Bank of New York Mellon Corp Reduces Position in First Internet Bancorp (NASDAQ:INBK)

Bank of New York Mellon Corp trimmed its position in First Internet Bancorp (NASDAQ:INBK) by 7.3% during the 4th quarter, Holdings Channel.com reports. The fund owned 30,785 shares of the bank’s stock after selling 2,440 shares during the period. Bank of New York Mellon Corp’s holdings in First Internet Bancorp were worth $1,108,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in First Internet Bancorp during the 3rd quarter valued at about $469,000. First Merchants Corp purchased a new stake in First Internet Bancorp in the fourth quarter valued at approximately $402,000. State Street Corp boosted its position in First Internet Bancorp by 8.9% in the third quarter. State Street Corp now owns 106,282 shares of the bank’s stock valued at $3,648,000 after buying an additional 8,701 shares during the last quarter. Empowered Funds LLC acquired a new position in First Internet Bancorp in the 4th quarter worth approximately $261,000. Finally, Jane Street Group LLC purchased a new position in First Internet Bancorp during the 3rd quarter worth approximately $203,000. Hedge funds and other institutional investors own 65.46% of the company’s stock.

Analyst Ratings Changes

INBK has been the topic of several recent research reports. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $40.00 price objective (down from $45.00) on shares of First Internet Bancorp in a report on Friday, January 24th. Piper Sandler lowered their price target on shares of First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating on the stock in a report on Monday, January 27th. Finally, StockNews.com raised First Internet Bancorp from a “hold” rating to a “buy” rating in a research report on Wednesday, March 19th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, First Internet Bancorp has an average rating of “Moderate Buy” and an average price target of $41.75.

First Internet Bancorp Price Performance

NASDAQ:INBK opened at $28.53 on Tuesday. 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 company has a 50 day moving average price of $31.23 and a 200-day moving average price of $34.93. 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 $248.13 million, a price-to-earnings ratio of 9.87 and a beta of 0.72.

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 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 forecast that First Internet Bancorp will post 4.11 EPS for the current year.

First Internet Bancorp Announces Dividend

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 $0.06 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.24 dividend on an annualized basis and a yield of 0.84%. First Internet Bancorp’s payout ratio is 8.30%.

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.