Argent Capital Management LLC reduced its position in First Internet Bancorp (NASDAQ:INBK) by 5.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 122,030 shares of the bank’s stock after selling 7,025 shares during the period. Argent Capital Management LLC owned approximately 1.87% of First Internet Bancorp worth $3,423,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in INBK. Bank of America Corp DE lifted its stake in shares of First Internet Bancorp by 11.7% in the 1st quarter. Bank of America Corp DE now owns 3,477 shares of the bank’s stock valued at $103,000 after purchasing an additional 363 shares in the last quarter. Citigroup Inc. lifted its position in First Internet Bancorp by 3,143.3% during the 2nd quarter. Citigroup Inc. now owns 4,119 shares of the bank’s stock worth $115,000 after acquiring an additional 3,992 shares in the last quarter. Bank of Montreal Can lifted its position in First Internet Bancorp by 11.7% during the 2nd quarter. Bank of Montreal Can now owns 4,468 shares of the bank’s stock worth $125,000 after acquiring an additional 468 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in First Internet Bancorp by 3.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 5,144 shares of the bank’s stock worth $144,000 after acquiring an additional 159 shares in the last quarter. Finally, Trexquant Investment LP acquired a new position in First Internet Bancorp during the 2nd quarter worth approximately $204,000. 45.00% of the stock is currently owned by institutional investors and hedge funds.
Shares of First Internet Bancorp (NASDAQ:INBK) remained flat at $33.90 during midday trading on Wednesday. 13,406 shares of the company traded hands. The company’s 50-day moving average price is $32.01 and its 200-day moving average price is $29.52. The stock has a market capitalization of $220.79 million, a price-to-earnings ratio of 15.26 and a beta of -0.06. First Internet Bancorp has a 52-week low of $23.93 and a 52-week high of $35.20.
First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings results on Thursday, July 20th. The bank reported $0.61 EPS for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.06. The business had revenue of $15.71 million for the quarter, compared to analysts’ expectations of $15.00 million. First Internet Bancorp had a net margin of 16.58% and a return on equity of 8.91%. On average, equities analysts predict that First Internet Bancorp will post $2.30 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, October 16th. Shareholders of record on Friday, September 29th were given a dividend of $0.06 per share. The ex-dividend date was Thursday, September 28th. This represents a $0.24 dividend on an annualized basis and a yield of 0.71%. First Internet Bancorp’s dividend payout ratio (DPR) is currently 10.76%.
In other news, Chairman David B. Becker purchased 5,000 shares of the business’s stock in a transaction on Wednesday, September 20th. The shares were acquired at an average price of $30.02 per share, with a total value of $150,100.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jerry L. Williams acquired 2,100 shares of the business’s stock in a transaction dated Wednesday, September 20th. The shares were bought at an average cost of $30.05 per share, for a total transaction of $63,105.00. Following the transaction, the director now directly owns 35,836 shares in the company, valued at $1,076,871.80. The disclosure for this purchase can be found here. Corporate insiders own 7.60% of the company’s stock.
Several research firms have issued reports on INBK. Keefe, Bruyette & Woods restated a “buy” rating and set a $36.00 price objective on shares of First Internet Bancorp in a report on Thursday, July 27th. Zacks Investment Research upgraded First Internet Bancorp from a “hold” rating to a “strong-buy” rating and set a $34.00 price objective on the stock in a report on Tuesday, July 25th.
First Internet Bancorp Company Profile
First Internet Bancorp is a bank holding company that conducts its business activities through its subsidiary, First Internet Bank of Indiana (the Bank). The Company offers a complement of products and services on a nationwide basis. The Company conducts its deposit operations primarily over the Internet.
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