David B. Becker Purchases 30,000 Shares of First Internet Bancorp (NASDAQ:INBK) Stock


First Internet Bancorp (NASDAQ:INBK – Get Rating) CEO David B. Becker bought 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 3rd. The stock was bought at an average cost of $36.42 per share, for a total transaction of $1,092,600.00. Following the completion of the transaction, the chief executive officer now directly owns 420,011 shares of the company’s stock, valued at approximately $15,296,800.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

INBK opened at $37.25 on Friday. The firm has a market capitalization of $360.58 million, a P/E ratio of 7.59 and a beta of 0.73. The firm’s 50 day moving average is $43.00 and its 200-day moving average is $44.88. First Internet Bancorp has a 52-week low of $28.05 and a 52-week high of $53.56. The company has a quick ratio of 1.03, a current ratio of 1.05 and a debt-to-equity ratio of 1.63.

First Internet Bancorp (NASDAQ:INBK – Get Rating) last posted its quarterly earnings data on Wednesday, April 20th. The bank reported $1.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 quarter last year, the company earned $1.05 EPS. Equities analysts expect that First Internet Bancorp will post 4.54 earnings per share for the current fiscal year.

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

INBK has been the topic of a number of recent research reports. StockNews.com initiated coverage on shares of First Internet Bancorp in a research report on Thursday, March 31st. They set a “buy” rating on the stock. Keefe, Bruyette & Woods reduced their price target on shares of First Internet Bancorp from $66.00 to $62.00 and set an “outperform” rating on the stock in a research report on Thursday, April 21st. Piper Sandler reduced 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. Craig Hallum reduced their price target on shares of First Internet Bancorp from $70.00 to $60.00 in a research report on Tuesday. Finally, Zacks Investment Research cut shares of First Internet Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $56.50.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Morgan Stanley increased its stake in shares of First Internet Bancorp by 72.9% in the second quarter. Morgan Stanley now owns 17,465 shares of the bank’s stock worth $542,000 after buying an additional 7,361 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of First Internet Bancorp in the third quarter worth $190,000. Victory Capital Management Inc. increased its stake in shares of First Internet Bancorp by 50.0% in the third quarter. Victory Capital Management Inc. now owns 46,050 shares of the bank’s stock worth $1,436,000 after buying an additional 15,350 shares during the last quarter. Boston Partners increased its stake in shares of First Internet Bancorp by 3.0% in the third quarter. Boston Partners now owns 79,809 shares of the bank’s stock worth $2,488,000 after buying an additional 2,288 shares during the last quarter. Finally, Barclays PLC increased its stake in shares of First Internet Bancorp by 700.7% in the third quarter. Barclays PLC now owns 9,777 shares of the bank’s stock worth $305,000 after buying an additional 8,556 shares during the last quarter. Institutional investors own 70.50% of the company’s stock.

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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