Proficio Capital Partners LLC Takes Position in First Internet Bancorp (NASDAQ:INBK)

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

A number of other institutional investors and hedge funds have also recently bought and sold shares of INBK. R Squared Ltd acquired a new stake in shares of First Internet Bancorp during the 4th quarter worth about $33,000. MetLife Investment Management LLC lifted its holdings in shares of First Internet Bancorp by 129.1% in the 3rd 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. SG Americas Securities LLC boosted its position in shares of First Internet Bancorp by 22.5% during the 4th quarter. SG Americas Securities LLC now owns 5,181 shares of the bank's stock worth $186,000 after purchasing an additional 953 shares during the period. XTX Topco Ltd acquired a new stake in First Internet Bancorp in the 3rd quarter valued at approximately $201,000. Finally, Jane Street Group LLC purchased a new stake in First Internet Bancorp in the third quarter valued at approximately $203,000. 65.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. StockNews.com lowered shares of First Internet Bancorp from a "buy" rating to a "hold" rating in a research note on Thursday. Piper Sandler reduced their price objective 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. Finally, Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $40.00 price target (down previously from $45.00) on shares of First Internet Bancorp in a research report on Friday, January 24th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $41.75.

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First Internet Bancorp Stock Performance

Shares of NASDAQ INBK traded down $0.37 during mid-day trading on Thursday, hitting $26.78. The company had a trading volume of 38,397 shares, compared to its average volume of 43,508. The firm's 50 day simple moving average is $30.95 and its two-hundred day simple moving average is $34.83. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.98. The stock has a market cap of $232.91 million, a price-to-earnings ratio of 9.27 and a beta of 0.72. 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 posted its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.41 earnings per share (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%. As a group, equities research analysts forecast that First Internet Bancorp will post 4.11 earnings per share for the current year.

First Internet Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.90%. The ex-dividend date of this dividend is Monday, March 31st. First Internet Bancorp's dividend payout ratio (DPR) is currently 8.30%.

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.