JPMorgan Chase & Co. Acquires 4,675 Shares of First Internet Bancorp (NASDAQ:INBK)

JPMorgan Chase & Co. lifted its holdings in First Internet Bancorp (NASDAQ:INBK) by 37.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 17,086 shares of the bank’s stock after purchasing an additional 4,675 shares during the period. JPMorgan Chase & Co. owned 0.20% of First Internet Bancorp worth $585,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in INBK. Dimensional Fund Advisors LP increased its stake in First Internet Bancorp by 9.4% during the second quarter. Dimensional Fund Advisors LP now owns 489,663 shares of the bank’s stock valued at $13,230,000 after acquiring an additional 42,227 shares during the period. Renaissance Technologies LLC increased its stake in First Internet Bancorp by 219.0% during the second quarter. Renaissance Technologies LLC now owns 25,200 shares of the bank’s stock valued at $681,000 after acquiring an additional 17,300 shares during the period. Thrivent Financial for Lutherans increased its stake in First Internet Bancorp by 189.9% during the second quarter. Thrivent Financial for Lutherans now owns 23,576 shares of the bank’s stock valued at $637,000 after acquiring an additional 15,444 shares during the period. SG Americas Securities LLC bought a new position in First Internet Bancorp during the third quarter valued at about $145,000. Finally, Valeo Financial Advisors LLC increased its stake in First Internet Bancorp by 1.3% during the third quarter. Valeo Financial Advisors LLC now owns 24,278 shares of the bank’s stock valued at $832,000 after acquiring an additional 311 shares during the period. 65.46% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on INBK. Keefe, Bruyette & Woods restated a “market perform” rating and set a $40.00 price target (down from $45.00) on shares of First Internet Bancorp in a research note on Friday. Piper Sandler lowered their price target on First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating on the stock in a research note on Monday.

First Internet Bancorp Trading Up 0.6 %

INBK stock opened at $33.77 on Tuesday. First Internet Bancorp has a 1-year low of $24.18 and a 1-year high of $43.26. The firm has a market cap of $292.79 million, a P/E ratio of 11.69 and a beta of 0.73. The business’s 50 day moving average is $37.93 and its 200-day moving average is $36.14. The company has a current ratio of 0.99, a quick ratio of 0.98 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 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%. Equities analysts anticipate that First Internet Bancorp will post 4.25 earnings per share for the current fiscal year.

First Internet Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.71%. The ex-dividend date was Tuesday, December 31st. First Internet Bancorp’s payout ratio is currently 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.