53,644 Shares in First Internet Bancorp $INBK Acquired by GSA Capital Partners LLP

GSA Capital Partners LLP bought a new position in shares of First Internet Bancorp (NASDAQ:INBK) during the second quarter, Holdings Channel reports. The fund bought 53,644 shares of the bank’s stock, valued at approximately $1,491,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Royal Bank of Canada lifted its holdings in shares of First Internet Bancorp by 78.5% during the first quarter. Royal Bank of Canada now owns 13,789 shares of the bank’s stock worth $369,000 after purchasing an additional 6,064 shares during the period. Empowered Funds LLC grew its stake in shares of First Internet Bancorp by 81.4% in the first quarter. Empowered Funds LLC now owns 13,135 shares of the bank’s stock worth $352,000 after purchasing an additional 5,893 shares during the last quarter. Jane Street Group LLC acquired a new stake in First Internet Bancorp in the first quarter valued at $297,000. First Trust Advisors LP increased its holdings in First Internet Bancorp by 4.9% in the second quarter. First Trust Advisors LP now owns 31,683 shares of the bank’s stock valued at $852,000 after purchasing an additional 1,474 shares during the period. Finally, Jump Financial LLC bought a new position in First Internet Bancorp during the 2nd quarter worth $236,000. 65.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have commented on INBK. Benchmark lifted their target price on First Internet Bancorp from $33.00 to $35.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Piper Sandler increased their price target on First Internet Bancorp from $26.00 to $29.50 and gave the company a “neutral” rating in a research note on Friday, July 31st. Keefe, Bruyette & Woods raised their price objective on First Internet Bancorp from $23.00 to $24.00 and gave the stock a “market perform” rating in a research report on Friday, May 1st. Wall Street Zen upgraded First Internet Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. Finally, Weiss Ratings raised First Internet Bancorp from a “sell (d)” rating to a “sell (d+)” rating in a research note on Wednesday, July 8th. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $29.38.

First Internet Bancorp Stock Performance

INBK opened at $29.06 on Monday. First Internet Bancorp has a twelve month low of $17.05 and a twelve month high of $31.09. The company has a fifty day moving average of $27.16 and a 200-day moving average of $23.86. The stock has a market cap of $253.69 million, a PE ratio of -8.07 and a beta of 0.83. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.95.

First Internet Bancorp (NASDAQ:INBK) last released its earnings results on Thursday, July 30th. The bank reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.12. The business had revenue of $41.12 million for the quarter, compared to analyst estimates of $43.83 million. First Internet Bancorp had a negative net margin of 9.01% and a negative return on equity of 0.55%. First Internet Bancorp has set its FY 2026 guidance at 2.350-2.450 EPS. On average, sell-side analysts predict that First Internet Bancorp will post 2.36 EPS for the current year.

First Internet Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date was Tuesday, June 30th. First Internet Bancorp’s payout ratio is presently -6.67%.

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).