Foundry Partners LLC Grows Position in First Internet Bancorp (NASDAQ:INBK)

Foundry Partners LLC grew its stake in First Internet Bancorp (NASDAQ:INBK - Free Report) by 11.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 135,834 shares of the bank's stock after buying an additional 14,007 shares during the period. Foundry Partners LLC owned 1.57% of First Internet Bancorp worth $4,889,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Rangeley Capital LLC purchased a new stake in First Internet Bancorp in the fourth quarter valued at approximately $738,000. Trexquant Investment LP grew its position in First Internet Bancorp by 12.4% during the 4th quarter. Trexquant Investment LP now owns 34,826 shares of the bank's stock worth $1,253,000 after purchasing an additional 3,839 shares during the last quarter. JPMorgan Chase & Co. increased its stake in First Internet Bancorp by 110.4% in the fourth quarter. JPMorgan Chase & Co. now owns 35,954 shares of the bank's stock valued at $1,294,000 after purchasing an additional 18,868 shares during the period. Vanguard Group Inc. raised its holdings in shares of First Internet Bancorp by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 440,356 shares of the bank's stock valued at $15,848,000 after buying an additional 7,066 shares during the last quarter. Finally, Sei Investments Co. boosted its stake in shares of First Internet Bancorp by 2.8% during the fourth quarter. Sei Investments Co. now owns 13,045 shares of the bank's stock worth $470,000 after buying an additional 360 shares during the period. 65.46% of the stock is owned by hedge funds and other institutional investors.

First Internet Bancorp Price Performance

NASDAQ:INBK traded down $2.47 during trading hours on Thursday, hitting $23.01. The company's stock had a trading volume of 8,228 shares, compared to its average volume of 44,074. First Internet Bancorp has a 52-week low of $22.22 and a 52-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. The business's 50-day moving average is $28.81 and its two-hundred day moving average is $34.05. The company has a market capitalization of $200.12 million, a PE ratio of 7.93 and a beta of 0.52.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last announced its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.41 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.92 by ($0.51). First Internet Bancorp had a net margin of 7.45% and a return on equity of 5.86%. As a group, research analysts anticipate that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.04%. The ex-dividend date is Monday, March 31st. First Internet Bancorp's payout ratio is currently 8.30%.

Analyst Ratings Changes

A number of research firms have weighed in on INBK. Hovde Group decreased their price objective on First Internet Bancorp from $44.00 to $39.00 and set an "outperform" rating for the company in a research report on Wednesday, April 2nd. StockNews.com lowered shares of First Internet Bancorp from a "buy" rating to a "hold" rating in a research report on Thursday, March 27th. Piper Sandler cut their price objective on shares of First Internet Bancorp from $42.50 to $38.00 and set a "neutral" rating for the company in a research report on Monday, January 27th. Finally, Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $40.00 target price (down previously from $45.00) on shares of First Internet Bancorp in a report on Friday, January 24th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $40.50.

First Internet Bancorp Company Profile

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.