Proficio Capital Partners LLC Invests $579,000 in First Internet Bancorp (NASDAQ:INBK)

Proficio Capital Partners LLC acquired a new position in First Internet Bancorp (NASDAQ:INBK) during the fourth quarter, according to its most recent 13F filing with the SEC. The firm acquired 16,088 shares of the bank’s stock, valued at approximately $579,000.

A number of other large investors have also modified their holdings of the stock. Charles Schwab Investment Management Inc. grew its stake in shares of First Internet Bancorp by 3.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 23,505 shares of the bank’s stock valued at $846,000 after buying an additional 841 shares in the last quarter. Bailard Inc. acquired a new stake in shares of First Internet Bancorp in the fourth quarter valued at about $298,000. First Merchants Corp acquired a new stake in shares of First Internet Bancorp in the fourth quarter valued at about $402,000. Empowered Funds LLC acquired a new stake in shares of First Internet Bancorp in the fourth quarter valued at about $261,000. Finally, R Squared Ltd acquired a new stake in shares of First Internet Bancorp in the fourth quarter valued at about $33,000. Institutional investors and hedge funds own 65.46% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on INBK. Keefe, Bruyette & Woods reiterated 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 note on Friday, January 24th. Piper Sandler lowered their target price on First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating for the company in a research note on Monday, January 27th. Finally, StockNews.com upgraded First Internet Bancorp from a “hold” rating to a “buy” rating in a research note on Wednesday, March 19th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, First Internet Bancorp has an average rating of “Moderate Buy” and a consensus target price of $41.75.

First Internet Bancorp Price Performance

Shares of NASDAQ INBK opened at $27.56 on Monday. First Internet Bancorp has a fifty-two week low of $24.18 and a fifty-two week high of $43.26. The business has a 50 day moving average price of $31.32 and a two-hundred day moving average price of $34.97. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.61. The firm has a market cap of $239.69 million, a PE ratio of 9.54 and a beta of 0.72.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings data on Wednesday, January 22nd. The bank reported $0.41 earnings per share 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%. Sell-side analysts expect that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

First Internet Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a $0.06 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.24 annualized dividend and a dividend yield of 0.87%. First Internet Bancorp’s payout ratio is 8.30%.

About First Internet Bancorp

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.