First Internet Bancorp $INBK Shares Purchased by Hsbc Holdings PLC

Hsbc Holdings PLC boosted its stake in First Internet Bancorp (NASDAQ:INBK) by 7.0% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 11,579 shares of the bank’s stock after acquiring an additional 758 shares during the period. Hsbc Holdings PLC owned 0.13% of First Internet Bancorp worth $302,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in INBK. Heartland Advisors Inc. increased its position in First Internet Bancorp by 20.2% in the 1st quarter. Heartland Advisors Inc. now owns 240,400 shares of the bank’s stock valued at $6,438,000 after acquiring an additional 40,400 shares during the period. Patriot Financial Partners GP LP raised its stake in shares of First Internet Bancorp by 8.0% during the 1st quarter. Patriot Financial Partners GP LP now owns 403,482 shares of the bank’s stock worth $10,805,000 after buying an additional 30,000 shares in the last quarter. Nuveen LLC purchased a new position in shares of First Internet Bancorp during the 1st quarter worth approximately $725,000. American Century Companies Inc. raised its stake in shares of First Internet Bancorp by 17.2% during the 1st quarter. American Century Companies Inc. now owns 134,335 shares of the bank’s stock worth $3,597,000 after buying an additional 19,730 shares in the last quarter. Finally, Foundry Partners LLC raised its stake in shares of First Internet Bancorp by 10.0% during the 1st quarter. Foundry Partners LLC now owns 149,361 shares of the bank’s stock worth $4,000,000 after buying an additional 13,527 shares in the last quarter. Institutional investors and hedge funds own 65.46% of the company’s stock.

Wall Street Analysts Forecast Growth

INBK has been the subject of a number of analyst reports. Hovde Group cut their target price on First Internet Bancorp from $32.00 to $29.00 and set an “outperform” rating for the company in a research note on Monday, July 28th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $27.00 target price (down from $30.00) on shares of First Internet Bancorp in a research note on Monday, July 28th. Piper Sandler cut their target price on First Internet Bancorp from $27.00 to $26.00 and set a “neutral” rating for the company in a research note on Monday, July 28th. Finally, Wall Street Zen downgraded First Internet Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, August 2nd. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $27.33.

First Internet Bancorp Stock Performance

INBK opened at $24.61 on Thursday. The stock has a market cap of $214.35 million, a P/E ratio of 13.98 and a beta of 0.80. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.93 and a quick ratio of 0.90. The stock’s 50 day simple moving average is $25.09 and its 200 day simple moving average is $25.22. First Internet Bancorp has a 1-year low of $19.54 and a 1-year high of $43.26.

First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings results on Wednesday, July 23rd. The bank reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.31). The firm had revenue of $33.55 million during the quarter, compared to analyst estimates of $30.08 million. First Internet Bancorp had a return on equity of 3.03% and a net margin of 4.36%. As a group, equities analysts anticipate that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date was Monday, June 30th. First Internet Bancorp’s dividend payout ratio is 13.64%.

First Internet Bancorp Profile

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.