20,500 Shares in First Internet Bancorp (NASDAQ:INBK) Acquired by Rangeley Capital LLC

Rangeley Capital LLC purchased a new stake in First Internet Bancorp (NASDAQ:INBK) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 20,500 shares of the bank’s stock, valued at approximately $738,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Jane Street Group LLC bought a new position in shares of First Internet Bancorp in the 3rd quarter worth $203,000. First Merchants Corp bought a new position in shares of First Internet Bancorp during the fourth quarter valued at about $402,000. JPMorgan Chase & Co. grew its holdings in shares of First Internet Bancorp by 37.7% in the third quarter. JPMorgan Chase & Co. now owns 17,086 shares of the bank’s stock valued at $585,000 after acquiring an additional 4,675 shares in the last quarter. Barclays PLC increased its position in shares of First Internet Bancorp by 20.5% during the 3rd quarter. Barclays PLC now owns 20,286 shares of the bank’s stock valued at $696,000 after purchasing an additional 3,447 shares during the last quarter. Finally, State Street Corp raised its stake in shares of First Internet Bancorp by 8.9% during the 3rd quarter. State Street Corp now owns 106,282 shares of the bank’s stock worth $3,648,000 after purchasing an additional 8,701 shares during the period. 65.46% of the stock is currently owned by institutional investors.

First Internet Bancorp Price Performance

Shares of First Internet Bancorp stock opened at $27.21 on Thursday. First Internet Bancorp has a 12 month low of $24.18 and a 12 month high of $43.26. The firm has a market cap of $236.65 million, a PE ratio of 9.42 and a beta of 0.72. The stock has a 50 day moving average of $30.08 and a 200 day moving average of $34.59. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.61.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.92 by ($0.51). First Internet Bancorp had a return on equity of 5.86% and a net margin of 7.45%. On average, research analysts expect that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.06 per share. The ex-dividend date is Monday, March 31st. This represents a $0.24 annualized dividend and a yield of 0.88%. First Internet Bancorp’s dividend payout ratio (DPR) is currently 8.30%.

Wall Street Analysts Forecast Growth

INBK has been the topic of a number of recent research reports. Piper Sandler dropped their price target on First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating on the stock in a research report on Monday, January 27th. StockNews.com lowered shares of First Internet Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, March 27th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $40.00 price objective (down from $45.00) on shares of First Internet Bancorp in a report on Friday, January 24th. Finally, Hovde Group lowered their target price on shares of First Internet Bancorp from $44.00 to $39.00 and set an “outperform” rating on the stock in a report on Wednesday. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $40.50.

About First Internet Bancorp

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.