Geode Capital Management LLC Buys 3,967 Shares of First Internet Bancorp (NASDAQ:INBK)

Geode Capital Management LLC raised its stake in First Internet Bancorp (NASDAQ:INBK) by 2.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 201,641 shares of the bank’s stock after buying an additional 3,967 shares during the quarter. Geode Capital Management LLC owned 2.33% of First Internet Bancorp worth $6,909,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. SG Americas Securities LLC bought a new stake in shares of First Internet Bancorp in the 3rd quarter valued at about $145,000. MetLife Investment Management LLC grew its holdings in First Internet Bancorp by 129.1% during the third quarter. MetLife Investment Management LLC now owns 4,737 shares of the bank’s stock valued at $162,000 after purchasing an additional 2,669 shares during the period. XTX Topco Ltd bought a new stake in First Internet Bancorp in the third quarter valued at approximately $201,000. Jane Street Group LLC acquired a new stake in First Internet Bancorp in the third quarter worth $203,000. Finally, Rhumbline Advisers raised its holdings in First Internet Bancorp by 2,179.6% in the second quarter. Rhumbline Advisers now owns 9,483 shares of the bank’s stock worth $256,000 after purchasing an additional 9,067 shares during the period. Institutional investors own 65.46% of the company’s stock.

First Internet Bancorp Price Performance

NASDAQ INBK opened at $35.25 on Friday. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.98 and a current ratio of 0.99. The stock has a market cap of $305.55 million, a price-to-earnings ratio of 13.88 and a beta of 0.70. The business has a 50 day simple moving average of $39.03 and a 200 day simple moving average of $35.26. First Internet Bancorp has a 52-week low of $23.05 and a 52-week high of $43.26.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.81 by ($0.01). The company had revenue of $87.02 million for the quarter, compared to the consensus estimate of $32.50 million. First Internet Bancorp had a return on equity of 6.06% and a net margin of 6.92%. During the same period in the prior year, the company earned $0.39 EPS. Analysts anticipate that First Internet Bancorp will post 3.07 earnings per share for the current fiscal year.

First Internet Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.68%. The ex-dividend date of this dividend is Tuesday, December 31st. First Internet Bancorp’s dividend payout ratio is 9.45%.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods boosted their price target on shares of First Internet Bancorp from $41.00 to $45.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, First Internet Bancorp presently has an average rating of “Hold” and an average price target of $43.63.

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.