First Internet Bancorp (NASDAQ:INBK) Holdings Boosted by Dimensional Fund Advisors LP

Dimensional Fund Advisors LP raised its stake in First Internet Bancorp (NASDAQ:INBK) by 9.4% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 489,663 shares of the bank’s stock after acquiring an additional 42,227 shares during the period. Dimensional Fund Advisors LP owned 5.66% of First Internet Bancorp worth $13,230,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in INBK. Rhumbline Advisers boosted its position in First Internet Bancorp by 2,179.6% during the 2nd quarter. Rhumbline Advisers now owns 9,483 shares of the bank’s stock valued at $256,000 after purchasing an additional 9,067 shares during the period. Valeo Financial Advisors LLC grew its position in First Internet Bancorp by 2.6% in the 2nd quarter. Valeo Financial Advisors LLC now owns 23,967 shares of the bank’s stock worth $648,000 after purchasing an additional 606 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of First Internet Bancorp by 9.6% in the second quarter. Victory Capital Management Inc. now owns 28,500 shares of the bank’s stock valued at $770,000 after purchasing an additional 2,500 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of First Internet Bancorp by 149.9% during the second quarter. Bank of New York Mellon Corp now owns 38,972 shares of the bank’s stock valued at $1,053,000 after buying an additional 23,376 shares during the last quarter. Finally, LSV Asset Management raised its holdings in shares of First Internet Bancorp by 2.1% during the second quarter. LSV Asset Management now owns 39,200 shares of the bank’s stock valued at $1,059,000 after buying an additional 800 shares during the last quarter. 65.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

First Internet Bancorp Trading Up 10.9 %

Shares of First Internet Bancorp stock opened at $33.83 on Friday. The business has a fifty day simple moving average of $34.29 and a 200-day simple moving average of $32.10. The firm has a market cap of $292.83 million, a price-to-earnings ratio of 17.81 and a beta of 0.66. First Internet Bancorp has a fifty-two week low of $14.11 and a fifty-two week high of $39.46. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 1.83.

First Internet Bancorp (NASDAQ:INBK) last posted its quarterly earnings data on Wednesday, July 24th. The bank reported $0.72 earnings per share for the quarter, meeting the consensus estimate of $0.72. The company had revenue of $81.99 million during 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 quarter last year, the firm posted $0.44 EPS. On average, equities analysts forecast that First Internet Bancorp will post 3 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.71%. The ex-dividend date is Monday, September 30th. First Internet Bancorp’s dividend payout ratio is presently 12.63%.

First Internet Bancorp Company 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.