First Merchants Corp Takes Position in First Internet Bancorp (NASDAQ:INBK)

First Merchants Corp acquired a new position in First Internet Bancorp (NASDAQ:INBK) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 11,172 shares of the bank’s stock, valued at approximately $402,000. First Merchants Corp owned about 0.13% of First Internet Bancorp at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of INBK. Empowered Funds LLC bought a new position in shares of First Internet Bancorp in the 4th quarter worth $261,000. R Squared Ltd purchased a new position in First Internet Bancorp in the fourth quarter worth $33,000. SG Americas Securities LLC increased its stake in First Internet Bancorp by 22.5% in the fourth quarter. SG Americas Securities LLC now owns 5,181 shares of the bank’s stock valued at $186,000 after acquiring an additional 953 shares during the last quarter. JPMorgan Chase & Co. raised its position in First Internet Bancorp by 37.7% during the third quarter. JPMorgan Chase & Co. now owns 17,086 shares of the bank’s stock valued at $585,000 after purchasing an additional 4,675 shares in the last quarter. Finally, Franklin Resources Inc. lifted its stake in First Internet Bancorp by 3.1% during the third quarter. Franklin Resources Inc. now owns 99,620 shares of the bank’s stock worth $3,539,000 after purchasing an additional 2,981 shares during the last quarter. 65.46% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on INBK. Piper Sandler reduced their price objective on First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating on the stock in a research report on Monday, January 27th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $40.00 price target (down from $45.00) on shares of First Internet Bancorp in a research report on Friday, January 24th.

First Internet Bancorp Stock Down 1.1 %

INBK opened at $32.85 on Friday. First Internet Bancorp has a 12 month low of $24.18 and a 12 month high of $43.26. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.61. The business’s 50-day moving average price is $35.64 and its 200-day moving average price is $35.95. The company has a market cap of $284.81 million, a P/E ratio of 11.37 and a beta of 0.73.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings data on Wednesday, January 22nd. The bank reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.92 by ($0.51). First Internet Bancorp had a net margin of 7.45% and a return on equity of 5.86%. On average, equities analysts expect that First Internet Bancorp will post 4.11 EPS for the current year.

First Internet Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $0.24 annualized dividend and a yield of 0.73%. First Internet Bancorp’s payout ratio is currently 8.30%.

First Internet Bancorp Company 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.