Quadrature Capital Ltd Sells 30,312 Shares of First Internet Bancorp (NASDAQ:INBK)

Quadrature Capital Ltd lowered its position in shares of First Internet Bancorp (NASDAQ:INBK - Free Report) by 74.5% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 10,383 shares of the bank's stock after selling 30,312 shares during the period. Quadrature Capital Ltd owned about 0.12% of First Internet Bancorp worth $355,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Bank of New York Mellon Corp boosted its holdings in First Internet Bancorp by 149.9% during the second quarter. Bank of New York Mellon Corp now owns 38,972 shares of the bank's stock worth $1,053,000 after buying an additional 23,376 shares in the last quarter. Rhumbline Advisers boosted its position in shares of First Internet Bancorp by 2,179.6% in the 2nd quarter. Rhumbline Advisers now owns 9,483 shares of the bank's stock worth $256,000 after buying an additional 9,067 shares in the last quarter. Victory Capital Management Inc. grew its stake in First Internet Bancorp by 9.6% in the 2nd quarter. Victory Capital Management Inc. now owns 28,500 shares of the bank's stock valued at $770,000 after acquiring an additional 2,500 shares during the last quarter. Foundry Partners LLC raised its position in First Internet Bancorp by 15.0% during the second quarter. Foundry Partners LLC now owns 111,850 shares of the bank's stock worth $3,022,000 after acquiring an additional 14,605 shares during the last quarter. Finally, Acadian Asset Management LLC increased its stake in shares of First Internet Bancorp by 50.9% during the 2nd quarter. Acadian Asset Management LLC now owns 147,275 shares of the bank's stock worth $3,978,000 after purchasing an additional 49,675 shares in the last quarter. Hedge funds and other institutional investors own 65.46% of the company's stock.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods lifted their price target on shares of First Internet Bancorp from $41.00 to $45.00 and gave the company a "market perform" rating in a research report on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $43.63.

First Internet Bancorp Stock Performance

Shares of First Internet Bancorp stock traded up $0.23 during trading hours on Tuesday, reaching $41.17. The company's stock had a trading volume of 12,221 shares, compared to its average volume of 49,259. 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 company's 50 day simple moving average is $37.83 and its 200 day simple moving average is $34.06. First Internet Bancorp has a one year low of $22.20 and a one year high of $43.26. The stock has a market cap of $356.86 million, a P/E ratio of 16.12 and a beta of 0.70.

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

First Internet Bancorp Dividend Announcement

The company also recently announced 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 dividend on an annualized basis and a yield of 0.58%. The ex-dividend date of this dividend was Monday, September 30th. First Internet Bancorp's payout ratio is currently 9.45%.

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.