Rhino Investment Partners Inc Acquires New Stake in First Internet Bancorp (NASDAQ:INBK)

Rhino Investment Partners Inc purchased a new stake in First Internet Bancorp (NASDAQ:INBK - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 26,813 shares of the bank's stock, valued at approximately $965,000. Rhino Investment Partners Inc owned about 0.31% of First Internet Bancorp at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in INBK. Dimensional Fund Advisors LP grew its position in shares of First Internet Bancorp by 1.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 509,661 shares of the bank's stock valued at $18,343,000 after acquiring an additional 9,190 shares during the period. Vanguard Group Inc. increased its position in First Internet Bancorp by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 440,356 shares of the bank's stock worth $15,848,000 after buying an additional 7,066 shares during the last quarter. Patriot Financial Partners GP LP increased its position in First Internet Bancorp by 14.7% during the fourth quarter. Patriot Financial Partners GP LP now owns 373,482 shares of the bank's stock worth $13,442,000 after buying an additional 48,000 shares during the last quarter. Geode Capital Management LLC raised its stake in First Internet Bancorp by 2.0% in the third quarter. Geode Capital Management LLC now owns 201,641 shares of the bank's stock valued at $6,909,000 after buying an additional 3,967 shares during the period. Finally, Foundry Partners LLC boosted its stake in shares of First Internet Bancorp by 11.5% during the 4th quarter. Foundry Partners LLC now owns 135,834 shares of the bank's stock worth $4,889,000 after acquiring an additional 14,007 shares during the period. 65.46% of the stock is owned by institutional investors.

First Internet Bancorp Price Performance

INBK traded down $0.21 on Tuesday, hitting $22.36. 27,754 shares of the stock were exchanged, compared to its average volume of 46,854. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.98. First Internet Bancorp has a 12 month low of $19.54 and a 12 month high of $43.26. The firm has a market capitalization of $194.42 million, a price-to-earnings ratio of 7.71 and a beta of 0.66. The business has a 50-day moving average of $25.33 and a two-hundred day moving average of $32.57.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The bank reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.75 by ($0.64). The firm had revenue of $76.83 million for the quarter, compared to the consensus estimate of $26.73 million. First Internet Bancorp had a return on equity of 5.86% and a net margin of 7.45%. Sell-side analysts forecast that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

First Internet Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a $0.06 dividend. The ex-dividend date was Monday, March 31st. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.07%. First Internet Bancorp's dividend payout ratio is presently 9.96%.

Analysts Set New Price Targets

INBK has been the subject of a number of research analyst reports. StockNews.com cut shares of First Internet Bancorp from a "buy" rating to a "hold" rating in a research report on Thursday, March 27th. Hovde Group reduced their price objective on First Internet Bancorp from $39.00 to $28.00 and set an "outperform" rating for the company in a report on Friday, April 25th. Keefe, Bruyette & Woods dropped their price target on First Internet Bancorp from $35.00 to $30.00 and set a "market perform" rating for the company in a report on Tuesday, April 29th. Finally, Piper Sandler dropped their target price on First Internet Bancorp from $32.00 to $24.00 and set a "neutral" rating for the company in a report on Monday, April 28th. 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 MarketBeat, First Internet Bancorp presently has an average rating of "Hold" and a consensus target price of $31.75.

First Internet Bancorp Company 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.