Wellington Management Group LLP Makes New $1.65 Million Investment in First Internet Bancorp $INBK

Wellington Management Group LLP bought a new stake in First Internet Bancorp (NASDAQ:INBK) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm bought 59,313 shares of the bank’s stock, valued at approximately $1,649,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. acquired a new position in shares of First Internet Bancorp during the 2nd quarter worth $20,209,000. Vanguard Group Inc. boosted its stake in First Internet Bancorp by 1.3% in the third quarter. Vanguard Group Inc. now owns 435,025 shares of the bank’s stock valued at $9,758,000 after buying an additional 5,632 shares in the last quarter. Heartland Advisors Inc. raised its stake in First Internet Bancorp by 33.4% during the first quarter. Heartland Advisors Inc. now owns 384,900 shares of the bank’s stock worth $7,844,000 after acquiring an additional 96,305 shares in the last quarter. Aegis Financial Corp raised its stake in First Internet Bancorp by 41.5% during the first 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. Finally, Patriot Financial Partners GP II L.P. bought a new position in shares of First Internet Bancorp in the third quarter worth about $4,696,000. Institutional investors own 65.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on INBK. Wall Street Zen upgraded shares of First Internet Bancorp from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. Weiss Ratings upgraded shares of First Internet Bancorp from a “sell (d)” rating to a “sell (d+)” rating in a research report on Wednesday, July 8th. Benchmark increased their price objective on shares of First Internet Bancorp from $33.00 to $35.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Finally, Piper Sandler raised 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 assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $29.38.

First Internet Bancorp Stock Performance

Shares of INBK stock opened at $28.00 on Friday. The business’s 50 day simple moving average is $27.99 and its 200 day simple moving average is $24.84. 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 $244.55 million, a PE ratio of -7.78 and a beta of 0.83. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.88 and a quick ratio of 0.87.

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

First Internet Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a $0.06 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $0.24 annualized dividend and a yield of 0.9%. First Internet Bancorp’s dividend payout ratio is presently -6.67%.

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).