Thrivent Financial for Lutherans Has $693,000 Position in First Internet Bancorp (NASDAQ:INBK)

Thrivent Financial for Lutherans cut its holdings in First Internet Bancorp (NASDAQ:INBK) by 28.8% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 19,274 shares of the bank’s stock after selling 7,779 shares during the quarter. Thrivent Financial for Lutherans owned about 0.22% of First Internet Bancorp worth $693,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the business. Raymond James Financial Inc. acquired a new position in shares of First Internet Bancorp in the fourth quarter valued at approximately $1,780,000. Patriot Financial Partners GP LP lifted its position in First Internet Bancorp by 14.7% in the 4th quarter. Patriot Financial Partners GP LP now owns 373,482 shares of the bank’s stock valued at $13,442,000 after acquiring an additional 48,000 shares in the last quarter. Proficio Capital Partners LLC acquired a new position in First Internet Bancorp in the 4th quarter worth $579,000. First Merchants Corp bought a new position in First Internet Bancorp during the 4th quarter worth about $402,000. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of First Internet Bancorp by 71.0% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 23,403 shares of the bank’s stock valued at $842,000 after purchasing an additional 9,714 shares during the period. 65.46% of the stock is owned by institutional investors.

First Internet Bancorp Trading Up 0.9 %

Shares of First Internet Bancorp stock opened at $27.21 on Thursday. The stock has a market cap of $236.65 million, a P/E ratio of 9.42 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 has a 12-month low of $24.18 and a 12-month high of $43.26. The business’s 50 day moving average is $30.08 and its 200-day moving average is $34.59.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings data on Wednesday, January 22nd. The bank reported $0.41 EPS for the quarter, missing analysts’ consensus estimates 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 research analysts predict 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 will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.88%. The ex-dividend date of this dividend is Monday, March 31st. First Internet Bancorp’s payout ratio is currently 8.30%.

Analyst Upgrades and Downgrades

INBK has been the subject of several recent research reports. Piper Sandler reduced their price objective on 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. Hovde Group reduced their price target on First Internet Bancorp from $44.00 to $39.00 and set an “outperform” rating for the company in a research report on Wednesday. StockNews.com downgraded shares of First Internet Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, March 27th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $40.00 target price (down previously from $45.00) on shares of First Internet Bancorp in a research report on Friday, January 24th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $40.50.

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.