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

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

First Internet Bancorp Stock Down 2.8%

NASDAQ:INBK traded down $0.57 during mid-day trading on Friday, reaching $19.93. The stock had a trading volume of 13,949 shares, compared to its average volume of 52,326. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.91 and a quick ratio of 0.88. The company has a market capitalization of $173.59 million, a price-to-earnings ratio of -4.95 and a beta of 0.83. First Internet Bancorp has a 1-year low of $17.05 and a 1-year high of $30.74. The stock’s 50 day simple moving average is $21.29 and its two-hundred day simple moving average is $21.51.

First Internet Bancorp (NASDAQ:INBK) last released its earnings results on Thursday, January 29th. The bank reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. The company had revenue of $42.11 million for the quarter, compared to the consensus estimate of $32.80 million. First Internet Bancorp had a negative return on equity of 1.52% and a negative net margin of 10.05%. Equities analysts anticipate 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. Shareholders of record on Wednesday, December 31st were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend was Wednesday, December 31st. First Internet Bancorp’s payout ratio is currently -5.96%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of INBK. Tower Research Capital LLC TRC raised its stake in shares of First Internet Bancorp by 202.7% during the second quarter. Tower Research Capital LLC TRC now owns 1,789 shares of the bank’s stock valued at $48,000 after purchasing an additional 1,198 shares in the last quarter. GAMMA Investing LLC raised its position in shares of First Internet Bancorp by 1,123.5% during the 4th quarter. GAMMA Investing LLC now owns 3,181 shares of the bank’s stock worth $66,000 after buying an additional 2,921 shares in the last quarter. Deutsche Bank AG lifted its stake in shares of First Internet Bancorp by 4,390.4% in the 4th quarter. Deutsche Bank AG now owns 5,164 shares of the bank’s stock worth $108,000 after acquiring an additional 5,049 shares during the period. 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 acquiring an additional 1,000 shares during the period. Finally, Wells Fargo & Company MN raised its holdings 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 purchasing an additional 3,379 shares in the last quarter. Institutional investors own 65.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Hovde Group raised their price target on shares of First Internet Bancorp from $26.00 to $29.00 and gave the stock an “outperform” rating in a research report on Friday, January 30th. Weiss Ratings reissued a “sell (d)” rating on shares of First Internet Bancorp in a report on Monday, December 29th. Piper Sandler lowered their target price on First Internet Bancorp from $24.00 to $23.50 and set a “neutral” rating for the company in a report on Friday, January 30th. Zacks Research downgraded First Internet Bancorp from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th. Finally, Wall Street Zen upgraded First Internet Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and an average target price of $25.17.

About First Internet Bancorp

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).