Rhino Investment Partners Inc Takes $965,000 Position in First Internet Bancorp (NASDAQ:INBK)

Rhino Investment Partners Inc acquired a new position 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. The fund acquired 26,813 shares of the bank's stock, valued at approximately $965,000. Rhino Investment Partners Inc owned about 0.31% of First Internet Bancorp at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. R Squared Ltd bought a new stake in First Internet Bancorp in the 4th quarter worth about $33,000. Wells Fargo & Company MN boosted its position in First Internet Bancorp by 35.0% during the fourth quarter. Wells Fargo & Company MN now owns 4,381 shares of the bank's stock worth $158,000 after purchasing an additional 1,137 shares during the period. SG Americas Securities LLC increased its stake in shares of First Internet Bancorp by 22.5% in the fourth quarter. SG Americas Securities LLC now owns 5,181 shares of the bank's stock worth $186,000 after purchasing an additional 953 shares in the last quarter. Jane Street Group LLC bought a new stake in shares of First Internet Bancorp in the third quarter valued at approximately $203,000. Finally, Empowered Funds LLC bought a new position in First Internet Bancorp in the 4th quarter worth approximately $261,000. Institutional investors own 65.46% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on INBK. Piper Sandler dropped their target price on First Internet Bancorp from $32.00 to $24.00 and set a "neutral" rating on the stock in a research report on Monday, April 28th. StockNews.com downgraded First Internet Bancorp from a "buy" rating to a "hold" rating in a research note on Thursday, March 27th. Keefe, Bruyette & Woods reduced their target price on First Internet Bancorp from $35.00 to $30.00 and set a "market perform" rating for the company in a report on Tuesday. Finally, Hovde Group lowered their price target on shares of First Internet Bancorp from $39.00 to $28.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $31.75.

First Internet Bancorp Price Performance

First Internet Bancorp stock traded up $0.83 during mid-day trading on Friday, hitting $22.04. 234,782 shares of the company traded hands, compared to its average volume of 46,839. The stock has a market cap of $191.68 million, a price-to-earnings ratio of 7.63 and a beta of 0.52. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.98 and a current ratio of 0.99. First Internet Bancorp has a one year low of $19.54 and a one year high of $43.26. The stock has a fifty day moving average price of $25.49 and a 200-day moving average price of $32.71.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The bank reported $0.11 EPS for the quarter, missing the consensus estimate of $0.75 by ($0.64). First Internet Bancorp had a net margin of 7.45% and a return on equity of 5.86%. The firm had revenue of $76.83 million for the quarter, compared to the consensus estimate of $26.73 million. On average, equities analysts predict that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

First Internet Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a dividend of $0.06 per share. The ex-dividend date was Monday, March 31st. This represents a $0.24 annualized dividend and a dividend yield of 1.09%. First Internet Bancorp's dividend payout ratio is presently 9.96%.

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.