Vanguard Group Inc. Has $15.85 Million Stock Holdings in First Internet Bancorp (NASDAQ:INBK)

Vanguard Group Inc. grew its stake in First Internet Bancorp (NASDAQ:INBK) by 1.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 440,356 shares of the bank’s stock after acquiring an additional 7,066 shares during the quarter. Vanguard Group Inc. owned 5.08% of First Internet Bancorp worth $15,848,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. State Street Corp lifted its holdings in shares of First Internet Bancorp by 8.9% in the third quarter. State Street Corp now owns 106,282 shares of the bank’s stock valued at $3,648,000 after purchasing an additional 8,701 shares in the last quarter. Jane Street Group LLC bought a new stake in shares of First Internet Bancorp in the third quarter worth $203,000. XTX Topco Ltd acquired a new position in First Internet Bancorp during the third quarter worth $201,000. Barclays PLC boosted its holdings in First Internet Bancorp by 20.5% during the third quarter. Barclays PLC now owns 20,286 shares of the bank’s stock worth $696,000 after purchasing an additional 3,447 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in First Internet Bancorp by 2.0% in the third quarter. Geode Capital Management LLC now owns 201,641 shares of the bank’s stock valued at $6,909,000 after purchasing an additional 3,967 shares in the last quarter. 65.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. StockNews.com cut shares of First Internet Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, March 27th. Hovde Group dropped their price target on First Internet Bancorp from $44.00 to $39.00 and set an “outperform” rating for the company in a report on Wednesday, April 2nd. Piper Sandler reduced their price target on First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating for the company in a research note on Monday, January 27th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $40.00 price objective (down previously from $45.00) on shares of First Internet Bancorp in a research report on Friday, January 24th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $40.50.

First Internet Bancorp Stock Up 2.7 %

First Internet Bancorp stock opened at $23.80 on Friday. The firm has a market cap of $206.99 million, a price-to-earnings ratio of 8.24 and a beta of 0.52. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.98 and a current ratio of 0.99. First Internet Bancorp has a 52-week low of $21.76 and a 52-week high of $43.26. The firm has a 50 day moving average price of $27.60 and a two-hundred day moving average price of $33.60.

First Internet Bancorp (NASDAQ:INBK) last issued its earnings results on Wednesday, January 22nd. The bank reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.51). First Internet Bancorp had a return on equity of 5.86% and a net margin of 7.45%. Equities analysts predict that First Internet Bancorp will post 4.11 EPS for the current year.

First Internet Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.01%. The ex-dividend date was Monday, March 31st. First Internet Bancorp’s payout ratio is presently 8.30%.

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, and Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.