Bank of America Corp DE Purchases 51,952 Shares of First Internet Bancorp $INBK

Key Points

• Bank of America acquired 51,952 shares of First Internet Bancorp in the second quarter, valued at approximately $1.44 million and representing about 0.60% of the company. Institutional investors collectively own 65.46% of the stock.
• Analyst sentiment is broadly positive: First Internet Bancorp has a consensus rating of “Moderate Buy” and an average price target of $29.38, with Benchmark raising its target to $35.
• The bank reported quarterly earnings of $0.27 per share, exceeding estimates of $0.15, and declared a quarterly dividend of $0.06 per share, equivalent to a 0.9% annualized yield.

Bank of America Corp DE bought a new position in shares of First Internet Bancorp (NASDAQ:INBK - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 51,952 shares of the bank's stock, valued at approximately $1,444,000. Bank of America Corp DE owned approximately 0.60% of First Internet Bancorp at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. GSA Capital Partners LLP acquired a new stake in First Internet Bancorp in the second quarter valued at approximately $1,491,000. Heartland Advisors Inc. purchased a new position in First Internet Bancorp in the second quarter worth approximately $10,450,000. Aegis Financial Corp grew its holdings in First Internet Bancorp by 41.5% during the 1st quarter. Aegis Financial Corp now owns 354,261 shares of the bank's stock worth $7,220,000 after acquiring an additional 103,941 shares in the last quarter. BlackRock Inc. acquired a new position in First Internet Bancorp during the 2nd quarter worth approximately $20,209,000. Finally, Gator Capital Management LLC increased its position in shares of First Internet Bancorp by 62.7% in the 4th quarter. Gator Capital Management LLC now owns 75,555 shares of the bank's stock valued at $1,577,000 after purchasing an additional 29,122 shares during the last quarter. Hedge funds and other institutional investors own 65.46% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Benchmark increased their target price on First Internet Bancorp from $33.00 to $35.00 and gave the company a "buy" rating in a report on Friday, July 31st. Weiss Ratings raised First Internet Bancorp from a "sell (d)" rating to a "sell (d+)" rating in a report on Wednesday, July 8th. Zacks Research raised First Internet Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Monday. Wall Street Zen upgraded First Internet Bancorp from a "hold" rating to a "buy" rating in a report on Saturday, June 6th. Finally, Piper Sandler raised their target price on First Internet Bancorp from $26.00 to $29.50 and gave the stock a "neutral" rating in a research report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $29.38.

First Internet Bancorp Stock Up 2.9%

INBK opened at $27.11 on Friday. The business's 50-day simple moving average is $28.10 and its 200-day simple moving average is $25.56. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.87 and a current ratio of 0.88. First Internet Bancorp has a one year low of $17.05 and a one year high of $31.09. The stock has a market capitalization of $236.67 million, a P/E ratio of -7.53 and a beta of 0.87.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last posted its earnings results on Thursday, July 30th. The bank reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.12. The business had revenue of $41.12 million during the quarter, compared to the consensus estimate of $43.83 million. First Internet Bancorp had a negative return on equity of 0.55% and a negative net margin of 9.01%.First Internet Bancorp has set its FY 2026 guidance at 2.350-2.450 EPS. Analysts anticipate that First Internet Bancorp will post 2.36 EPS for the current year.

First Internet Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, October 1st will be given a dividend of $0.06 per share. The ex-dividend date is Thursday, October 1st. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.9%. First Internet Bancorp's dividend payout ratio (DPR) is -6.67%.

About First Internet Bancorp

First Internet Bancorp is the bank holding company for First Internet Bank, a full-service digital financial institution headquartered in Fishers, Indiana. Founded in 1999, First Internet Bank was established as an internet-based bank and provides banking services through digital channels, supported by offices and lending operations serving customers in Indiana and other markets.

The bank offers commercial and consumer financial products, including checking and savings accounts, money market accounts, certificates of deposit, residential and commercial real estate lending, construction loans, commercial and industrial financing, small business lending, and municipal finance.

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