Connors Investor Services Inc. Increases Stock Position in First Internet Bancorp (NASDAQ:INBK)

Connors Investor Services Inc. raised its position in shares of First Internet Bancorp (NASDAQ:INBKGet Rating) by 1.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 117,798 shares of the bank’s stock after buying an additional 1,860 shares during the quarter. Connors Investor Services Inc. owned about 1.22% of First Internet Bancorp worth $5,066,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Indie Asset Partners LLC purchased a new position in First Internet Bancorp during the first quarter valued at $484,000. Acadian Asset Management LLC lifted its position in First Internet Bancorp by 22.9% during the first quarter. Acadian Asset Management LLC now owns 20,836 shares of the bank’s stock valued at $894,000 after buying an additional 3,882 shares during the period. MetLife Investment Management LLC lifted its position in First Internet Bancorp by 57.0% during the first quarter. MetLife Investment Management LLC now owns 5,314 shares of the bank’s stock valued at $229,000 after buying an additional 1,929 shares during the period. First Trust Advisors LP lifted its position in First Internet Bancorp by 9.8% during the first quarter. First Trust Advisors LP now owns 5,020 shares of the bank’s stock valued at $216,000 after buying an additional 447 shares during the period. Finally, Prospera Financial Services Inc purchased a new position in First Internet Bancorp during the first quarter valued at $82,000. Hedge funds and other institutional investors own 70.19% of the company’s stock.

First Internet Bancorp Price Performance

Shares of NASDAQ:INBK opened at $35.56 on Wednesday. First Internet Bancorp has a fifty-two week low of $28.11 and a fifty-two week high of $53.56. The business has a 50-day simple moving average of $36.67 and a two-hundred day simple moving average of $39.10. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.04 and a current ratio of 1.05. The firm has a market cap of $334.55 million, a price-to-earnings ratio of 7.75 and a beta of 0.63.

First Internet Bancorp (NASDAQ:INBKGet Rating) last issued its earnings results on Wednesday, July 20th. The bank reported $1.06 earnings per share for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.04). First Internet Bancorp had a return on equity of 12.89% and a net margin of 27.30%. The business had revenue of $29.99 million during the quarter, compared to analysts’ expectations of $31.05 million. During the same period last year, the firm posted $1.11 EPS. On average, analysts expect that First Internet Bancorp will post 4.75 earnings per share for the current year.

First Internet Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 15th. Shareholders of record on Friday, July 1st were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date of this dividend was Thursday, June 30th. First Internet Bancorp’s dividend payout ratio (DPR) is 5.23%.

Wall Street Analysts Forecast Growth

INBK has been the subject of several recent analyst reports. Piper Sandler lowered their price target on First Internet Bancorp to $43.00 in a research report on Friday, July 22nd. StockNews.com raised First Internet Bancorp from a “hold” rating to a “buy” rating in a research report on Friday, September 9th. Finally, TheStreet raised First Internet Bancorp from a “c” rating to a “b-” rating in a research report on Monday, June 6th. Four analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $55.00.

First Internet Bancorp Company Profile

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

See Also

Institutional Ownership by Quarter for First Internet Bancorp (NASDAQ:INBK)

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