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

Stieven Capital Advisors L.P. lowered its position in First Internet Bancorp (NASDAQ:INBK - Free Report) by 15.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 66,960 shares of the bank's stock after selling 12,000 shares during the quarter. Stieven Capital Advisors L.P. owned 0.77% of First Internet Bancorp worth $2,410,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in INBK. R Squared Ltd acquired a new position in First Internet Bancorp in the fourth quarter valued at $33,000. SG Americas Securities LLC acquired a new position in First Internet Bancorp in the third quarter valued at $145,000. MetLife Investment Management LLC boosted its holdings in First Internet Bancorp by 129.1% in the third quarter. MetLife Investment Management LLC now owns 4,737 shares of the bank's stock valued at $162,000 after acquiring an additional 2,669 shares during the last quarter. XTX Topco Ltd acquired a new position in First Internet Bancorp in the third quarter valued at $201,000. Finally, Jane Street Group LLC acquired a new position in First Internet Bancorp in the third quarter valued at $203,000. Institutional investors and hedge funds own 65.46% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Keefe, Bruyette & Woods reiterated 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. Piper Sandler reduced their price objective on First Internet Bancorp from $42.50 to $38.00 and set a "neutral" rating on the stock in a research note on Monday, January 27th.

First Internet Bancorp Stock Down 2.9 %

Shares of INBK traded down $0.95 during midday trading on Wednesday, reaching $31.64. 54,765 shares of the company were exchanged, compared to its average volume of 36,343. The stock has a 50-day moving average price of $35.30 and a 200-day moving average price of $35.87. The company has a market cap of $274.32 million, a price-to-earnings ratio of 10.95 and a beta of 0.73. First Internet Bancorp has a 1-year low of $24.18 and a 1-year high of $43.26. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.61.

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

First Internet Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.76%. The ex-dividend date was Tuesday, December 31st. First Internet Bancorp's payout ratio is 8.30%.

First Internet Bancorp 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.