First Internet Bancorp (NASDAQ:INBK) Shares Acquired by JPMorgan Chase & Co.

JPMorgan Chase & Co. raised its holdings in shares of First Internet Bancorp (NASDAQ:INBK - Free Report) by 110.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 35,954 shares of the bank's stock after buying an additional 18,868 shares during the quarter. JPMorgan Chase & Co. owned about 0.41% of First Internet Bancorp worth $1,294,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. R Squared Ltd purchased a new stake in First Internet Bancorp during the 4th quarter valued at about $33,000. SG Americas Securities LLC boosted its holdings 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 purchased a new stake in shares of First Internet Bancorp in the third quarter valued at approximately $203,000. Empowered Funds LLC acquired a new stake in shares of First Internet Bancorp in the fourth quarter valued at approximately $261,000. Finally, Bailard Inc. acquired a new stake in shares of First Internet Bancorp in the fourth quarter valued at approximately $298,000. 65.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

First Internet Bancorp Trading Up 0.4 %

NASDAQ INBK traded up $0.08 during trading hours on Thursday, reaching $21.34. The company had a trading volume of 3,437 shares, compared to its average volume of 45,572. 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 stock has a market capitalization of $185.59 million, a P/E ratio of 7.37 and a beta of 0.52. The stock has a 50-day moving average of $25.83 and a 200 day moving average of $32.94. First Internet Bancorp has a 1-year low of $19.54 and a 1-year high of $43.26.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The bank reported $0.11 EPS for the quarter, missing analysts' consensus estimates 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 firm had revenue of $76.83 million for the quarter, compared to analyst estimates of $26.73 million. As a group, research analysts anticipate that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

First Internet Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were given a $0.06 dividend. The ex-dividend date was Monday, March 31st. This represents a $0.24 annualized dividend and a yield of 1.12%. First Internet Bancorp's dividend payout ratio is presently 9.96%.

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.