Foundry Partners LLC Increases Holdings in First Internet Bancorp (NASDAQ:INBK)

Foundry Partners LLC raised its stake in shares of First Internet Bancorp (NASDAQ:INBK) by 56.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 97,245 shares of the bank’s stock after buying an additional 35,140 shares during the period. Foundry Partners LLC’s holdings in First Internet Bancorp were worth $3,378,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in INBK. Citigroup Inc. grew its position in shares of First Internet Bancorp by 101,984.6% during the 3rd quarter. Citigroup Inc. now owns 26,542 shares of the bank’s stock valued at $430,000 after acquiring an additional 26,516 shares during the period. Public Employees Retirement System of Ohio grew its position in shares of First Internet Bancorp by 27.5% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 12,018 shares of the bank’s stock valued at $195,000 after acquiring an additional 2,592 shares during the period. Sapient Capital LLC bought a new stake in shares of First Internet Bancorp during the 4th quarter valued at $3,094,000. Acuitas Investments LLC bought a new stake in shares of First Internet Bancorp during the 4th quarter valued at $1,940,000. Finally, Quadrature Capital Ltd grew its position in shares of First Internet Bancorp by 33.0% during the 4th quarter. Quadrature Capital Ltd now owns 47,209 shares of the bank’s stock valued at $1,142,000 after acquiring an additional 11,707 shares during the period. 65.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on INBK shares. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $36.00 price objective (up previously from $34.00) on shares of First Internet Bancorp in a research report on Friday, April 26th. Hovde Group cut their price objective on shares of First Internet Bancorp from $38.50 to $38.00 and set an “outperform” rating for the company in a research report on Friday, April 26th. Finally, Piper Sandler dropped their target price on shares of First Internet Bancorp from $35.00 to $34.00 and set a “neutral” rating for the company in a report on Monday, April 29th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, First Internet Bancorp has an average rating of “Hold” and a consensus target price of $35.75.

First Internet Bancorp Price Performance

First Internet Bancorp stock traded down $0.64 during mid-day trading on Thursday, hitting $34.76. The stock had a trading volume of 24,047 shares, compared to its average volume of 59,440. The firm has a market capitalization of $301.02 million, a P/E ratio of 18.63 and a beta of 0.68. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.85. The firm’s 50 day moving average is $29.09 and its 200 day moving average is $30.17. First Internet Bancorp has a one year low of $14.11 and a one year high of $35.96.

First Internet Bancorp (NASDAQ:INBK) last issued its earnings results on Wednesday, April 24th. The bank reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.04. The company had revenue of $29.08 million during the quarter, compared to the consensus estimate of $28.60 million. First Internet Bancorp had a net margin of 5.84% and a return on equity of 4.64%. On average, sell-side analysts forecast that First Internet Bancorp will post 3.1 earnings per share for the current fiscal year.

First Internet Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.69%. The ex-dividend date of this dividend was Friday, June 28th. First Internet Bancorp’s payout ratio is currently 12.63%.

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.