49,448 Shares in First Internet Bancorp (NASDAQ:INBK) Acquired by Raymond James Financial Inc.

Raymond James Financial Inc. acquired a new position 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 and Exchange Commission. The institutional investor 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 and Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of INBK. Wells Fargo & Company MN lifted its stake in shares of First Internet Bancorp by 35.0% during the fourth quarter. Wells Fargo & Company MN now owns 4,381 shares of the bank's stock valued at $158,000 after acquiring an additional 1,137 shares during the period. Foundry Partners LLC lifted its position in First Internet Bancorp by 11.5% during the 4th quarter. Foundry Partners LLC now owns 135,834 shares of the bank's stock valued at $4,889,000 after purchasing an additional 14,007 shares during the period. Rangeley Capital LLC bought a new position in shares of First Internet Bancorp in the 4th quarter valued at about $738,000. Trexquant Investment LP grew its position in shares of First Internet Bancorp by 12.4% during the 4th quarter. Trexquant Investment LP now owns 34,826 shares of the bank's stock worth $1,253,000 after buying an additional 3,839 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in shares of First Internet Bancorp by 110.4% during the fourth quarter. JPMorgan Chase & Co. now owns 35,954 shares of the bank's stock worth $1,294,000 after buying an additional 18,868 shares during the last quarter. 65.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on INBK. Hovde Group reduced their price objective on shares of First Internet Bancorp from $39.00 to $28.00 and set an "outperform" rating on the stock in a research note on Friday, April 25th. StockNews.com cut First Internet Bancorp from a "buy" rating to a "hold" rating in a research note on Thursday, March 27th. Keefe, Bruyette & Woods dropped their price objective 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, Piper Sandler reduced their target price on First Internet Bancorp from $32.00 to $24.00 and set a "neutral" rating on the stock in a report on Monday. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $31.75.

First Internet Bancorp Stock Performance

Shares of First Internet Bancorp stock opened at $21.21 on Friday. The stock's fifty day simple moving average is $25.66 and its 200 day simple moving average is $32.84. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.61. The company has a market capitalization of $184.46 million, a PE ratio of 7.34 and a beta of 0.52. First Internet Bancorp has a 12 month low of $19.54 and a 12 month high of $43.26.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The bank reported $0.11 earnings per share 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 business had revenue of $76.83 million for the quarter, compared to the consensus estimate of $26.73 million. On average, research analysts predict that First Internet Bancorp will post 4.11 EPS for the current year.

First Internet Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.13%. The ex-dividend date was Monday, March 31st. First Internet Bancorp's dividend payout ratio (DPR) is presently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.