Jacob Asset Management of New York LLC Buys 9,400 Shares of First Internet Bancorp (NASDAQ:INBK)

Jacob Asset Management of New York LLC boosted its holdings in shares of First Internet Bancorp (NASDAQ:INBKGet Rating) by 20.7% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 54,778 shares of the bank’s stock after acquiring an additional 9,400 shares during the period. Jacob Asset Management of New York LLC owned 0.56% of First Internet Bancorp worth $2,577,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Banc Funds Co. LLC boosted its stake in First Internet Bancorp by 3.8% in the 3rd quarter. Banc Funds Co. LLC now owns 362,460 shares of the bank’s stock worth $11,302,000 after purchasing an additional 13,141 shares during the period. Geode Capital Management LLC lifted its position in First Internet Bancorp by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 175,592 shares of the bank’s stock worth $5,474,000 after buying an additional 2,462 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in First Internet Bancorp by 4.8% during the 3rd quarter. Goldman Sachs Group Inc. now owns 169,485 shares of the bank’s stock worth $5,285,000 after buying an additional 7,753 shares in the last quarter. Franklin Resources Inc. lifted its position in First Internet Bancorp by 6.5% during the 3rd quarter. Franklin Resources Inc. now owns 150,900 shares of the bank’s stock worth $4,705,000 after buying an additional 9,200 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC lifted its position in First Internet Bancorp by 1.9% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 141,881 shares of the bank’s stock worth $4,424,000 after buying an additional 2,610 shares in the last quarter. 70.50% of the stock is owned by hedge funds and other institutional investors.

In other news, CEO David B. Becker bought 16,314 shares of the stock in a transaction that occurred on Thursday, March 10th. The stock was acquired at an average price of $44.50 per share, with a total value of $725,973.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Aasif M. Bade purchased 5,000 shares of First Internet Bancorp stock in a transaction on Tuesday, May 3rd. The stock was bought at an average price of $37.60 per share, with a total value of $188,000.00. Following the completion of the acquisition, the director now directly owns 7,314 shares of the company’s stock, valued at approximately $275,006.40. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 51,314 shares of company stock worth $2,006,573. Insiders own 7.20% of the company’s stock.

Several brokerages have commented on INBK. Piper Sandler cut their price target on shares of First Internet Bancorp from $68.00 to $54.00 and set an “overweight” rating on the stock in a research report on Friday, April 22nd. Keefe, Bruyette & Woods dropped their target price on shares of First Internet Bancorp from $66.00 to $62.00 and set an “outperform” rating on the stock in a report on Thursday, April 21st. Zacks Investment Research raised shares of First Internet Bancorp from a “hold” rating to a “strong-buy” rating and set a $50.00 target price on the stock in a report on Wednesday, March 9th. StockNews.com initiated coverage on shares of First Internet Bancorp in a report on Thursday, March 31st. They issued a “buy” rating on the stock. Finally, Craig Hallum dropped their target price on shares of First Internet Bancorp from $70.00 to $60.00 in a report on Tuesday. Four equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, First Internet Bancorp has a consensus rating of “Buy” and an average price target of $56.50.

First Internet Bancorp stock traded up $0.21 during trading hours on Thursday, hitting $37.28. The company had a trading volume of 1,316 shares, compared to its average volume of 40,550. The firm has a market cap of $360.87 million, a PE ratio of 7.53 and a beta of 0.73. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.05 and a quick ratio of 1.03. First Internet Bancorp has a one year low of $28.05 and a one year high of $53.56. The firm has a 50-day moving average of $43.24 and a 200 day moving average of $44.94.

First Internet Bancorp (NASDAQ:INBKGet Rating) last released its quarterly earnings results on Wednesday, April 20th. The bank reported $1.14 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.15. First Internet Bancorp had a net margin of 29.10% and a return on equity of 13.21%. During the same period in the previous year, the company posted $1.05 EPS. As a group, research analysts expect that First Internet Bancorp will post 4.82 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Monday, April 18th. Shareholders of record on Thursday, March 31st were issued a $0.06 dividend. The ex-dividend date was Wednesday, March 30th. This represents a $0.24 annualized dividend and a yield of 0.64%. First Internet Bancorp’s dividend payout ratio is currently 4.89%.

About First Internet Bancorp (Get Rating)

First Internet Bancorp operates as the bank holding company for First Internet Bank of Indiana that provides commercial and retail banking products and services to individuals and commercial customers in the United States. The company accepts non-interest bearing and interest-bearing demand deposit, savings, money market, and brokered deposit accounts, as well as certificates of deposit.

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Institutional Ownership by Quarter for First Internet Bancorp (NASDAQ:INBK)

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