Prospera Financial Services Inc bought a new position in shares of First Internet Bancorp (NASDAQ: INBK – Get a rating) during the first quarter, according to the company in its latest 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,909 shares of the bank, valued at approximately $82,000.
A number of other institutional investors and hedge funds have also recently changed their positions in the company. American Century Companies Inc. increased its position in shares of First Internet Bancorp by 32.3% during the 4th quarter. American Century Companies Inc. now owns 29,335 shares of the bank worth $1,380,000 after acquiring 7,167 additional shares last quarter. Jacob Asset Management of New York LLC increased its position in shares of First Internet Bancorp by 20.7% during the fourth quarter. Jacob Asset Management of New York LLC now owns 54,778 shares of the bank worth $2,577,000 after acquiring 9,400 additional shares last quarter. Cornerstone Investment Partners LLC acquired a new stake in the shares of First Internet Bancorp during the 4th quarter for a value of approximately $481,000. Sonen Capital LLC acquired a new stake in the shares of First Internet Bancorp during the 4th quarter for a value of approximately $847,000. Finally, BNP Paribas Arbitrage SA increased its position in First Internet Bancorp shares by 52.2% during the 4th quarter. BNP Paribas Arbitrage SA now owns 3,902 shares in the bank worth $184,000 after acquiring 1,339 additional shares last quarter. Institutional investors and hedge funds hold 70.50% of the company’s shares.
A Wall Street analyst gives his opinion
Several analysts have recently released reports on the stock. StockNews.com downgraded shares of First Internet Bancorp from a “buy” rating to a “hold” rating in a Friday, July 22 research report. Keefe, Bruyette & Woods cut their price target on First Internet Bancorp shares from $66.00 to $62.00 and set an ‘outperform’ rating on the stock in a Thursday, April 21 research report . Craig Hallum cut his price target on First Internet Bancorp shares from $70.00 to $60.00 in a Tuesday, May 3 research report. TheStreet upgraded shares of First Internet Bancorp from a “c” rating to a “b-” rating in a Monday, June 6 research report. Finally, Piper Sandler cut her price target on First Internet Bancorp stock to $43.00 in a Friday, July 22 research report. One investment analyst has assigned the stock a hold rating and three have assigned the company’s stock a buy rating. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $55.00.
Performance of First Internet Bancorp shares
Shares of First Bancorp Internet Stock opened at $35.79 on Friday. First Internet Bancorp has a fifty-two week minimum of $28.05 and a fifty-two week maximum of $53.56. The company has a debt ratio of 1.65, a current ratio of 1.06 and a quick ratio of 1.05. The company has a market capitalization of $345.73 million, a P/E ratio of 7.80 and a beta of 0.66. The company’s 50-day moving average price is $36.84 and its two-hundred-day moving average price is $41.50.
First Internet Bank (NASDAQ: INBK – Get a rating) last reported results on Wednesday, July 20. The bank reported earnings per share of $0.99 for the quarter, missing analyst consensus estimates of $1.10 per ($0.11). First Internet Bancorp had a net margin of 27.30% and a return on equity of 12.80%. In the same quarter last year, the company posted earnings per share of $1.11. On average, stock analysts expect First Internet Bancorp to post earnings per share of 4.75 for the current fiscal year.
First Internet Bancorp Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, July 15. Shareholders of record on Friday, July 1 received a dividend of $0.06 per share. This represents an annualized dividend of $0.24 and a dividend yield of 0.67%. The ex-dividend date was Thursday, June 30. First Internet Bancorp’s payout ratio is currently 5.23%.
About First Internet Bancorp
First Internet Bancorp operates as a bank holding company for First Internet Bank of Indiana which provides commercial and retail banking products and services to personal and business customers in the United States. The company accepts interest-bearing and unpaid demand deposits, savings accounts, money market accounts and traded deposit accounts, as well as certificates of deposit.
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