State Street Corp Acquires 8,701 Shares of First Internet Bancorp (NASDAQ:INBK)

State Street Corp lifted its stake in First Internet Bancorp (NASDAQ:INBK) by 8.9% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 106,282 shares of the bank’s stock after purchasing an additional 8,701 shares during the period. State Street Corp owned 1.23% of First Internet Bancorp worth $3,648,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. SG Americas Securities LLC acquired a new position in First Internet Bancorp during the third quarter valued at approximately $145,000. MetLife Investment Management LLC lifted 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 worth $162,000 after acquiring an additional 2,669 shares in the last quarter. Rhumbline Advisers grew its stake in First Internet Bancorp by 2,179.6% in the second quarter. Rhumbline Advisers now owns 9,483 shares of the bank’s stock valued at $256,000 after acquiring an additional 9,067 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of First Internet Bancorp in the third quarter worth about $469,000. Finally, Thrivent Financial for Lutherans raised its position in shares of First Internet Bancorp by 189.9% during the second quarter. Thrivent Financial for Lutherans now owns 23,576 shares of the bank’s stock worth $637,000 after purchasing an additional 15,444 shares during the period. 65.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

First Internet Bancorp Stock Down 1.3 %

Shares of INBK stock opened at $36.11 on Tuesday. The firm has a market capitalization of $313.00 million, a P/E ratio of 14.22 and a beta of 0.70. The firm’s fifty day moving average price is $39.04 and its two-hundred day moving average price is $35.12. 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 has a 1 year low of $23.05 and a 1 year high of $43.26.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 quarter in the prior year, the company earned $0.39 EPS. On average, equities analysts predict that First Internet Bancorp will post 3.07 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a $0.06 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.66%. First Internet Bancorp’s payout ratio is 9.45%.

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.