Raymond James Financial Inc. Purchases Shares of 49,448 First Internet Bancorp (NASDAQ:INBK)

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

Other institutional investors have also recently added to or reduced their stakes in the company. R Squared Ltd bought a new position in shares of First Internet Bancorp during the 4th quarter valued at $33,000. Wells Fargo & Company MN increased its stake in shares of First Internet Bancorp by 35.0% in 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 lifted 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 last quarter. Jane Street Group LLC bought a new stake in First Internet Bancorp during the 3rd quarter valued at approximately $203,000. Finally, Empowered Funds LLC acquired a new stake in First Internet Bancorp in the 4th quarter valued at approximately $261,000. 65.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on INBK shares. Hovde Group reduced their price objective on First Internet Bancorp from $39.00 to $28.00 and set an "outperform" rating for the company in a research report on Friday, April 25th. StockNews.com downgraded First Internet Bancorp from a "buy" rating to a "hold" rating in a research report on Thursday, March 27th. Keefe, Bruyette & Woods cut their target price on First Internet Bancorp from $35.00 to $30.00 and set a "market perform" rating for the company in a research note on Tuesday, April 29th. Finally, Piper Sandler decreased their price target on shares of First Internet Bancorp from $32.00 to $24.00 and set a "neutral" rating on the stock in a research note on Monday, April 28th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $31.75.

First Internet Bancorp Trading Down 0.6 %

Shares of INBK stock traded down $0.13 on Wednesday, reaching $21.74. 43,251 shares of the stock were exchanged, compared to its average volume of 47,071. The stock has a market cap of $189.11 million, a PE ratio of 7.52 and a beta of 0.66. First Internet Bancorp has a one year low of $19.54 and a one year high of $43.26. 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 50 day moving average price of $25.03 and a 200 day moving average price of $32.42.

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

First Internet Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.10%. The ex-dividend date of this dividend was Monday, March 31st. First Internet Bancorp's payout ratio is 9.96%.

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.