Stieven Capital Advisors L.P. Lowers Stock Position in First Internet Bancorp (NASDAQ:INBK)

Stieven Capital Advisors L.P. reduced its position in shares of First Internet Bancorp (NASDAQ:INBK - Free Report) by 17.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 78,960 shares of the bank's stock after selling 16,483 shares during the period. Stieven Capital Advisors L.P. owned about 0.91% of First Internet Bancorp worth $2,705,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Acadian Asset Management LLC lifted its holdings in First Internet Bancorp by 263.2% during the 1st quarter. Acadian Asset Management LLC now owns 97,600 shares of the bank's stock worth $3,389,000 after buying an additional 70,725 shares during the last quarter. Ancora Advisors LLC lifted its stake in First Internet Bancorp by 7.0% during the first quarter. Ancora Advisors LLC now owns 216,712 shares of the bank's stock worth $7,529,000 after purchasing an additional 14,190 shares during the last quarter. Valeo Financial Advisors LLC lifted its stake in First Internet Bancorp by 2.6% during the second quarter. Valeo Financial Advisors LLC now owns 23,967 shares of the bank's stock worth $648,000 after purchasing an additional 606 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in First Internet Bancorp by 149.9% in the second quarter. Bank of New York Mellon Corp now owns 38,972 shares of the bank's stock valued at $1,053,000 after purchasing an additional 23,376 shares in the last quarter. Finally, Rhumbline Advisers increased its stake in First Internet Bancorp by 2,179.6% in the second quarter. Rhumbline Advisers now owns 9,483 shares of the bank's stock valued at $256,000 after purchasing an additional 9,067 shares during the last quarter. Institutional investors and hedge funds own 65.46% of the company's stock.

First Internet Bancorp Stock Performance

NASDAQ INBK traded down $0.31 during trading on Friday, reaching $40.24. The company's stock had a trading volume of 35,686 shares, compared to its average volume of 33,885. The business's fifty day moving average price is $35.61 and its 200-day moving average price is $33.00. First Internet Bancorp has a twelve month low of $17.50 and a twelve month high of $42.89. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.98 and a current ratio of 0.99. The firm has a market cap of $348.88 million, a price-to-earnings ratio of 15.84 and a beta of 0.66.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last issued its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.81 by ($0.01). First Internet Bancorp had a net margin of 6.92% and a return on equity of 6.06%. The company had revenue of $87.02 million during the quarter, compared to analyst estimates of $32.50 million. During the same quarter last year, the firm earned $0.39 EPS. As a group, analysts anticipate that First Internet Bancorp will post 3.07 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.60%. The ex-dividend date of this dividend was Monday, September 30th. First Internet Bancorp's dividend payout ratio is presently 9.45%.

Analysts Set New Price Targets

Several analysts have recently weighed in on INBK shares. Keefe, Bruyette & Woods boosted their price objective on shares of First Internet Bancorp from $36.00 to $42.00 and gave the stock a "market perform" rating in a research report on Friday, July 26th. Hovde Group raised their price objective on First Internet Bancorp from $38.00 to $44.00 and gave the stock an "outperform" rating in a report on Friday, July 26th. Piper Sandler boosted their target price on First Internet Bancorp from $30.00 to $40.50 and gave the company a "neutral" rating in a report on Monday, July 29th. Finally, Craig Hallum raised their price target on First Internet Bancorp from $40.00 to $45.00 and gave the stock a "buy" rating in a research note on Friday, July 26th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $42.88.

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.