First Internet Bancorp (NASDAQ:INBK) Shares Bought by Patriot Financial Partners GP LP

Patriot Financial Partners GP LP grew its position in First Internet Bancorp (NASDAQ:INBK - Free Report) by 14.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 373,482 shares of the bank's stock after acquiring an additional 48,000 shares during the period. First Internet Bancorp accounts for 4.4% of Patriot Financial Partners GP LP's portfolio, making the stock its 8th largest holding. Patriot Financial Partners GP LP owned about 4.31% of First Internet Bancorp worth $13,442,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of INBK. R Squared Ltd bought a new position in shares of First Internet Bancorp in the 4th quarter valued at about $33,000. MetLife Investment Management LLC increased its holdings in shares of First Internet Bancorp by 129.1% in 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 in the last quarter. SG Americas Securities LLC raised its stake in shares of First Internet Bancorp by 22.5% in the 4th quarter. SG Americas Securities LLC now owns 5,181 shares of the bank's stock valued at $186,000 after purchasing an additional 953 shares during the period. XTX Topco Ltd acquired a new stake in shares of First Internet Bancorp in the 3rd quarter valued at about $201,000. Finally, Jane Street Group LLC acquired a new stake in shares of First Internet Bancorp in the 3rd quarter valued at about $203,000. Institutional investors own 65.46% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on INBK shares. 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 note on Friday, January 24th. StockNews.com raised First Internet Bancorp from a "hold" rating to a "buy" rating in a research report on Wednesday. Finally, Piper Sandler lowered their target price on shares of First Internet Bancorp from $42.50 to $38.00 and set a "neutral" rating on the stock in a report on Monday, January 27th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, First Internet Bancorp currently has a consensus rating of "Moderate Buy" and an average target price of $41.75.

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First Internet Bancorp Price Performance

Shares of INBK stock traded up $0.80 on Wednesday, reaching $28.00. The company had a trading volume of 25,514 shares, compared to its average volume of 44,029. The stock has a market capitalization of $243.52 million, a PE ratio of 9.69 and a beta of 0.72. 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 one year low of $24.18 and a one year high of $43.26. The business's 50-day moving average is $31.64 and its 200 day moving average is $35.14.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last posted its earnings results 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 return on equity of 5.86% and a net margin of 7.45%. Equities research analysts forecast that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.86%. The ex-dividend date of this dividend is Monday, March 31st. First Internet Bancorp's payout ratio 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.