HoldingsChannel reports that Citigroup raised its stake in shares of First Internet Bancorp (NASDAQ:INBK – Free Report) by 101,984.6% in the 3rd quarter. The institutional investor owned 26,542 shares of the company’s stock after purchasing an additional 26,516 shares during the period. Citigroup Inc.’s holdings in First Internet Bancorp were worth $430,000 at the time of its latest SEC filing.
A number of other institutional investors have also recently modified their holdings in INBK. Russell Investments Group Ltd. acquired a new stake in his First Internet Bancorp in the 1st quarter valued at $38,000. Tower Research Capital LLC TRC increased its stake in shares of First Internet Bancorp by 148.9% in the 3rd quarter. Tower Research Capital LLC TRC now owns 1,267 shares of the bank’s stock valued at $42,000 after purchasing an additional 758 shares in the last quarter. Point72 Middle East FZE acquired a new stake in First Internet Bancorp in the 2nd quarter worth his $51,000. Barclays PLC raised its stake in First Internet Bancorp by 521.7% in the 4th quarter. Barclays PLC now owns 2,325 shares of the bank’s stock valued at $56,000 after purchasing an additional 1,951 shares during the last quarter. Finally, UBS Group AG raised its stake in First Internet Bancorp by 5,450.0% in the 4th quarter. UBS Group AG now owns 2,442 shares of the bank’s stock valued at $59,000 after purchasing an additional 2,398 shares during the last quarter. Institutional investors and hedge funds own 62.43% of the company’s stock.
Analyst upgrades and downgrades
INBK has been the subject of several analyst reports. Keefe, Bruyette & Woods increased their target price on shares of First Internet Bancorp from $29.00 to $34.00 and gave the company a “market perform” rating in a research note on Friday, January 26th. Craig Hulme upgraded shares of First Internet Bancorp from a “hold” rating to a “buy” rating and increased their price objective from $19.00 to $35.00 in a research report on Monday, December 18th. Finally, StockNews.com upgraded shares of First Internet Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, January 5th. Three investment analysts have rated the stock with a hold rating and one has rated it with a buy rating. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $29.00.
Get the latest report on INBK
First Internet Bancorp Stock Performance
NASDAQ:INBK opened at $34.21 on Monday. The company’s 50 day moving average is $30.90 and its 200 day moving average is $23.58. First Internet Bancorp’s 52-week low is $9.68 and 52-week high is $34.96. The company has a debt-equity ratio of 1.98, a quick ratio of 1.04, and a current ratio of 1.04. The company has a market capitalization of $296.26 million, a price-to-earnings ratio of 29.24x, and a beta of 0.71x.
First Internet Bancorp (NASDAQ:INBK – Get Free Report) last released its quarterly earnings data on Wednesday, January 24th. The bank reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.24. The company had revenue of $27.21 million for the quarter, compared to the consensus estimate of $24.50 million. First Internet Bancorp had a net margin of 3.81% and a return on equity of 4.56%. Equities research analysts expect First Internet Bancorp to post earnings per share of $3.01 for the current fiscal year.
Internet Bancorp’s first dividend announcement
The company also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Thursday, March 28th will be paid a dividend of $0.06. The ex-dividend date is Wednesday, March 27th. This equates to his $0.24 dividend and his 0.70% yield on an annualized basis. First Internet Bancorp’s dividend payout ratio is currently 20.51%.
First Internet Bancorp Profile
(Free report)
First Internet Bancorp operates as the bank holding company for First Internet Bank of Indiana, providing commercial, small business, consumer, and community banking products and services to individual and business customers in the United States. We accept non-interest and interest-bearing demand deposits, commercial deposits, savings, money market, Banking-as-a-Service brokered deposit accounts, and certificates of deposit.
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