R Squared Ltd Makes New Investment in First Internet Bancorp (NASDAQ:INBK)

R Squared Ltd bought a new stake in shares of First Internet Bancorp (NASDAQ:INBK) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 926 shares of the bank’s stock, valued at approximately $33,000.

Several other large investors have also recently made changes to their positions in the business. SG Americas Securities LLC purchased a new position in First Internet Bancorp in the 3rd quarter worth approximately $145,000. MetLife Investment Management LLC raised its holdings in First Internet Bancorp by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 4,737 shares of the bank’s stock worth $162,000 after acquiring an additional 2,669 shares during the last quarter. XTX Topco Ltd purchased a new position in First Internet Bancorp in the 3rd quarter worth approximately $201,000. Jane Street Group LLC purchased a new position in First Internet Bancorp in the 3rd quarter worth approximately $203,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in First Internet Bancorp in the 3rd quarter worth approximately $469,000. 65.46% of the stock is currently owned by hedge funds and other institutional investors.

First Internet Bancorp Stock Down 0.4 %

Shares of INBK stock opened at $32.45 on Tuesday. The stock has a market cap of $281.28 million, a P/E ratio of 11.23 and a beta of 0.73. First Internet Bancorp has a 52 week low of $24.18 and a 52 week high of $43.26. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.61. The company’s fifty day simple moving average is $37.20 and its two-hundred day simple moving average is $36.15.

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 return on equity of 5.86% and a net margin of 7.45%. Analysts predict that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

First Internet Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a dividend of $0.06 per share. The ex-dividend date was Tuesday, December 31st. This represents a $0.24 annualized dividend and a yield of 0.74%. First Internet Bancorp’s payout ratio is 8.30%.

Analysts Set New Price Targets

A number of research firms have commented on INBK. Keefe, Bruyette & Woods reaffirmed 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 report on Friday, January 24th. Piper Sandler lowered their target price on shares of 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.

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.