Franklin Resources Inc. Reduces Position in First Internet Bancorp (NASDAQ:INBK)

Franklin Resources Inc. lessened its holdings in First Internet Bancorp (NASDAQ:INBK - Free Report) by 18.7% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 80,997 shares of the bank's stock after selling 18,623 shares during the period. Franklin Resources Inc. owned approximately 0.93% of First Internet Bancorp worth $2,915,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Jane Street Group LLC bought a new stake in shares of First Internet Bancorp in the 3rd quarter worth about $203,000. First Merchants Corp bought a new stake in First Internet Bancorp during the fourth quarter worth approximately $402,000. JPMorgan Chase & Co. raised its position in First Internet Bancorp by 37.7% during the third quarter. JPMorgan Chase & Co. now owns 17,086 shares of the bank's stock valued at $585,000 after purchasing an additional 4,675 shares during the period. Barclays PLC lifted its stake in shares of First Internet Bancorp by 20.5% in the 3rd quarter. Barclays PLC now owns 20,286 shares of the bank's stock valued at $696,000 after purchasing an additional 3,447 shares during the last quarter. Finally, Proficio Capital Partners LLC purchased a new position in shares of First Internet Bancorp in the 4th quarter worth approximately $579,000. Hedge funds and other institutional investors own 65.46% of the company's stock.

First Internet Bancorp Stock Performance

Shares of INBK traded up $0.63 during trading hours on Friday, reaching $23.80. 52,559 shares of the company traded hands, compared to its average volume of 43,744. The stock has a market capitalization of $206.99 million, a P/E ratio of 8.24 and a beta of 0.52. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.61. The business has a fifty day moving average price of $27.60 and a 200-day moving average price of $33.60. First Internet Bancorp has a 12-month low of $21.76 and a 12-month high of $43.26.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last released its quarterly earnings data on Wednesday, January 22nd. The bank reported $0.41 EPS 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%. Equities analysts anticipate that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date was Monday, March 31st. First Internet Bancorp's dividend payout ratio (DPR) is presently 8.30%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on INBK. Keefe, Bruyette & Woods restated a "market perform" rating and set a $40.00 price target (down previously from $45.00) on shares of First Internet Bancorp in a report on Friday, January 24th. StockNews.com downgraded shares of First Internet Bancorp from a "buy" rating to a "hold" rating in a research note on Thursday, March 27th. Hovde Group decreased their target price on First Internet Bancorp from $44.00 to $39.00 and set an "outperform" rating for the company in a research report on Wednesday, April 2nd. 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 report on Monday, January 27th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $40.50.

About First Internet Bancorp

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.