Piper Sandler Trims First Internet Bancorp (NASDAQ:INBK) Target Price to $34.00

First Internet Bancorp (NASDAQ:INBK) had its price target reduced by Piper Sandler from $35.00 to $34.00 in a research note issued to investors on Monday morning, Benzinga reports. Piper Sandler currently has a neutral rating on the bank’s stock.

INBK has been the topic of a number of other reports. Hovde Group cut their target price on shares of First Internet Bancorp from $38.50 to $38.00 and set an outperform rating on the stock in a research report on Friday, April 26th. StockNews.com raised shares of First Internet Bancorp from a sell rating to a hold rating in a research note on Friday, January 5th. Finally, Keefe, Bruyette & Woods reiterated a market perform rating and set a $36.00 target price (up previously from $34.00) on shares of First Internet Bancorp in a research report on Friday, April 26th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $35.75.

First Internet Bancorp Trading Up 0.2 %

Shares of INBK opened at $31.11 on Monday. The stock’s fifty day simple moving average is $32.14 and its 200-day simple moving average is $26.50. The firm has a market capitalization of $269.41 million, a PE ratio of 16.37 and a beta of 0.72. First Internet Bancorp has a 12-month low of $9.68 and a 12-month high of $35.72. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.98.

First Internet Bancorp Dividend Announcement

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

Institutional Investors Weigh In On First Internet Bancorp

Several large investors have recently bought and sold shares of the company. Sapient Capital LLC acquired a new position in shares of First Internet Bancorp in the 4th quarter valued at $3,094,000. GSA Capital Partners LLP acquired a new position in First Internet Bancorp in the third quarter valued at about $1,031,000. Patriot Financial Partners GP LP increased its holdings in shares of 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. Citigroup Inc. raised its position in shares of First Internet Bancorp by 101,984.6% during the third quarter. Citigroup Inc. now owns 26,542 shares of the bank’s stock worth $430,000 after purchasing an additional 26,516 shares during the period. Finally, Acuitas Investments LLC bought a new position in shares of First Internet Bancorp during the 4th quarter valued at about $1,940,000. 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.