Bailard Inc. Makes New $298,000 Investment in First Internet Bancorp (NASDAQ:INBK)

Bailard Inc. bought a new stake in First Internet Bancorp (NASDAQ:INBK) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 8,283 shares of the bank’s stock, valued at approximately $298,000.

A number of other institutional investors also recently modified their holdings of INBK. Proficio Capital Partners LLC acquired a new position in shares of First Internet Bancorp in the 4th quarter valued at approximately $579,000. First Merchants Corp acquired a new position in First Internet Bancorp during the fourth quarter valued at approximately $402,000. Empowered Funds LLC bought a new stake in First Internet Bancorp during the fourth quarter worth $261,000. R Squared Ltd acquired a new stake in shares of First Internet Bancorp in the 4th quarter valued at $33,000. Finally, SG Americas Securities LLC increased its stake in shares of First Internet Bancorp by 22.5% in the 4th quarter. SG Americas Securities LLC now owns 5,181 shares of the bank’s stock valued at $186,000 after purchasing an additional 953 shares during the last quarter. Institutional investors own 65.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on INBK. StockNews.com upgraded First Internet Bancorp from a “hold” rating to a “buy” rating in a research report on Monday. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $40.00 price target (down from $45.00) on shares of First Internet Bancorp in a research note on Friday, January 24th. Finally, Piper Sandler lowered their price objective on shares of First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating for the company in a research report on Monday, January 27th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, First Internet Bancorp has an average rating of “Moderate Buy” and an average target price of $41.75.

First Internet Bancorp Price Performance

Shares of INBK opened at $28.63 on Thursday. The business has a 50-day simple moving average of $33.18 and a two-hundred day simple moving average of $35.63. First Internet Bancorp has a 12-month low of $24.18 and a 12-month high of $43.26. The stock has a market cap of $248.16 million, a PE ratio of 9.91 and a beta of 0.72. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.61.

First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings data on Wednesday, January 22nd. The bank reported $0.41 earnings per share (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%. Analysts anticipate that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

First Internet Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.84%. First Internet Bancorp’s dividend payout ratio (DPR) is presently 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.