Victory Capital Management Inc. Grows Position in First Internet Bancorp (NASDAQ:INBK)

Victory Capital Management Inc. grew its stake in shares of First Internet Bancorp (NASDAQ:INBK) by 9.6% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 28,500 shares of the bank’s stock after purchasing an additional 2,500 shares during the quarter. Victory Capital Management Inc. owned approximately 0.33% of First Internet Bancorp worth $770,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Rhumbline Advisers raised its holdings in shares of First Internet Bancorp by 2,179.6% during the second quarter. Rhumbline Advisers now owns 9,483 shares of the bank’s stock valued at $256,000 after acquiring an additional 9,067 shares in the last quarter. Valeo Financial Advisors LLC increased its holdings in shares of First Internet Bancorp by 2.6% during the second quarter. Valeo Financial Advisors LLC now owns 23,967 shares of the bank’s stock valued at $648,000 after acquiring an additional 606 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of First Internet Bancorp by 149.9% during the second quarter. Bank of New York Mellon Corp now owns 38,972 shares of the bank’s stock valued at $1,053,000 after acquiring an additional 23,376 shares in the last quarter. Quadrature Capital Ltd increased its holdings in shares of First Internet Bancorp by 33.0% during the fourth 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 in the last quarter. Finally, Foundry Partners LLC boosted its position in shares of First Internet Bancorp by 56.6% during the first quarter. Foundry Partners LLC now owns 97,245 shares of the bank’s stock valued at $3,378,000 after buying an additional 35,140 shares during the last quarter. Hedge funds and other institutional investors own 65.46% of the company’s stock.

First Internet Bancorp Trading Down 1.0 %

First Internet Bancorp stock opened at $35.38 on Friday. The stock has a 50-day moving average of $34.78 and a two-hundred day moving average of $31.98. The company has a debt-to-equity ratio of 1.83, a quick ratio of 1.01 and a current ratio of 1.02. First Internet Bancorp has a one year low of $14.11 and a one year high of $39.46. The stock has a market cap of $306.25 million, a PE ratio of 18.62 and a beta of 0.66.

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

First Internet Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $0.24 dividend on an annualized basis and a yield of 0.68%. First Internet Bancorp’s payout ratio is 12.63%.

Wall Street Analysts Forecast Growth

INBK has been the topic of several recent analyst reports. Keefe, Bruyette & Woods increased their price objective on First Internet Bancorp from $36.00 to $42.00 and gave the company a “market perform” rating in a research report on Friday, July 26th. Hovde Group boosted their price objective on First Internet Bancorp from $38.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Craig Hallum boosted 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. Finally, Piper Sandler boosted their price objective on First Internet Bancorp from $30.00 to $40.50 and gave the company a “neutral” rating in a research note on Monday, July 29th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $42.88.

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.