Man Group plc Has $627,000 Holdings in First Internet Bancorp (NASDAQ:INBK)

Man Group plc lifted its holdings in shares of First Internet Bancorp (NASDAQ:INBK) by 28.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,430 shares of the bank’s stock after purchasing an additional 3,911 shares during the quarter. Man Group plc’s holdings in First Internet Bancorp were worth $627,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. R Squared Ltd bought a new position in shares of First Internet Bancorp during the fourth quarter worth approximately $33,000. Wells Fargo & Company MN increased its holdings in shares of First Internet Bancorp by 35.0% during the fourth quarter. Wells Fargo & Company MN now owns 4,381 shares of the bank’s stock worth $158,000 after purchasing an additional 1,137 shares during the period. SG Americas Securities LLC increased its holdings in shares of First Internet Bancorp by 22.5% during the fourth quarter. SG Americas Securities LLC now owns 5,181 shares of the bank’s stock worth $186,000 after purchasing an additional 953 shares during the period. Empowered Funds LLC bought a new position in shares of First Internet Bancorp during the fourth quarter worth approximately $261,000. Finally, Deutsche Bank AG increased its holdings in shares of First Internet Bancorp by 4.5% during the fourth quarter. Deutsche Bank AG now owns 7,789 shares of the bank’s stock worth $280,000 after purchasing an additional 335 shares during the period. 65.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

INBK has been the topic of several recent research reports. Piper Sandler lowered their target price on shares of First Internet Bancorp from $32.00 to $24.00 and set a “neutral” rating on the stock in a report on Monday, April 28th. Wall Street Zen cut shares of First Internet Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, March 27th. Keefe, Bruyette & Woods decreased their price objective on shares of First Internet Bancorp from $35.00 to $30.00 and set a “market perform” rating on the stock in a research note on Tuesday, April 29th. Finally, Hovde Group decreased their price objective on shares of First Internet Bancorp from $39.00 to $28.00 and set an “outperform” rating on the stock in a research note on Friday, April 25th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, First Internet Bancorp presently has a consensus rating of “Hold” and an average price target of $31.75.

First Internet Bancorp Stock Performance

NASDAQ INBK opened at $23.59 on Monday. The firm’s fifty day moving average price is $24.21 and its two-hundred day moving average price is $31.39. The stock has a market cap of $205.16 million, a PE ratio of 8.16 and a beta of 0.66. First Internet Bancorp has a fifty-two week low of $19.54 and a fifty-two week high of $43.26. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.98 and a current ratio of 0.99.

First Internet Bancorp (NASDAQ:INBK) last posted its earnings results on Wednesday, April 23rd. The bank reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.64). The company had revenue of $76.83 million for the quarter, compared to the consensus estimate of $26.73 million. First Internet Bancorp had a return on equity of 5.86% and a net margin of 7.45%. On average, equities analysts expect that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

First Internet Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a dividend of $0.06 per share. The ex-dividend date was Monday, March 31st. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.02%. First Internet Bancorp’s payout ratio is presently 9.96%.

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.