Connor Clark & Lunn Investment Management Ltd. Has $842,000 Stock Holdings in First Internet Bancorp (NASDAQ:INBK)

Connor Clark & Lunn Investment Management Ltd. increased its position in shares of First Internet Bancorp (NASDAQ:INBK - Free Report) by 71.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,403 shares of the bank's stock after purchasing an additional 9,714 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.27% of First Internet Bancorp worth $842,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Thrivent Financial for Lutherans raised its position in First Internet Bancorp by 14.7% in the third quarter. Thrivent Financial for Lutherans now owns 27,053 shares of the bank's stock worth $926,000 after acquiring an additional 3,477 shares in the last quarter. Foundry Partners LLC lifted its stake in First Internet Bancorp by 8.9% during the third quarter. Foundry Partners LLC now owns 121,827 shares of the bank's stock valued at $4,174,000 after purchasing an additional 9,977 shares during the last quarter. MetLife Investment Management LLC boosted its holdings in First Internet Bancorp by 129.1% during the third quarter. MetLife Investment Management LLC now owns 4,737 shares of the bank's stock worth $162,000 after buying an additional 2,669 shares in the last quarter. State Street Corp boosted its holdings in First Internet Bancorp by 8.9% during the third quarter. State Street Corp now owns 106,282 shares of the bank's stock worth $3,648,000 after buying an additional 8,701 shares in the last quarter. Finally, Jane Street Group LLC acquired a new position in First Internet Bancorp in the third quarter worth approximately $203,000. 65.46% of the stock is currently owned by institutional investors and hedge funds.

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Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on INBK shares. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $40.00 price objective (down from $45.00) on shares of First Internet Bancorp in a research note on Friday, January 24th. StockNews.com upgraded First Internet Bancorp from a "hold" rating to a "buy" rating in a research report on Wednesday, March 19th. Finally, Piper Sandler dropped their price target on First Internet Bancorp from $42.50 to $38.00 and set a "neutral" rating on the stock in a research note on Monday, January 27th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, First Internet Bancorp currently has a consensus rating of "Moderate Buy" and a consensus price target of $41.75.

First Internet Bancorp Trading Down 4.4 %

NASDAQ INBK traded down $1.26 on Tuesday, hitting $27.27. 28,798 shares of the stock were exchanged, compared to its average volume of 43,786. The company's 50-day moving average price is $31.23 and its two-hundred day moving average price is $34.93. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.98. First Internet Bancorp has a 52-week low of $24.18 and a 52-week high of $43.26. The company has a market capitalization of $237.17 million, a price-to-earnings ratio of 9.44 and a beta of 0.72.

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

First Internet Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.88%. The ex-dividend date is Monday, March 31st. First Internet Bancorp's dividend payout ratio (DPR) is 8.30%.

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.