Connor Clark & Lunn Investment Management Ltd. Buys 9,714 Shares of First Internet Bancorp (NASDAQ:INBK)

Connor Clark & Lunn Investment Management Ltd. increased its stake in First Internet Bancorp (NASDAQ:INBK) by 71.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 23,403 shares of the bank’s stock after buying an additional 9,714 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.27% of First Internet Bancorp worth $842,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of INBK. R Squared Ltd bought a new stake in First Internet Bancorp in the fourth quarter worth $33,000. MetLife Investment Management LLC increased its stake 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 worth $162,000 after purchasing an additional 2,669 shares during the period. SG Americas Securities LLC increased its stake in First Internet Bancorp by 22.5% in the fourth 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 period. XTX Topco Ltd purchased a new stake in First Internet Bancorp in the third quarter worth $201,000. Finally, Jane Street Group LLC purchased a new stake in First Internet Bancorp in the third quarter worth $203,000. 65.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on INBK. StockNews.com upgraded First Internet Bancorp from a “hold” rating to a “buy” rating in a research note on Wednesday. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $40.00 target price (down previously from $45.00) on shares of First Internet Bancorp in a research note on Friday, January 24th. Finally, Piper Sandler reduced their target price on First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating on the stock in a research note on Monday, January 27th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, First Internet Bancorp has a consensus rating of “Moderate Buy” and an average target price of $41.75.

First Internet Bancorp Stock Performance

Shares of First Internet Bancorp stock opened at $27.56 on Friday. The firm has a market cap of $239.69 million, a P/E ratio of 9.54 and a beta of 0.72. 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 has a 12 month low of $24.18 and a 12 month high of $43.26. The stock’s fifty day moving average price is $31.32 and its 200-day moving average price is $34.97.

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

First Internet Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.87%. The ex-dividend date is Monday, March 31st. First Internet Bancorp’s payout ratio is currently 8.30%.

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.