Insider Buying: First Internet Bancorp (NASDAQ:INBK) Director Acquires $19,830.00 in Stock

First Internet Bancorp (NASDAQ:INBK) Director Joseph Fenech purchased 1,000 shares of the stock in a transaction that occurred on Tuesday, February 24th. The shares were purchased at an average price of $19.83 per share, with a total value of $19,830.00. Following the completion of the acquisition, the director directly owned 10,102 shares in the company, valued at $200,322.66. The trade was a 10.99% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

First Internet Bancorp Price Performance

Shares of First Internet Bancorp stock opened at $20.28 on Friday. The firm has a market cap of $176.64 million, a PE ratio of -5.03 and a beta of 0.83. First Internet Bancorp has a 12-month low of $17.05 and a 12-month high of $30.74. The company has a quick ratio of 0.88, a current ratio of 0.91 and a debt-to-equity ratio of 1.01. The company’s fifty day simple moving average is $21.27 and its two-hundred day simple moving average is $21.49.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings data on Thursday, January 29th. The bank reported $0.64 EPS for the quarter, beating the consensus estimate of $0.59 by $0.05. The firm had revenue of $42.11 million during the quarter, compared to the consensus estimate of $32.80 million. First Internet Bancorp had a negative net margin of 10.05% and a negative return on equity of 1.52%. As a group, equities analysts expect that First Internet Bancorp will post 4.11 EPS for the current year.

First Internet Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date was Wednesday, December 31st. First Internet Bancorp’s dividend payout ratio (DPR) is currently -5.96%.

Institutional Trading of First Internet Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the business. Tower Research Capital LLC TRC increased its stake in shares of First Internet Bancorp by 202.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,789 shares of the bank’s stock worth $48,000 after acquiring an additional 1,198 shares in the last quarter. GAMMA Investing LLC grew its holdings in First Internet Bancorp by 1,123.5% in the fourth quarter. GAMMA Investing LLC now owns 3,181 shares of the bank’s stock worth $66,000 after purchasing an additional 2,921 shares during the period. Deutsche Bank AG increased its stake in shares of First Internet Bancorp by 4,390.4% during the fourth quarter. Deutsche Bank AG now owns 5,164 shares of the bank’s stock valued at $108,000 after purchasing an additional 5,049 shares in the last quarter. Public Employees Retirement System of Ohio increased its stake in shares of First Internet Bancorp by 19.9% during the fourth quarter. Public Employees Retirement System of Ohio now owns 6,024 shares of the bank’s stock valued at $126,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its holdings in shares of First Internet Bancorp by 62.8% during the fourth quarter. Wells Fargo & Company MN now owns 8,759 shares of the bank’s stock valued at $183,000 after purchasing an additional 3,379 shares during the last quarter. 65.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on INBK. Hovde Group raised their price target on First Internet Bancorp from $26.00 to $29.00 and gave the stock an “outperform” rating in a research note on Friday, January 30th. Keefe, Bruyette & Woods dropped their target price on shares of First Internet Bancorp from $25.00 to $23.00 and set a “market perform” rating for the company in a research report on Friday, January 30th. Piper Sandler cut their target price on shares of First Internet Bancorp from $24.00 to $23.50 and set a “neutral” rating on the stock in a research note on Friday, January 30th. Wall Street Zen raised shares of First Internet Bancorp from a “sell” rating to a “hold” rating in a research note on Tuesday, February 24th. Finally, Zacks Research lowered shares of First Internet Bancorp from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $25.17.

First Internet Bancorp Company Profile

First Internet Bancorp is the bank holding company for First Internet Bank of Indiana, a pioneer in digital banking in the United States. Established with a focus on online-only operations, the company offers fully integrated, web-based financial solutions without the overhead of physical branches. Headquartered in Indianapolis, Indiana, First Internet Bancorp leverages technology to deliver streamlined banking services to customers across the country.

The company’s core offerings include a range of deposit products such as checking accounts, savings accounts, money market accounts, certificates of deposit (CDs) and individual retirement accounts (IRAs).