LSV Asset Management Raises Holdings in First Internet Bancorp (NASDAQ:INBK)

LSV Asset Management grew its position in First Internet Bancorp (NASDAQ:INBK) by 2.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 39,200 shares of the bank’s stock after buying an additional 800 shares during the quarter. LSV Asset Management owned 0.45% of First Internet Bancorp worth $1,059,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. Acadian Asset Management LLC lifted its holdings in shares of First Internet Bancorp by 50.9% in the 2nd quarter. Acadian Asset Management LLC now owns 147,275 shares of the bank’s stock worth $3,978,000 after buying an additional 49,675 shares during the period. Foundry Partners LLC lifted its holdings in shares of First Internet Bancorp by 15.0% in the 2nd quarter. Foundry Partners LLC now owns 111,850 shares of the bank’s stock worth $3,022,000 after buying an additional 14,605 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of First Internet Bancorp by 9.6% in the 2nd quarter. Victory Capital Management Inc. now owns 28,500 shares of the bank’s stock worth $770,000 after buying an additional 2,500 shares during the period. Rhumbline Advisers lifted its holdings in shares of First Internet Bancorp by 2,179.6% in the 2nd quarter. Rhumbline Advisers now owns 9,483 shares of the bank’s stock worth $256,000 after buying an additional 9,067 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of First Internet Bancorp by 149.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 38,972 shares of the bank’s stock worth $1,053,000 after buying an additional 23,376 shares during the period. 65.46% of the stock is currently owned by hedge funds and other institutional investors.

First Internet Bancorp Trading Up 0.7 %

Shares of NASDAQ:INBK opened at $33.35 on Friday. The business’s 50-day moving average is $34.04 and its 200 day moving average is $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 capitalization of $288.68 million, a P/E ratio of 17.55 and a beta of 0.66. The company has a debt-to-equity ratio of 1.83, a current ratio of 1.02 and a quick ratio of 1.01.

First Internet Bancorp (NASDAQ:INBK) last announced its earnings results on Wednesday, July 24th. The bank reported $0.72 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.72. The company had revenue of $81.99 million for the quarter, compared to analyst estimates of $30.55 million. First Internet Bancorp had a return on equity of 5.23% and a net margin of 6.12%. During the same period in the prior year, the company posted $0.44 EPS. On average, research analysts predict that First Internet Bancorp will post 3 earnings per share for the current fiscal year.

First Internet Bancorp Announces Dividend

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

Analysts Set New Price Targets

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