Citigroup increased its stake in First Internet Bancorp (NASDAQ: INBK – Free Report ) by 101,984.6% in the third quarter, HoldingsChannel reports. The institutional investor owns 26,542 shares of the bank’s stock after purchasing an additional 26,516 shares during the period. As of the most recent filing with the SEC, Citigroup’s stake in First Internet Bancorp was worth $430,000.
Several other institutional investors have also recently modified their holdings in INBK. Russell Investments Group Ltd. acquired a new stake in shares of First Internet Bancorp during the first quarter valued at $38,000. Tower Research Capital LLC TRC increased its holdings in shares of First Internet Bancorp by 148.9% during the third quarter. Tower Research Capital LLC TRC now owns 1,267 shares of the bank’s stock valued at $42,000 after purchasing an additional 758 shares during the last quarter. Point72 Middle East FZE acquired a new stake in First Internet Bancorp during the second quarter valued at $51,000. Barclays increased its holdings in shares of First Internet Bancorp by 521.7% in the fourth quarter. Barclays PLC now owns 2,325 shares of the bank worth $56,000 after purchasing an additional 1,951 shares during the last quarter. Finally, UBS Group AG increased its holdings in shares of First Internet Bank by 5,450.0% in the fourth quarter. UBS Group AG now owns 2,442 shares of the bank’s stock valued at $59,000 after purchasing an additional 2,398 shares during the last quarter. Institutional investors and hedge funds hold 62.43% of the company’s shares.
Analyst upgrades and downgrades
INBK has been the subject of several analyst reports. Keefe, Bruyette & Woods raised their price objective on shares of First Internet Bancorp from $29.00 to $34.00 and gave the company a “market perform” rating in a research report on Friday, January 26th. Craig Hallum raised shares of First Internet Bancorp from a “hold” rating to a “buy” rating and raised their target price for the stock from $19.00 to $35.00 in a research note on Monday, December 18th. . Finally, StockNews.com raised shares of First Internet Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, January 5th. Three investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $29.00.
Get our latest report on INBK
First Internet Bank stock performance
NASDAQ:INBK opened Monday at $34.21. The company has a 50-day moving average of $30.90 and a 200-day moving average of $23.58. First Internet Bancorp has a 52-week low of $9.68 and a 52-week high of $34.96. The company has a debt-to-equity ratio of 1.98, a quick ratio of 1.04, and a current ratio of 1.04. The company has a market capitalization of $296.26 million, a P/E ratio of 29.24, and a beta of 0.71.
First Internet Bancorp (NASDAQ: INBK – Get Free Report ) last released its quarterly earnings data on Wednesday, January 24th. The bank reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24. The company had revenue of $27.21 million in the quarter, compared with consensus estimates of $24.5 million. First Internet Bancorp’s net profit margin was 3.81% and its return on equity was 4.56%. Equity research analysts expect First Internet Bancorp to post earnings of $3.01 per share this year.
First Internet Banking Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Thursday, March 28th will receive the dividend of $0.06. The ex-dividend date is Wednesday, March 27. This translates into an annualized dividend of $0.24 and a yield of 0.70%. First Internet Bancorp’s current dividend payout ratio is 20.51%.
Introduction to First Internet Bank
(free report)
First Internet Bancorp is the bank holding company of First Internet Bank of Indiana, which provides commercial, small business, consumer and municipal banking products and services to individual and business customers in the United States. The company accepts non-interest-bearing and interest-bearing demand deposits, business deposits, savings, money market, bank-as-a-service brokerage deposit accounts, and certificates of deposit.
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