First Internet Bancorp $INBK Stock Position Reduced by Banc Funds Co. LLC

Banc Funds Co. LLC decreased its position in First Internet Bancorp (NASDAQ:INBK) by 21.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 276,396 shares of the bank’s stock after selling 73,900 shares during the quarter. Banc Funds Co. LLC’s holdings in First Internet Bancorp were worth $6,200,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Patriot Financial Partners GP II L.P. acquired a new stake in shares of First Internet Bancorp during the 3rd quarter valued at approximately $4,696,000. Fourthstone LLC lifted its stake in First Internet Bancorp by 254.9% during the second quarter. Fourthstone LLC now owns 145,141 shares of the bank’s stock worth $3,904,000 after purchasing an additional 104,241 shares during the last quarter. Creative Planning acquired a new position in First Internet Bancorp in the second quarter worth $1,691,000. Russell Investments Group Ltd. boosted its holdings in First Internet Bancorp by 59.1% in the third quarter. Russell Investments Group Ltd. now owns 90,470 shares of the bank’s stock worth $2,029,000 after purchasing an additional 33,622 shares during the period. Finally, Two Sigma Investments LP increased its stake in First Internet Bancorp by 54.9% during the third quarter. Two Sigma Investments LP now owns 60,882 shares of the bank’s stock valued at $1,366,000 after purchasing an additional 21,587 shares during the last quarter. 65.46% of the stock is currently owned by institutional investors.

First Internet Bancorp Price Performance

Shares of NASDAQ INBK opened at $19.60 on Friday. First Internet Bancorp has a 1-year low of $17.05 and a 1-year high of $30.00. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.91 and a quick ratio of 0.88. The business’s fifty day moving average price is $21.15 and its two-hundred day moving average price is $21.21. The firm has a market capitalization of $170.64 million, a PE ratio of -4.86 and a beta of 0.83.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings results on Thursday, January 29th. The bank reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.05. The company had revenue of $42.11 million during the quarter, compared to the consensus estimate of $32.80 million. First Internet Bancorp had a negative net margin of 10.05% and a negative return on equity of 1.52%. On average, research analysts expect that First Internet Bancorp will post 4.11 EPS for the current year.

First Internet Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were given a $0.06 dividend. The ex-dividend date was Wednesday, December 31st. This represents a $0.24 annualized dividend and a yield of 1.2%. First Internet Bancorp’s dividend payout ratio (DPR) is currently -5.96%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on INBK shares. Weiss Ratings reissued a “sell (d)” rating on shares of First Internet Bancorp in a report on Monday, December 29th. Zacks Research downgraded shares of First Internet Bancorp from a “hold” rating to a “strong sell” rating in a research report on Friday, January 30th. Piper Sandler dropped their price objective on shares of First Internet Bancorp from $24.00 to $23.50 and set a “neutral” rating on the stock in a research note on Friday, January 30th. Wall Street Zen upgraded shares of First Internet Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday. Finally, Keefe, Bruyette & Woods cut their target price on shares of First Internet Bancorp from $25.00 to $23.00 and set a “market perform” rating on the stock in a report on Friday, January 30th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Reduce” and a consensus target price of $25.17.

First Internet Bancorp Company Profile

First Internet Bancorp is the bank holding company for First Internet Bank of Indiana, a pioneer in digital banking in the United States. Established with a focus on online-only operations, the company offers fully integrated, web-based financial solutions without the overhead of physical branches. Headquartered in Indianapolis, Indiana, First Internet Bancorp leverages technology to deliver streamlined banking services to customers across the country.

The company’s core offerings include a range of deposit products such as checking accounts, savings accounts, money market accounts, certificates of deposit (CDs) and individual retirement accounts (IRAs).