Connors Investor Services Inc. Boosts Stake in First Internet Bancorp (INBK)

Connors Investor Services Inc. lifted its position in First Internet Bancorp (NASDAQ:INBK) by 530.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 68,755 shares of the bank’s stock after purchasing an additional 57,844 shares during the quarter. Connors Investor Services Inc. owned 0.68% of First Internet Bancorp worth $2,094,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Allianz Asset Management GmbH boosted its holdings in First Internet Bancorp by 9.1% during the 3rd quarter. Allianz Asset Management GmbH now owns 96,024 shares of the bank’s stock valued at $2,924,000 after acquiring an additional 8,034 shares during the period. Ancora Advisors LLC boosted its holdings in First Internet Bancorp by 79.6% during the 3rd quarter. Ancora Advisors LLC now owns 18,391 shares of the bank’s stock valued at $560,000 after acquiring an additional 8,150 shares during the period. Stieven Capital Advisors L.P. boosted its holdings in First Internet Bancorp by 0.3% during the 3rd quarter. Stieven Capital Advisors L.P. now owns 822,676 shares of the bank’s stock valued at $25,050,000 after acquiring an additional 2,200 shares during the period. Dimensional Fund Advisors LP boosted its holdings in First Internet Bancorp by 31.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 341,541 shares of the bank’s stock valued at $10,400,000 after acquiring an additional 82,678 shares during the period. Finally, BlackRock Inc. boosted its holdings in First Internet Bancorp by 16.4% during the 3rd quarter. BlackRock Inc. now owns 512,575 shares of the bank’s stock valued at $15,607,000 after acquiring an additional 72,208 shares during the period. Hedge funds and other institutional investors own 70.69% of the company’s stock.

Several equities research analysts recently weighed in on INBK shares. Maxim Group restated a “buy” rating and set a $30.00 target price (down from $38.00) on shares of First Internet Bancorp in a report on Friday, October 26th. Craig Hallum set a $45.00 target price on First Internet Bancorp and gave the company a “buy” rating in a report on Thursday, October 25th. Zacks Investment Research upgraded First Internet Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, September 25th. Finally, ValuEngine upgraded First Internet Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, August 8th. Three investment analysts have rated the stock with a sell rating and four have issued a buy rating to the stock. First Internet Bancorp has an average rating of “Hold” and an average target price of $40.50.

Shares of INBK stock opened at $25.10 on Tuesday. The stock has a market cap of $253.01 million, a P/E ratio of 9.48 and a beta of 0.38. First Internet Bancorp has a 1-year low of $23.81 and a 1-year high of $42.40. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.06 and a quick ratio of 1.05.

First Internet Bancorp (NASDAQ:INBK) last issued its earnings results on Wednesday, October 24th. The bank reported $0.61 earnings per share for the quarter, meeting the consensus estimate of $0.61. The company had revenue of $17.96 million during the quarter, compared to analysts’ expectations of $18.50 million. First Internet Bancorp had a return on equity of 9.29% and a net margin of 18.57%. As a group, equities research analysts expect that First Internet Bancorp will post 2.58 EPS for the current fiscal year.

In other First Internet Bancorp news, Director Jerry L. Williams purchased 1,500 shares of the stock in a transaction on Thursday, November 1st. The stock was acquired at an average price of $25.88 per share, with a total value of $38,820.00. Following the transaction, the director now directly owns 39,885 shares of the company’s stock, valued at approximately $1,032,223.80. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 6.20% of the company’s stock.

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First Internet Bancorp Company Profile

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

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

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