Thomson Horstmann & Bryant Inc. cut its stake in shares of First Internet Bancorp (NASDAQ:INBK) by 5.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 277,772 shares of the bank’s stock after selling 15,472 shares during the quarter. Thomson Horstmann & Bryant Inc. owned approximately 2.73% of First Internet Bancorp worth $8,458,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the stock. Schwab Charles Investment Management Inc. lifted its holdings in First Internet Bancorp by 16.4% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 17,767 shares of the bank’s stock worth $606,000 after purchasing an additional 2,500 shares in the last quarter. BlackRock Inc. lifted its holdings in First Internet Bancorp by 7.7% in the 2nd quarter. BlackRock Inc. now owns 440,367 shares of the bank’s stock worth $15,017,000 after purchasing an additional 31,330 shares in the last quarter. Argent Capital Management LLC lifted its holdings in First Internet Bancorp by 2.8% in the 2nd quarter. Argent Capital Management LLC now owns 143,180 shares of the bank’s stock worth $4,882,000 after purchasing an additional 3,850 shares in the last quarter. Millennium Management LLC lifted its holdings in First Internet Bancorp by 62.8% in the 2nd quarter. Millennium Management LLC now owns 100,778 shares of the bank’s stock worth $3,437,000 after purchasing an additional 38,872 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in First Internet Bancorp by 86.6% in the 2nd quarter. Russell Investments Group Ltd. now owns 47,779 shares of the bank’s stock worth $1,628,000 after purchasing an additional 22,171 shares in the last quarter. Institutional investors own 70.20% of the company’s stock.

A number of research firms recently commented on INBK. Craig Hallum set a $45.00 price target on First Internet Bancorp and gave the stock a “buy” rating in a report on Thursday, October 25th. BidaskClub cut First Internet Bancorp from a “sell” rating to a “strong sell” rating in a report on Thursday, July 26th. ValuEngine raised First Internet Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, August 8th. Zacks Investment Research raised First Internet Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, September 25th. Finally, Maxim Group reaffirmed a “buy” rating and set a $30.00 price objective (down from $38.00) on shares of First Internet Bancorp in a report on Friday, October 26th. Three analysts have rated the stock with a sell rating and four have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $40.50.

Shares of INBK opened at $25.67 on Tuesday. The company has a market cap of $259.12 million, a PE ratio of 10.74 and a beta of 0.41. First Internet Bancorp has a 1 year low of $23.81 and a 1 year high of $42.40. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.05 and a current ratio of 1.06.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings data on Wednesday, October 24th. The bank reported $0.61 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.61. The business had revenue of $17.96 million for the quarter, compared to analysts’ expectations of $18.50 million. First Internet Bancorp had a return on equity of 9.29% and a net margin of 18.57%. As a group, equities analysts forecast that First Internet Bancorp will post 2.58 EPS for the current fiscal year.

In other news, Director Jerry L. Williams acquired 1,500 shares of the firm’s stock in a transaction dated Thursday, November 1st. The shares were acquired at an average cost of $25.88 per share, with a total value of $38,820.00. Following the acquisition, the director now directly owns 39,885 shares of the company’s stock, valued at $1,032,223.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. 6.20% of the stock is owned by corporate insiders.

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About First Internet Bancorp

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 accounts, non-interest bearing and interest-bearing demand deposits, money market accounts, 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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