Geode Capital Management LLC Has $6.91 Million Holdings in First Internet Bancorp (NASDAQ:INBK)

Geode Capital Management LLC lifted its holdings in First Internet Bancorp (NASDAQ:INBK) by 2.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 201,641 shares of the bank’s stock after purchasing an additional 3,967 shares during the quarter. Geode Capital Management LLC’s holdings in First Internet Bancorp were worth $6,909,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Bank of New York Mellon Corp increased its stake in First Internet Bancorp by 149.9% in the 2nd 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. Rhumbline Advisers grew its holdings in shares of First Internet Bancorp by 2,179.6% in the 2nd quarter. Rhumbline Advisers now owns 9,483 shares of the bank’s stock valued at $256,000 after acquiring an additional 9,067 shares in the last quarter. Victory Capital Management Inc. increased its position 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 acquiring an additional 2,500 shares during the last quarter. Foundry Partners LLC increased its position in shares of First Internet Bancorp by 15.0% in the second quarter. Foundry Partners LLC now owns 111,850 shares of the bank’s stock valued at $3,022,000 after acquiring an additional 14,605 shares during the last quarter. Finally, Acadian Asset Management LLC raised its holdings in First Internet Bancorp by 50.9% during the second quarter. Acadian Asset Management LLC now owns 147,275 shares of the bank’s stock worth $3,978,000 after acquiring an additional 49,675 shares in the last quarter. Institutional investors and hedge funds own 65.46% of the company’s stock.

Analyst Ratings Changes

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

First Internet Bancorp Stock Performance

Shares of INBK opened at $35.25 on Friday. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.98. The firm has a 50-day moving average of $39.03 and a 200-day moving average of $35.26. The company has a market cap of $305.55 million, a PE ratio of 13.88 and a beta of 0.70. First Internet Bancorp has a one year low of $23.05 and a one year high of $43.26.

First Internet Bancorp (NASDAQ:INBK) last posted its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.80 EPS for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.01). The business 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 previous year, the business posted $0.39 EPS. As a group, equities analysts forecast that First Internet Bancorp will post 3.07 earnings per share for the current year.

First Internet Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.68%. The ex-dividend date of this dividend is Tuesday, December 31st. First Internet Bancorp’s payout ratio is presently 9.45%.

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.