First Internet Bancorp (NASDAQ:INBK) Price Target Raised to $30.00 at Piper Sandler

First Internet Bancorp (NASDAQ:INBK) had its target price raised by Piper Sandler from $19.00 to $30.00 in a research report sent to investors on Monday morning, Analyst Ratings Network reports. Piper Sandler currently has an overweight rating on the bank’s stock.

A number of other equities analysts have also recently issued reports on the company. ValuEngine upgraded First Internet Bancorp from a strong sell rating to a sell rating in a report on Friday. Janney Montgomery Scott upgraded First Internet Bancorp from a neutral rating to a buy rating in a report on Friday, July 24th. Finally, Zacks Investment Research cut First Internet Bancorp from a buy rating to a hold rating in a report on Friday, October 2nd. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company’s stock. First Internet Bancorp has a consensus rating of Hold and an average price target of $26.50.

Shares of INBK opened at $23.13 on Monday. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 1.90. First Internet Bancorp has a 1 year low of $10.47 and a 1 year high of $28.50. The stock has a market cap of $226.65 million, a P/E ratio of 9.76 and a beta of 0.79. The stock’s 50-day moving average price is $16.69 and its two-hundred day moving average price is $15.81.

First Internet Bancorp (NASDAQ:INBK) last issued its earnings results on Wednesday, October 21st. The bank reported $1.03 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.63. First Internet Bancorp had a return on equity of 7.71% and a net margin of 13.90%. As a group, equities analysts forecast that First Internet Bancorp will post 1.92 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Thursday, October 1st were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.04%. The ex-dividend date of this dividend was Wednesday, September 30th. First Internet Bancorp’s dividend payout ratio is presently 9.56%.

In other news, Director Jerry L. Williams bought 2,000 shares of the company’s stock in a transaction that occurred on Thursday, August 27th. The shares were acquired at an average price of $14.99 per share, with a total value of $29,980.00. Following the transaction, the director now owns 44,036 shares in the company, valued at $660,099.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 6.50% of the stock is currently owned by company insiders.

A number of institutional investors have recently made changes to their positions in INBK. Nwam LLC raised its position in First Internet Bancorp by 19.3% in the 2nd quarter. Nwam LLC now owns 12,563 shares of the bank’s stock valued at $209,000 after buying an additional 2,036 shares during the last quarter. Bank of America Corp DE raised its position in First Internet Bancorp by 16.3% in the 2nd quarter. Bank of America Corp DE now owns 14,161 shares of the bank’s stock valued at $236,000 after buying an additional 1,987 shares during the last quarter. Sei Investments Co. acquired a new position in shares of First Internet Bancorp during the 2nd quarter worth approximately $241,000. Advisor Group Holdings Inc. acquired a new position in shares of First Internet Bancorp during the 1st quarter worth approximately $284,000. Finally, California Public Employees Retirement System increased its position in shares of First Internet Bancorp by 61.9% during the 2nd quarter. California Public Employees Retirement System now owns 19,100 shares of the bank’s stock worth $317,000 after purchasing an additional 7,300 shares during the last quarter. 71.27% of the stock is currently owned by institutional investors and hedge funds.

About First Internet Bancorp

First Internet Bancorp operates as a bank holding company for First Internet Bank of Indiana that provides commercial and retail banking products and services in the United States. The company offers savings and money market accounts, non-interest bearing and interest-bearing demand deposits, brokered deposit accounts, and certificates of deposit.

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