Hovde Group Issues Positive Forecast for First Internet Bancorp (NASDAQ:INBK) Stock Price

First Internet Bancorp (NASDAQ:INBK) had its price target increased by research analysts at Hovde Group from $26.00 to $29.00 in a research report issued on Friday, Marketbeat Ratings reports. The brokerage currently has an “outperform” rating on the bank’s stock. Hovde Group’s price target would indicate a potential upside of 30.40% from the company’s previous close.

A number of other analysts have also recently commented on INBK. Zacks Research upgraded shares of First Internet Bancorp from a “strong sell” rating to a “hold” rating in a report on Thursday, December 25th. Keefe, Bruyette & Woods cut their price objective on shares of First Internet Bancorp from $27.00 to $25.00 and set a “market perform” rating on the stock in a report on Friday, October 24th. Piper Sandler decreased their target price on shares of First Internet Bancorp from $25.50 to $22.00 and set a “neutral” rating for the company in a research note on Monday, October 27th. Wall Street Zen raised First Internet Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of First Internet Bancorp in a research report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $25.33.

First Internet Bancorp Stock Performance

First Internet Bancorp stock opened at $22.24 on Friday. First Internet Bancorp has a fifty-two week low of $17.05 and a fifty-two week high of $34.21. The stock’s 50 day simple moving average is $21.01 and its two-hundred day simple moving average is $21.97. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.88 and a current ratio of 0.91. The stock has a market cap of $193.71 million, a price-to-earnings ratio of -5.85 and a beta of 0.81.

First Internet Bancorp (NASDAQ:INBK) last announced its earnings results on Thursday, January 29th. The bank reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.05. First Internet Bancorp had a negative return on equity of 2.05% and a negative net margin of 9.35%.The firm had revenue of $42.11 million during the quarter, compared to analyst estimates of $32.80 million. As a group, analysts expect that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

Insider Activity

In other news, COO Nicole S. Lorch bought 2,000 shares of the firm’s stock in a transaction on Monday, November 17th. The shares were bought at an average price of $17.96 per share, for a total transaction of $35,920.00. Following the purchase, the chief operating officer owned 70,206 shares in the company, valued at approximately $1,260,899.76. The trade was a 2.93% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 8.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in INBK. Royal Bank of Canada raised its position in shares of First Internet Bancorp by 78.5% during the first quarter. Royal Bank of Canada now owns 13,789 shares of the bank’s stock valued at $369,000 after buying an additional 6,064 shares during the last quarter. Empowered Funds LLC grew its stake in First Internet Bancorp by 81.4% during the first quarter. Empowered Funds LLC now owns 13,135 shares of the bank’s stock valued at $352,000 after acquiring an additional 5,893 shares in the last quarter. Jane Street Group LLC bought a new stake in First Internet Bancorp in the 1st quarter valued at $297,000. CSM Advisors LLC purchased a new stake in First Internet Bancorp in the 2nd quarter worth $3,923,000. Finally, Creative Planning bought a new position in shares of First Internet Bancorp during the 2nd quarter valued at about $1,691,000. 65.46% of the stock is currently owned by institutional investors.

First Internet Bancorp Company Profile

First Internet Bancorp is the bank holding company for First Internet Bank of Indiana, a pioneer in digital banking in the United States. Established with a focus on online-only operations, the company offers fully integrated, web-based financial solutions without the overhead of physical branches. Headquartered in Indianapolis, Indiana, First Internet Bancorp leverages technology to deliver streamlined banking services to customers across the country.

The company’s core offerings include a range of deposit products such as checking accounts, savings accounts, money market accounts, certificates of deposit (CDs) and individual retirement accounts (IRAs).