Proficio Capital Partners LLC Invests $579,000 in First Internet Bancorp (NASDAQ:INBK)

Proficio Capital Partners LLC acquired a new stake in First Internet Bancorp (NASDAQ:INBK - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 16,088 shares of the bank's stock, valued at approximately $579,000. Proficio Capital Partners LLC owned 0.19% of First Internet Bancorp at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the stock. Thrivent Financial for Lutherans raised its holdings in First Internet Bancorp by 14.7% in the 3rd quarter. Thrivent Financial for Lutherans now owns 27,053 shares of the bank's stock valued at $926,000 after acquiring an additional 3,477 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of First Internet Bancorp in the third quarter valued at approximately $469,000. Foundry Partners LLC increased its stake in shares of First Internet Bancorp by 8.9% during the third quarter. Foundry Partners LLC now owns 121,827 shares of the bank's stock worth $4,174,000 after purchasing an additional 9,977 shares during the period. MetLife Investment Management LLC lifted its holdings in First Internet Bancorp by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 4,737 shares of the bank's stock worth $162,000 after purchasing an additional 2,669 shares during the last quarter. Finally, State Street Corp boosted its stake in First Internet Bancorp by 8.9% in the 3rd quarter. State Street Corp now owns 106,282 shares of the bank's stock valued at $3,648,000 after purchasing an additional 8,701 shares during the period. Institutional investors and hedge funds own 65.46% of the company's stock.

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First Internet Bancorp Price Performance

Shares of INBK traded down $0.24 during trading hours on Thursday, hitting $26.31. 8,864 shares of the company were exchanged, compared to its average volume of 32,986. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.61. First Internet Bancorp has a fifty-two week low of $24.18 and a fifty-two week high of $43.26. The company has a market cap of $228.06 million, a price-to-earnings ratio of 9.10 and a beta of 0.72. The firm's fifty day moving average is $32.26 and its 200 day moving average is $35.39.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last announced its quarterly earnings data on Wednesday, January 22nd. The bank reported $0.41 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.92 by ($0.51). First Internet Bancorp had a return on equity of 5.86% and a net margin of 7.45%. On average, equities analysts anticipate that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

First Internet Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a $0.06 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $0.24 dividend on an annualized basis and a yield of 0.91%. First Internet Bancorp's dividend payout ratio (DPR) is 8.30%.

Analyst Upgrades and Downgrades

INBK has been the topic of several recent research reports. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $40.00 price objective (down previously from $45.00) on shares of First Internet Bancorp in a research report on Friday, January 24th. Piper Sandler lowered their price target on shares of First Internet Bancorp from $42.50 to $38.00 and set a "neutral" rating on the stock in a research report on Monday, January 27th. Finally, StockNews.com downgraded shares of First Internet Bancorp from a "buy" rating to a "hold" rating in a report on Tuesday. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $41.75.

First Internet Bancorp Company Profile

First Internet Bancorp operates as the bank holding company for First Internet Bank of Indiana that provides commercial, small business, consumer, and municipal banking products and services to individuals and commercial customers in the United States. The company accepts non-interest bearing and interest-bearing demand deposit, commercial deposit, savings, money market, and Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.