Rangeley Capital LLC Acquires New Holdings in First Internet Bancorp (NASDAQ:INBK)

Rangeley Capital LLC purchased a new stake in shares of First Internet Bancorp (NASDAQ:INBK - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 20,500 shares of the bank's stock, valued at approximately $738,000. Rangeley Capital LLC owned approximately 0.24% of First Internet Bancorp as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in INBK. Vanguard Group Inc. grew its stake in shares of First Internet Bancorp by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 440,356 shares of the bank's stock valued at $15,848,000 after acquiring an additional 7,066 shares in the last quarter. Patriot Financial Partners GP LP raised its position in shares of First Internet Bancorp by 14.7% in the 4th quarter. Patriot Financial Partners GP LP now owns 373,482 shares of the bank's stock valued at $13,442,000 after purchasing an additional 48,000 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of First Internet Bancorp by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 201,641 shares of the bank's stock valued at $6,909,000 after buying an additional 3,967 shares during the last quarter. American Century Companies Inc. grew its position in shares of First Internet Bancorp by 19.9% during the fourth quarter. American Century Companies Inc. now owns 114,605 shares of the bank's stock worth $4,125,000 after buying an additional 19,019 shares in the last quarter. Finally, State Street Corp increased its stake in shares of First Internet Bancorp by 8.9% in 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 during the last quarter. Institutional investors and hedge funds own 65.46% of the company's stock.

First Internet Bancorp Trading Down 0.6 %

Shares of INBK stock traded down $0.15 during trading hours on Tuesday, reaching $23.74. 23,154 shares of the stock traded hands, compared to its average volume of 43,832. The business has a fifty day moving average price of $29.51 and a 200 day moving average price of $34.34. 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 1-year low of $22.22 and a 1-year high of $43.26. The firm has a market capitalization of $206.42 million, a PE ratio of 8.28 and a beta of 0.52.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last issued its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.41 earnings per share 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 forecast 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. Investors of record on Monday, March 31st will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.01%. The ex-dividend date of this dividend is Monday, March 31st. First Internet Bancorp's dividend payout ratio is currently 8.30%.

Analysts Set New Price Targets

Several brokerages recently weighed in on INBK. Hovde Group lowered their price objective on First Internet Bancorp from $44.00 to $39.00 and set an "outperform" rating for the company in a report on Wednesday, April 2nd. Piper Sandler decreased their price objective on shares of First Internet Bancorp from $42.50 to $38.00 and set a "neutral" rating for the company in a report on Monday, January 27th. StockNews.com downgraded shares of First Internet Bancorp from a "buy" rating to a "hold" rating in a research report on Thursday, March 27th. Finally, 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. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, First Internet Bancorp has a consensus rating of "Hold" and an average price target of $40.50.

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.