Creative Planning Makes New Investment in First Internet Bancorp $INBK

Creative Planning acquired a new stake in shares of First Internet Bancorp (NASDAQ:INBK) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 62,851 shares of the bank’s stock, valued at approximately $1,691,000. Creative Planning owned 0.72% of First Internet Bancorp as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Hsbc Holdings PLC increased its position in shares of First Internet Bancorp by 7.0% during the first quarter. Hsbc Holdings PLC now owns 11,579 shares of the bank’s stock worth $302,000 after acquiring an additional 758 shares in the last quarter. AlphaQuest LLC increased its stake in shares of First Internet Bancorp by 239.4% during the 1st quarter. AlphaQuest LLC now owns 1,361 shares of the bank’s stock worth $36,000 after purchasing an additional 960 shares during the last quarter. US Bancorp DE bought a new stake in First Internet Bancorp in the first quarter valued at approximately $38,000. Acadian Asset Management LLC raised its stake in First Internet Bancorp by 0.9% in the 1st quarter. Acadian Asset Management LLC now owns 186,529 shares of the bank’s stock valued at $4,994,000 after acquiring an additional 1,731 shares during the period. Finally, Victory Capital Management Inc. lifted its stake in shares of First Internet Bancorp by 8.7% during the 1st quarter. Victory Capital Management Inc. now owns 28,250 shares of the bank’s stock worth $757,000 after buying an additional 2,272 shares during the last quarter. 65.46% of the stock is currently owned by institutional investors.

Insider Activity

In other First Internet Bancorp news, CEO David B. Becker purchased 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 29th. The shares were acquired at an average cost of $18.67 per share, for a total transaction of $93,350.00. Following the completion of the acquisition, the chief executive officer owned 419,194 shares of the company’s stock, valued at $7,826,351.98. The trade was a 1.21% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John K. Keach, Jr. bought 2,000 shares of the stock in a transaction dated Tuesday, October 28th. The shares were acquired at an average price of $19.34 per share, for a total transaction of $38,680.00. Following the completion of the purchase, the director directly owned 37,046 shares in the company, valued at approximately $716,469.64. This trade represents a 5.71% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought a total of 10,110 shares of company stock worth $187,863 over the last quarter. Insiders own 8.00% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Piper Sandler dropped their target price on First Internet Bancorp from $25.50 to $22.00 and set a “neutral” rating for the company in a report on Monday, October 27th. Keefe, Bruyette & Woods lowered their target price on First Internet Bancorp from $27.00 to $25.00 and set a “market perform” rating for the company in a research note on Friday, October 24th. Hovde Group dropped their price target on First Internet Bancorp from $29.00 to $26.00 and set an “outperform” rating for the company in a research note on Friday, October 24th. Zacks Research downgraded shares of First Internet Bancorp from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 28th. Finally, Wall Street Zen lowered First Internet Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, August 2nd. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average price target of $24.33.

First Internet Bancorp Trading Down 0.3%

Shares of First Internet Bancorp stock opened at $19.01 on Thursday. The stock has a market capitalization of $165.50 million, a PE ratio of -5.00 and a beta of 0.93. The stock has a 50 day moving average price of $20.46 and a two-hundred day moving average price of $23.19. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.90 and a current ratio of 0.93. First Internet Bancorp has a 52 week low of $17.05 and a 52 week high of $42.75.

First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings data on Wednesday, October 22nd. The bank reported ($1.43) earnings per share for the quarter, missing analysts’ consensus estimates of $0.66 by ($2.09). First Internet Bancorp had a negative net margin of 9.35% and a negative return on equity of 2.00%. The business had revenue of $43.53 million during the quarter, compared to the consensus estimate of $33.48 million. As a group, equities analysts anticipate that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

First Internet Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend was Tuesday, September 30th. First Internet Bancorp’s dividend payout ratio is presently -6.32%.

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.