The Ohio Public Employees Retirement System increased its holdings in shares of First Internet Bancorp (NASDAQ: INBK – Free Report) by 27.5% in the third quarter, according to its most recent disclosure to the SEC. The fund owns 12,018 shares of the bank’s stock after buying an additional 2,592 shares during the period. Ohio Public Employees’ Retirement System owns about 0.14% of First Internet Bancorp’s shares, worth $195,000, according to its most recent SEC filing.
Several other large investors have also recently changed their stance on the business. Hotchkis & Wiley Capital Management LLC increased its holdings in shares of First Internet Bancorp by 42.9% in the second quarter. Hotchkis & Wiley Capital Management LLC now owns 353,875 shares of the bank’s stock valued at $5,255,000 after acquiring an additional 106,250 shares during the last quarter. Wellington Management Group LLP purchased a new stake in shares of First Internet Bancorp during the first quarter worth approximately $4,203,000. GSA Capital Partners LLP purchased a new stake in First Internet Bancorp during the third quarter worth approximately $1,031,000. Walleye Capital LLC purchased a new stake in shares of First Internet Bancorp during the second quarter worth approximately $879,000. Finally, Franklin Resources Inc.’s position in First Internet Bancorp grew 41.1% in the second quarter. Franklin Resources Inc. now owns 168,834 shares of the bank’s stock valued at $2,507,000, after purchasing an additional 49,180 shares during the period. 65.46% of the stock is currently held by hedge funds and other institutional investors.
Analyst upgrades and downgrades
Several research firms have commented on INBK. StockNews.com raised shares of First Internet Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, January 5th. Craig Hallum raised shares of First Internet Bancorp from a “hold” rating to a “buy” rating and raised their target price for the company from $19.00 to $35.00 in a research note on Monday, December 18th. . Finally, Keefe, Bruyette & Woods raised their price target on shares of First Internet Bancorp from $29.00 to $34.00 and gave the company a “market perform” rating in a research note on Friday, January 26th. Three research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $29.00, according to MarketBeat.com.
Check out our latest stock analysis on INBK
First Internet Bancorp trade down 0.5%
INBK stock opened at $34.74 on Friday. First Internet Bancorp has a 1-year low of $9.68 and a 1-year high of $35.72. The company’s 50-day moving average price is $31.61 and its 200-day moving average price is $23.95. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.04, and a quick ratio of 1.04. The company has a market capitalization of $300.85 million, a P/E ratio of 29.69, and a beta value of 0.71.
First Internet Bancorp (NASDAQ: INBK – Get Free Report ) last issued earnings results on Wednesday, January 24th. The bank reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24. First Internet Bancorp’s net profit margin was 3.81% and its return on equity was 4.56%. The company’s revenue for the quarter was $27.21 million, compared with analysts’ expectations of $24.5 million. As a group, stock analysts predict that First Internet Bancorp will earn $3.01 per share this year.
First Internet Bank announces dividend payment
The company also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Thursday, March 28th will receive the dividend of $0.06. This translates to an annualized dividend of $0.24 and a yield of 0.69%. The ex-dividend date for this dividend is Wednesday, March 27. First Internet Bancorp’s current dividend payout ratio is 20.51%.
About 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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