First Merchants Corp Buys New Position in First Internet Bancorp (NASDAQ:INBK)

First Merchants Corp acquired a new position in shares of First Internet Bancorp (NASDAQ:INBK - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 11,172 shares of the bank's stock, valued at approximately $402,000. First Merchants Corp owned about 0.13% of First Internet Bancorp at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in INBK. R Squared Ltd bought a new position in shares of First Internet Bancorp during the fourth quarter worth about $33,000. SG Americas Securities LLC bought a new position in shares of First Internet Bancorp during the third quarter worth about $145,000. MetLife Investment Management LLC raised its position in shares of 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 acquiring an additional 2,669 shares during the last quarter. XTX Topco Ltd bought a new position in shares of First Internet Bancorp during the third quarter worth about $201,000. Finally, Jane Street Group LLC bought a new position in shares of First Internet Bancorp during the third quarter worth about $203,000. 65.46% of the stock is currently owned by institutional investors.

First Internet Bancorp Trading Down 0.7 %

INBK stock traded down $0.24 during mid-day trading on Tuesday, reaching $32.61. The company's stock had a trading volume of 14,548 shares, compared to its average volume of 35,619. The company has a market cap of $282.73 million, a price-to-earnings ratio of 11.28 and a beta of 0.73. The business's 50 day moving average price is $35.30 and its 200 day moving average price is $35.87. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.61. First Internet Bancorp has a 12 month low of $24.18 and a 12 month high of $43.26.

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

First Internet Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders 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 0.74%. First Internet Bancorp's dividend payout ratio (DPR) is presently 8.30%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $40.00 target price (down from $45.00) on shares of First Internet Bancorp in a report on Friday, January 24th. Piper Sandler lowered their target price on First Internet Bancorp from $42.50 to $38.00 and set a "neutral" rating for the company in a report on Monday, January 27th.

First Internet Bancorp 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.