First Internet Bancorp (NASDAQ:INBK) Shares Bought by American Century Companies Inc.

American Century Companies Inc. boosted its stake in shares of First Internet Bancorp (NASDAQ:INBK) by 3.4% during the 2nd quarter, Holdings Channel.com reports. The firm owned 86,239 shares of the bank’s stock after purchasing an additional 2,857 shares during the quarter. American Century Companies Inc.’s holdings in First Internet Bancorp were worth $2,330,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in INBK. Acadian Asset Management LLC grew its position in First Internet Bancorp by 263.2% during the 1st quarter. Acadian Asset Management LLC now owns 97,600 shares of the bank’s stock worth $3,389,000 after purchasing an additional 70,725 shares during the period. Foundry Partners LLC grew its position in First Internet Bancorp by 56.6% during the 1st quarter. Foundry Partners LLC now owns 97,245 shares of the bank’s stock worth $3,378,000 after purchasing an additional 35,140 shares during the period. Bank of New York Mellon Corp grew its position in First Internet Bancorp by 149.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 38,972 shares of the bank’s stock worth $1,053,000 after purchasing an additional 23,376 shares during the period. Ancora Advisors LLC boosted its stake in shares of First Internet Bancorp by 7.0% during the 1st quarter. Ancora Advisors LLC now owns 216,712 shares of the bank’s stock worth $7,529,000 after acquiring an additional 14,190 shares in the last quarter. Finally, Quadrature Capital Ltd boosted its stake in shares of First Internet Bancorp by 33.0% during the 4th quarter. Quadrature Capital Ltd now owns 47,209 shares of the bank’s stock worth $1,142,000 after acquiring an additional 11,707 shares in the last quarter. 65.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Piper Sandler increased their target price on shares of First Internet Bancorp from $30.00 to $40.50 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods increased their target price on shares of First Internet Bancorp from $36.00 to $42.00 and gave the stock a “market perform” rating in a research note on Friday, July 26th. Craig Hallum increased their target price on shares of First Internet Bancorp from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Finally, Hovde Group increased their target price on shares of First Internet Bancorp from $38.00 to $44.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, First Internet Bancorp currently has an average rating of “Hold” and an average target price of $42.88.

First Internet Bancorp Trading Down 1.1 %

Shares of First Internet Bancorp stock opened at $33.04 on Friday. The firm has a market capitalization of $285.99 million, a PE ratio of 17.39 and a beta of 0.66. First Internet Bancorp has a twelve month low of $14.11 and a twelve month high of $39.46. The firm’s 50-day moving average price is $34.71 and its 200 day moving average price is $32.06. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 1.83.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings results on Wednesday, July 24th. The bank reported $0.72 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.72. The firm had revenue of $81.99 million for the quarter, compared to analyst estimates of $30.55 million. First Internet Bancorp had a net margin of 6.12% and a return on equity of 5.23%. During the same period last year, the company posted $0.44 EPS. On average, sell-side analysts predict that First Internet Bancorp will post 3 EPS for the current fiscal year.

First Internet Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a $0.06 dividend. The ex-dividend date is Monday, September 30th. This represents a $0.24 dividend on an annualized basis and a yield of 0.73%. First Internet Bancorp’s payout ratio is 12.63%.

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.