First Internet Bancorp (NASDAQ:INBK) Director Joseph Fenech Buys 1,000 Shares

First Internet Bancorp (NASDAQ:INBK) Director Joseph Fenech bought 1,000 shares of the stock in a transaction on Tuesday, February 24th. The stock was purchased at an average cost of $19.83 per share, for a total transaction of $19,830.00. Following the acquisition, the director directly owned 10,102 shares of the company’s stock, valued at $200,322.66. The trade was a 10.99% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink.

First Internet Bancorp Price Performance

Shares of NASDAQ:INBK traded down $0.12 during midday trading on Thursday, hitting $20.58. 29,854 shares of the stock were exchanged, compared to its average volume of 53,015. First Internet Bancorp has a twelve month low of $17.05 and a twelve month high of $30.74. The company has a current ratio of 0.91, a quick ratio of 0.88 and a debt-to-equity ratio of 1.01. The company has a 50 day moving average price of $21.34 and a 200-day moving average price of $21.52. The stock has a market cap of $179.21 million, a P/E ratio of -5.10 and a beta of 0.83.

First Internet Bancorp (NASDAQ:INBK) last announced its earnings results on Thursday, January 29th. The bank reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. First Internet Bancorp had a negative net margin of 10.05% and a negative return on equity of 1.52%. The company had revenue of $42.11 million during the quarter, compared to analysts’ expectations of $32.80 million. On average, research analysts forecast that First Internet Bancorp will post 4.11 earnings per share for the current year.

First Internet Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were paid a $0.06 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $0.24 dividend on an annualized basis and a yield of 1.2%. First Internet Bancorp’s dividend payout ratio is presently -5.96%.

Hedge Funds Weigh In On First Internet Bancorp

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

Analysts Set New Price Targets

A number of research firms recently commented on INBK. Zacks Research lowered First Internet Bancorp from a “hold” rating to a “strong sell” rating 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 report on Tuesday. Piper Sandler reduced their price objective 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. Keefe, Bruyette & Woods lowered 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 note on Friday, January 30th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of First Internet Bancorp in a report on Monday, December 29th. One investment 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. Based on data from MarketBeat.com, First Internet Bancorp 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).