First Internet Bancorp (NASDAQ:INBK) Shares Bought by Acadian Asset Management LLC

Acadian Asset Management LLC boosted its stake in shares of First Internet Bancorp (NASDAQ:INBK) by 50.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 147,275 shares of the bank’s stock after purchasing an additional 49,675 shares during the period. Acadian Asset Management LLC’s holdings in First Internet Bancorp were worth $3,978,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. Ancora Advisors LLC lifted its stake in shares of First Internet Bancorp by 7.0% during the first quarter. Ancora Advisors LLC now owns 216,712 shares of the bank’s stock worth $7,529,000 after buying an additional 14,190 shares during the period. Foundry Partners LLC lifted its position in First Internet Bancorp by 15.0% during the 2nd 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 period. Quadrature Capital Ltd grew its stake in 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 purchasing an additional 11,707 shares during the last quarter. Bank of New York Mellon Corp grew its stake in First Internet Bancorp by 149.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 38,972 shares of the bank’s stock valued at $1,053,000 after purchasing an additional 23,376 shares during the last quarter. Finally, Victory Capital Management Inc. increased its holdings in shares of First Internet Bancorp by 9.6% in the second quarter. Victory Capital Management Inc. now owns 28,500 shares of the bank’s stock valued at $770,000 after purchasing an additional 2,500 shares during the period. Institutional investors and hedge funds own 65.46% of the company’s stock.

First Internet Bancorp Price Performance

NASDAQ:INBK opened at $33.35 on Friday. The company has a debt-to-equity ratio of 1.83, a current ratio of 1.02 and a quick ratio of 1.01. The company has a 50 day moving average price of $34.04 and a 200-day moving average price of $31.84. First Internet Bancorp has a 1-year low of $14.11 and a 1-year high of $39.46. The firm has a market cap of $288.68 million, a price-to-earnings ratio of 17.55 and a beta of 0.66.

First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings data on Wednesday, July 24th. The bank reported $0.72 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.72. The company had revenue of $81.99 million during the quarter, compared to analysts’ expectations of $30.55 million. First Internet Bancorp had a net margin of 6.12% and a return on equity of 5.23%. During the same quarter in the previous year, the company earned $0.44 earnings per share. Equities research analysts forecast that First Internet Bancorp will post 3 EPS for the current year.

First Internet Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were issued a $0.06 dividend. The ex-dividend date of this dividend was Friday, June 28th. This represents a $0.24 dividend on an annualized basis and a yield of 0.72%. First Internet Bancorp’s payout ratio is 12.63%.

Wall Street Analyst Weigh In

Several analysts have commented on INBK shares. Keefe, Bruyette & Woods lifted their price objective on shares of First Internet Bancorp from $36.00 to $42.00 and gave the company a “market perform” rating in a research note on Friday, July 26th. Piper Sandler boosted their target price on shares of First Internet Bancorp from $30.00 to $40.50 and gave the company a “neutral” rating in a research report on Monday, July 29th. Hovde Group upped their price target on shares of First Internet Bancorp from $38.00 to $44.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Finally, Craig Hallum lifted their price objective on First Internet Bancorp from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, First Internet Bancorp currently has a consensus rating of “Hold” and an average price target of $42.88.

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.