State Street Corp Has $3.65 Million Stock Position in First Internet Bancorp (NASDAQ:INBK)

State Street Corp boosted its stake in shares of First Internet Bancorp (NASDAQ:INBK) by 8.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 106,282 shares of the bank’s stock after acquiring an additional 8,701 shares during the period. State Street Corp’s holdings in First Internet Bancorp were worth $3,648,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new position in shares of First Internet Bancorp during the third quarter worth $145,000. MetLife Investment Management LLC boosted its holdings in First Internet Bancorp by 129.1% in the third quarter. MetLife Investment Management LLC now owns 4,737 shares of the bank’s stock valued at $162,000 after acquiring an additional 2,669 shares during the last quarter. Rhumbline Advisers raised its holdings in First Internet Bancorp by 2,179.6% during the 2nd quarter. Rhumbline Advisers now owns 9,483 shares of the bank’s stock worth $256,000 after purchasing an additional 9,067 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of First Internet Bancorp in the 3rd quarter worth approximately $469,000. Finally, Thrivent Financial for Lutherans boosted its stake in shares of First Internet Bancorp by 189.9% in the 2nd quarter. Thrivent Financial for Lutherans now owns 23,576 shares of the bank’s stock valued at $637,000 after purchasing an additional 15,444 shares during the last quarter. 65.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods increased their price target on First Internet Bancorp from $41.00 to $45.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Three equities 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, the company presently has a consensus rating of “Hold” and an average price target of $43.63.

First Internet Bancorp Stock Performance

Shares of First Internet Bancorp stock opened at $36.11 on Tuesday. The business has a 50-day simple moving average of $39.04 and a 200 day simple moving average of $35.12. The firm has a market capitalization of $313.00 million, a price-to-earnings ratio of 14.22 and a beta of 0.70. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.98. First Internet Bancorp has a one year low of $23.05 and a one year high of $43.26.

First Internet Bancorp (NASDAQ:INBK) last issued its earnings results on Wednesday, October 23rd. The bank reported $0.80 earnings per share for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.01). First Internet Bancorp had a return on equity of 6.06% and a net margin of 6.92%. The firm had revenue of $87.02 million for the quarter, compared to analyst estimates of $32.50 million. During the same period in the previous year, the company earned $0.39 earnings per share. On average, research analysts anticipate that First Internet Bancorp will post 3.07 earnings per share for the current fiscal year.

First Internet Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.06 per share. The ex-dividend date is Tuesday, December 31st. This represents a $0.24 dividend on an annualized basis and a yield of 0.66%. First Internet Bancorp’s dividend payout ratio (DPR) is currently 9.45%.

First Internet Bancorp 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.