First Internet Bancorp (NASDAQ:INBK) Price Target Raised to $29.00 at Hovde Group

First Internet Bancorp (NASDAQ:INBK) had its price objective upped by Hovde Group from $26.00 to $29.00 in a research note released on Friday morning, MarketBeat.com reports. The brokerage currently has an outperform rating on the bank’s stock.

INBK has been the topic of several other reports. 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 reduced their price target on shares of First Internet Bancorp from $27.00 to $25.00 and set a “market perform” rating on the stock in a research note on Friday, October 24th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of First Internet Bancorp in a research report on Monday, December 29th. Wall Street Zen raised First Internet Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th. Finally, Piper Sandler lowered their price target on First Internet Bancorp from $25.50 to $22.00 and set a “neutral” rating for the company in a research report on Monday, October 27th. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $25.17.

First Internet Bancorp Stock Down 2.0%

INBK stock opened at $21.79 on Friday. First Internet Bancorp has a one year low of $17.05 and a one year high of $34.21. The firm has a market cap of $189.70 million, a PE ratio of -5.41 and a beta of 0.81. The firm’s 50 day moving average price is $21.06 and its 200-day moving average price is $21.93. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.88 and a current ratio of 0.91.

First Internet Bancorp (NASDAQ:INBK) last posted 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 1.52% and a negative net margin of 10.05%.The company had revenue of $42.11 million during the quarter, compared to analysts’ expectations of $32.80 million. On average, equities research analysts anticipate that First Internet Bancorp will post 4.11 EPS for the current year.

First Internet Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.1%. The ex-dividend date was Wednesday, December 31st. First Internet Bancorp’s dividend payout ratio (DPR) is presently -5.96%.

Insider Transactions at First Internet Bancorp

In related news, COO Nicole S. Lorch bought 2,000 shares of the stock in a transaction that occurred on Monday, November 17th. The stock was purchased at an average cost of $17.96 per share, with a total value of $35,920.00. Following the purchase, the chief operating officer directly owned 70,206 shares of the company’s stock, valued at $1,260,899.76. This trade represents a 2.93% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 8.00% of the company’s stock.

Hedge Funds Weigh In On First Internet Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bridgeway Capital Management LLC increased its stake in shares of First Internet Bancorp by 1.3% during the third quarter. Bridgeway Capital Management LLC now owns 44,217 shares of the bank’s stock worth $992,000 after buying an additional 584 shares during the period. Man Group plc grew its holdings in First Internet Bancorp by 5.1% during the 3rd quarter. Man Group plc now owns 21,818 shares of the bank’s stock worth $489,000 after acquiring an additional 1,053 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in First Internet Bancorp by 202.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,789 shares of the bank’s stock worth $48,000 after acquiring an additional 1,198 shares in the last quarter. Sowell Financial Services LLC increased its position in shares of First Internet Bancorp by 13.2% in the 4th quarter. Sowell Financial Services LLC now owns 11,122 shares of the bank’s stock valued at $232,000 after purchasing an additional 1,301 shares during the last quarter. Finally, First Trust Advisors LP raised its holdings in shares of First Internet Bancorp by 4.9% in the 2nd quarter. First Trust Advisors LP now owns 31,683 shares of the bank’s stock valued at $852,000 after purchasing an additional 1,474 shares in the last quarter. Hedge funds and other institutional investors own 65.46% of the company’s stock.

First Internet Bancorp News Summary

Here are the key news stories impacting First Internet Bancorp this week:

• Positive Sentiment: Q4 beat — INBK reported $0.64 EPS vs. $0.59 expected and revenue of $42.1M vs. $32.8M consensus; management highlighted strong net interest income (up ~29%) and revenue momentum. This is the primary bullish catalyst supporting upside. Business Wire – Q4 Results
• Positive Sentiment: Analyst upgrade/raise — Hovde Group raised its price target from $26 to $29 and moved to an “outperform” rating, implying material upside from current levels and giving fundamental validation to the quarter’s strength. The Fly – Hovde Raise
• Neutral Sentiment: Earnings call/transcript available — Analysts and investors can review management’s commentary on revenue mix, margin outlook and deposit/loan trends in the call transcript and highlights to gauge sustainability of the quarter’s growth. These details could swing sentiment once parsed. Yahoo Finance – Q4 Highlights
• Neutral Sentiment: Short interest data shows no meaningful short position (reporting shows 0 shares), which appears anomalous and shouldn’t be treated as a clear signal until corrected by exchanges.
• Negative Sentiment: Analyst downgrade/price-target cut — Keefe, Bruyette & Woods lowered its target from $25 to $23 and set a “market perform” rating, reducing a portion of the street’s upside and likely contributing to intraday selling pressure. Benzinga – KBW Cut
• Negative Sentiment: Profitability concerns — despite revenue growth, INBK still reported a negative net margin and negative return on equity for the quarter; longer-term profitability and ROE normalization will be required to justify higher multiples. MarketBeat – Earnings Summary

About First Internet Bancorp

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).