Aegis Financial Corp Increases Holdings in First Internet Bancorp $INBK

Key Points

• Aegis Financial Corp increased its stake in First Internet Bancorp by 41.5% in the first quarter, adding 103,941 shares and bringing its total to 354,261 shares worth about $7.22 million.
• First Internet Bancorp recently beat earnings expectations, reporting $0.29 EPS versus the $0.08 consensus estimate, though revenue came in below forecasts at $43.12 million.
• Analyst sentiment remains mixed: the stock has a consensus rating of “Hold” with a $28 target price, while the company also paid a quarterly dividend of $0.06 per share, implying a 0.9% annualized yield.

Aegis Financial Corp increased its stake in First Internet Bancorp (NASDAQ:INBK - Free Report) by 41.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 354,261 shares of the bank's stock after acquiring an additional 103,941 shares during the period. First Internet Bancorp makes up approximately 1.2% of Aegis Financial Corp's investment portfolio, making the stock its 22nd biggest position. Aegis Financial Corp owned 4.06% of First Internet Bancorp worth $7,220,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC raised its position in First Internet Bancorp by 202.7% during the second quarter. Tower Research Capital LLC TRC now owns 1,789 shares of the bank's stock valued at $48,000 after purchasing an additional 1,198 shares during the period. GAMMA Investing LLC boosted its stake in First Internet Bancorp by 1,123.5% during the fourth quarter. GAMMA Investing LLC now owns 3,181 shares of the bank's stock worth $66,000 after buying an additional 2,921 shares during the period. Deutsche Bank AG boosted its stake in First Internet Bancorp by 4,390.4% during the fourth quarter. Deutsche Bank AG now owns 5,164 shares of the bank's stock worth $108,000 after buying an additional 5,049 shares during the period. Public Employees Retirement System of Ohio boosted its stake in First Internet Bancorp by 19.9% during the fourth quarter. Public Employees Retirement System of Ohio now owns 6,024 shares of the bank's stock worth $126,000 after buying an additional 1,000 shares during the period. Finally, Wells Fargo & Company MN increased its position in First Internet Bancorp by 62.8% during the fourth quarter. Wells Fargo & Company MN now owns 8,759 shares of the bank's stock valued at $183,000 after acquiring an additional 3,379 shares during the last quarter. Hedge funds and other institutional investors own 65.46% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on INBK. Wall Street Zen raised shares of First Internet Bancorp from a "hold" rating to a "buy" rating in a research note on Saturday, June 6th. Zacks Research raised shares of First Internet Bancorp from a "strong sell" rating to a "hold" rating in a research report on Monday, March 30th. Weiss Ratings raised shares of First Internet Bancorp from a "sell (d)" rating to a "sell (d+)" rating in a research note on Wednesday, July 8th. Benchmark began coverage on First Internet Bancorp in a research report on Wednesday, June 24th. They set a "buy" rating and a $33.00 target price for the company. Finally, Keefe, Bruyette & Woods upped their target price on First Internet Bancorp from $23.00 to $24.00 and gave the company a "market perform" rating in a research note on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $28.00.

First Internet Bancorp Price Performance

INBK opened at $26.47 on Thursday. The company has a market capitalization of $230.82 million, a price-to-earnings ratio of -6.88 and a beta of 0.83. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 0.96. First Internet Bancorp has a 12-month low of $17.05 and a 12-month high of $28.88. The business's fifty day simple moving average is $25.66 and its 200-day simple moving average is $23.07.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The bank reported $0.29 earnings per share for the quarter, topping analysts' consensus estimates of $0.08 by $0.21. First Internet Bancorp had a negative net margin of 9.60% and a negative return on equity of 1.14%. The company had revenue of $43.12 million during the quarter, compared to analyst estimates of $45.67 million. On average, equities research analysts anticipate that First Internet Bancorp will post 1.98 earnings per share for the current fiscal year.

First Internet Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a dividend of $0.06 per share. The ex-dividend date was Tuesday, June 30th. This represents a $0.24 dividend on an annualized basis and a yield of 0.9%. First Internet Bancorp's dividend payout ratio is currently -6.23%.

First Internet Bancorp Company Profile

First Internet Bancorp is the bank holding company for First Internet Bank of Indiana, a pioneer in digital banking in the United States. Established with a focus on online-only operations, the company offers fully integrated, web-based financial solutions without the overhead of physical branches. Headquartered in Indianapolis, Indiana, First Internet Bancorp leverages technology to deliver streamlined banking services to customers across the country.

The company's core offerings include a range of deposit products such as checking accounts, savings accounts, money market accounts, certificates of deposit (CDs) and individual retirement accounts (IRAs).

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