First Internet Bancorp (INBK) Stake Lifted by Prudential Financial Inc.

Prudential Financial Inc. raised its position in shares of First Internet Bancorp (NASDAQ:INBK) by 21.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 16,504 shares of the bank’s stock after purchasing an additional 2,965 shares during the quarter. Prudential Financial Inc. owned 0.16% of First Internet Bancorp worth $338,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in INBK. Vanguard Group Inc raised its position in shares of First Internet Bancorp by 12.2% during the third quarter. Vanguard Group Inc now owns 520,410 shares of the bank’s stock valued at $15,846,000 after buying an additional 56,661 shares during the last quarter. Vanguard Group Inc. raised its position in shares of First Internet Bancorp by 12.2% during the third quarter. Vanguard Group Inc. now owns 520,410 shares of the bank’s stock valued at $15,846,000 after buying an additional 56,661 shares during the last quarter. BlackRock Inc. raised its position in shares of First Internet Bancorp by 16.4% during the third quarter. BlackRock Inc. now owns 512,575 shares of the bank’s stock valued at $15,607,000 after buying an additional 72,208 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of First Internet Bancorp by 31.9% during the third quarter. Dimensional Fund Advisors LP now owns 341,541 shares of the bank’s stock valued at $10,400,000 after buying an additional 82,678 shares during the last quarter. Finally, Penn Capital Management Co. Inc. raised its position in shares of First Internet Bancorp by 4.9% during the third quarter. Penn Capital Management Co. Inc. now owns 145,042 shares of the bank’s stock valued at $4,417,000 after buying an additional 6,776 shares during the last quarter. Institutional investors and hedge funds own 71.37% of the company’s stock.

NASDAQ:INBK traded down $0.05 during mid-day trading on Friday, reaching $21.50. The company’s stock had a trading volume of 27,400 shares, compared to its average volume of 42,576. The firm has a market cap of $217.26 million, a PE ratio of 8.60 and a beta of 0.51. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.08 and a quick ratio of 1.08. First Internet Bancorp has a 1 year low of $17.56 and a 1 year high of $38.03.

First Internet Bancorp (NASDAQ:INBK) last announced its earnings results on Wednesday, January 23rd. The bank reported $0.53 EPS for the quarter, missing the Zacks’ consensus estimate of $0.60 by ($0.07). The firm had revenue of $17.47 million during the quarter, compared to the consensus estimate of $18.20 million. First Internet Bancorp had a return on equity of 8.79% and a net margin of 17.63%. Sell-side analysts anticipate that First Internet Bancorp will post 2.11 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 29th were issued a $0.06 dividend. The ex-dividend date was Thursday, March 28th. This represents a $0.24 dividend on an annualized basis and a yield of 1.12%. First Internet Bancorp’s dividend payout ratio is presently 9.60%.

Several equities research analysts recently weighed in on INBK shares. Zacks Investment Research upgraded shares of First Internet Bancorp from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 27th. ValuEngine cut shares of First Internet Bancorp from a “sell” rating to a “strong sell” rating in a research report on Monday, February 4th. FIG Partners cut shares of First Internet Bancorp from an “outperform” rating to a “market perform” rating in a research report on Friday, January 25th. Hovde Group cut shares of First Internet Bancorp from an “outperform” rating to a “market perform” rating and set a $22.00 price objective on the stock. in a research report on Monday, January 28th. Finally, Maxim Group cut shares of First Internet Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, January 25th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $31.25.

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First Internet Bancorp Company Profile

First Internet Bancorp operates as a bank holding company for First Internet Bank of Indiana that provides commercial and retail banking products and services in the United States. The company offers savings and money market accounts, non-interest bearing and interest-bearing demand deposits, brokered deposit accounts, and certificates of deposit.

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Institutional Ownership by Quarter for First Internet Bancorp (NASDAQ:INBK)

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