Nuveen LLC Buys New Shares in First Internet Bancorp $INBK

Nuveen LLC bought a new stake in shares of First Internet Bancorp (NASDAQ:INBK - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 27,085 shares of the bank's stock, valued at approximately $725,000. Nuveen LLC owned approximately 0.31% of First Internet Bancorp as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently bought and sold shares of INBK. US Bancorp DE bought a new stake in First Internet Bancorp during the first quarter valued at about $38,000. Wells Fargo & Company MN raised its holdings 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 valued at $158,000 after acquiring an additional 1,137 shares during the period. GAMMA Investing LLC raised its holdings in First Internet Bancorp by 52,791.7% during the first quarter. GAMMA Investing LLC now owns 6,347 shares of the bank's stock valued at $170,000 after acquiring an additional 6,335 shares during the period. Deutsche Bank AG raised its holdings in First Internet Bancorp by 4.5% during the fourth quarter. Deutsche Bank AG now owns 7,789 shares of the bank's stock valued at $280,000 after acquiring an additional 335 shares during the period. Finally, Sowell Financial Services LLC bought a new stake in First Internet Bancorp during the first quarter valued at about $267,000. 65.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on INBK shares. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $27.00 target price (down from $30.00) on shares of First Internet Bancorp in a report on Monday, July 28th. Piper Sandler reduced their target price on First Internet Bancorp from $27.00 to $26.00 and set a "neutral" rating on the stock in a report on Monday, July 28th. Hovde Group reduced their target price on First Internet Bancorp from $32.00 to $29.00 and set an "outperform" rating on the stock in a report on Monday, July 28th. Finally, Wall Street Zen cut First Internet Bancorp from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, First Internet Bancorp currently has a consensus rating of "Hold" and a consensus target price of $27.33.

First Internet Bancorp Trading Down 1.9%

NASDAQ INBK traded down $0.48 during trading hours on Friday, hitting $24.43. 15,785 shares of the company were exchanged, compared to its average volume of 36,126. The stock has a 50-day moving average price of $24.98 and a 200 day moving average price of $25.06. The company has a quick ratio of 0.90, a current ratio of 0.93 and a debt-to-equity ratio of 0.95. First Internet Bancorp has a 52 week low of $19.54 and a 52 week high of $43.26. The stock has a market cap of $212.86 million, a PE ratio of 13.88 and a beta of 0.80.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The bank reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.33 by ($0.31). First Internet Bancorp had a net margin of 4.36% and a return on equity of 3.03%. The business had revenue of $33.55 million for the quarter, compared to analysts' expectations of $30.08 million. Analysts forecast that First Internet Bancorp will post 4.11 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 Tuesday, July 15th. Investors of record on Monday, June 30th were paid a $0.06 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.24 dividend on an annualized basis and a yield of 1.0%. First Internet Bancorp's payout ratio is 13.64%.

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.