BlackRock Inc. Invests $20.21 Million in First Internet Bancorp $INBK

Key Points

• BlackRock acquired 726,936 shares of First Internet Bancorp in the second quarter, investing approximately $20.21 million and taking an 8.34% stake.
• Institutional investors and hedge funds collectively own 65.46% of the company, while INBK shares recently traded at $28.46, up 3.5%.
• First Internet Bancorp exceeded quarterly EPS expectations, reporting $0.27 versus the $0.15 consensus estimate. Analysts maintain a consensus “Hold” rating with an average price target of $29.38, and the company pays a $0.06 quarterly dividend.

BlackRock Inc. bought a new stake in shares of First Internet Bancorp (NASDAQ:INBK - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 726,936 shares of the bank's stock, valued at approximately $20,209,000. BlackRock Inc. owned 8.34% of First Internet Bancorp as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Tower Research Capital LLC TRC boosted its position in First Internet Bancorp by 202.7% during the second quarter. Tower Research Capital LLC TRC now owns 1,789 shares of the bank's stock worth $48,000 after purchasing an additional 1,198 shares in the last quarter. Deutsche Bank AG increased its position in shares of First Internet Bancorp by 4,390.4% in the fourth quarter. Deutsche Bank AG now owns 5,164 shares of the bank's stock valued at $108,000 after buying an additional 5,049 shares in the last quarter. Versant Capital Management Inc raised its stake in shares of First Internet Bancorp by 7.3% during the 2nd quarter. Versant Capital Management Inc now owns 5,533 shares of the bank's stock worth $154,000 after buying an additional 376 shares during the period. Public Employees Retirement System of Ohio raised its stake in shares of First Internet Bancorp by 19.9% during the 4th quarter. Public Employees Retirement System of Ohio now owns 6,024 shares of the bank's stock worth $126,000 after buying an additional 1,000 shares during the period. Finally, Wells Fargo & Company MN lifted its position in shares of First Internet Bancorp by 62.8% during the 4th quarter. Wells Fargo & Company MN now owns 8,759 shares of the bank's stock valued at $183,000 after buying an additional 3,379 shares in the last quarter. Institutional investors and hedge funds own 65.46% of the company's stock.

First Internet Bancorp Trading Up 3.5%

Shares of INBK opened at $28.46 on Thursday. First Internet Bancorp has a 52-week low of $17.05 and a 52-week high of $31.09. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.95. The firm's fifty day moving average is $27.84 and its two-hundred day moving average is $24.46. The stock has a market cap of $248.46 million, a PE ratio of -7.91 and a beta of 0.83.

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

First Internet Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Tuesday, June 30th. First Internet Bancorp's dividend payout ratio is currently -6.67%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Wall Street Zen raised shares of First Internet Bancorp from a "hold" rating to a "buy" rating in a research note on Saturday, June 6th. Benchmark upped their price objective on shares of First Internet Bancorp from $33.00 to $35.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Weiss Ratings raised shares of First Internet Bancorp from a "sell (d)" rating to a "sell (d+)" rating in a report on Wednesday, July 8th. Finally, Piper Sandler lifted their target price on shares of First Internet Bancorp from $26.00 to $29.50 and gave the company a "neutral" rating in a research report on Friday, July 31st. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $29.38.

First Internet Bancorp Profile

First Internet Bancorp is the bank holding company for First Internet Bank of Indiana, a pioneer in digital banking in the United States. Established with a focus on online-only operations, the company offers fully integrated, web-based financial solutions without the overhead of physical branches. Headquartered in Indianapolis, Indiana, First Internet Bancorp leverages technology to deliver streamlined banking services to customers across the country.

The company's core offerings include a range of deposit products such as checking accounts, savings accounts, money market accounts, certificates of deposit (CDs) and individual retirement accounts (IRAs).

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