Raymond James Financial Inc. Makes New $1.78 Million Investment in First Internet Bancorp (NASDAQ:INBK)

Raymond James Financial Inc. acquired a new position in shares of First Internet Bancorp (NASDAQ:INBK - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 49,448 shares of the bank's stock, valued at approximately $1,780,000. Raymond James Financial Inc. owned about 0.57% of First Internet Bancorp as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Geode Capital Management LLC increased 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 worth $6,909,000 after purchasing an additional 3,967 shares in the last quarter. State Street Corp increased its position in First Internet Bancorp by 8.9% during 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 in the last quarter. Franklin Resources Inc. raised its holdings in shares of First Internet Bancorp by 3.1% in the third quarter. Franklin Resources Inc. now owns 99,620 shares of the bank's stock worth $3,539,000 after acquiring an additional 2,981 shares during the last quarter. Thrivent Financial for Lutherans lifted its position in shares of First Internet Bancorp by 14.7% in the third quarter. Thrivent Financial for Lutherans now owns 27,053 shares of the bank's stock valued at $926,000 after acquiring an additional 3,477 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of First Internet Bancorp by 3.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 23,505 shares of the bank's stock valued at $846,000 after acquiring an additional 841 shares during the last quarter. 65.46% of the stock is currently owned by hedge funds and other institutional investors.

First Internet Bancorp Trading Down 3.4 %

INBK stock traded down $0.84 on Friday, hitting $23.76. 48,255 shares of the company were exchanged, compared to its average volume of 43,960. 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 capitalization of $206.64 million, a price-to-earnings ratio of 8.22 and a beta of 0.52. First Internet Bancorp has a twelve month low of $22.22 and a twelve month high of $43.26. The business's fifty day moving average is $29.71 and its two-hundred day moving average is $34.43.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last issued its 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%. As a group, research analysts forecast that First Internet Bancorp will post 4.11 earnings per share for the current year.

First Internet Bancorp Dividend Announcement

The firm 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 1.01%. The ex-dividend date is Monday, March 31st. First Internet Bancorp's dividend payout ratio (DPR) is presently 8.30%.

Analyst Upgrades and Downgrades

INBK has been the subject of several analyst reports. Piper Sandler cut their target price on shares of First Internet Bancorp from $42.50 to $38.00 and set a "neutral" rating for the company in a research note on Monday, January 27th. Hovde Group decreased their target price on shares of First Internet Bancorp from $44.00 to $39.00 and set an "outperform" rating on the stock in a research report on Wednesday. StockNews.com downgraded First Internet Bancorp from a "buy" rating to a "hold" rating in a report on Thursday, March 27th. Finally, Keefe, Bruyette & Woods reissued a "market perform" rating and set a $40.00 price target (down previously from $45.00) on shares of First Internet Bancorp in a research note on Friday, January 24th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price 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.