays PLC grew its position in First Internet Bancorp by 42.1% in the third quarter. Barclays PLC now owns 15,342 shares of the bank’s stock worth $249,000 after acquiring an additional 4,543 shares in the last quarter. Finally, Quadrature Capital Ltd grew its position in First Internet Bancorp by 44.4% in the third quarter. Quadrature Capital Ltd now owns 35,502 shares of the bank’s stock worth $569,000 after acquiring an additional 10,916 shares in the last quarter. Hedge funds and other 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, Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.