Ancora Advisors LLC Raises Stock Holdings in First Internet Bancorp $INBK

Key Points

• Ancora Advisors LLC increased its stake in First Internet Bancorp by 7.9% to own 141,103 shares, valued at approximately $3.78 million as of the last quarter.
• First Internet Bancorp reported $0.02 earnings per share for the last quarter, missing estimates of $0.33, with revenues of $33.55 million compared to the expected $30.08 million.
• The company declared a quarterly dividend of $0.06 per share, with an annualized yield of 1.0% and a dividend payout ratio of 13.64%.

Ancora Advisors LLC raised its stake in First Internet Bancorp (NASDAQ:INBK - Free Report) by 7.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 141,103 shares of the bank's stock after acquiring an additional 10,336 shares during the quarter. Ancora Advisors LLC owned approximately 1.62% of First Internet Bancorp worth $3,779,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Cubist Systematic Strategies LLC acquired a new position in shares of First Internet Bancorp during the 1st quarter worth approximately $387,000. Royal Bank of Canada raised its stake in First Internet Bancorp by 78.5% in the 1st quarter. Royal Bank of Canada now owns 13,789 shares of the bank's stock valued at $369,000 after purchasing an additional 6,064 shares during the last quarter. AlphaQuest LLC raised its stake in First Internet Bancorp by 239.4% in the 1st quarter. AlphaQuest LLC now owns 1,361 shares of the bank's stock valued at $36,000 after purchasing an additional 960 shares during the last quarter. Martingale Asset Management L P acquired a new stake in shares of First Internet Bancorp in the 1st quarter worth $357,000. Finally, Hsbc Holdings PLC increased its stake in shares of First Internet Bancorp by 7.0% in the 1st quarter. Hsbc Holdings PLC now owns 11,579 shares of the bank's stock worth $302,000 after acquiring an additional 758 shares during the last quarter. 65.46% of the stock is owned by institutional investors and hedge funds.

First Internet Bancorp Stock Performance

Shares of NASDAQ:INBK traded up $0.20 during trading on Monday, reaching $24.63. The company had a trading volume of 26,139 shares, compared to its average volume of 49,113. The firm has a market capitalization of $214.53 million, a price-to-earnings ratio of 13.99 and a beta of 0.80. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.93 and a quick ratio of 0.90. The stock's fifty day moving average price is $24.98 and its 200 day moving average price is $25.02. First Internet Bancorp has a fifty-two week low of $19.54 and a fifty-two week high of $43.26.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last released its earnings results on Wednesday, July 23rd. The bank reported $0.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.33 by ($0.31). First Internet Bancorp had a net margin of 4.36% and a return on equity of 3.03%. The company had revenue of $33.55 million during the quarter, compared to analyst estimates of $30.08 million. As a group, equities research analysts predict that First Internet Bancorp will post 4.11 EPS for the current year.

First Internet Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date was Monday, June 30th. First Internet Bancorp's payout ratio is presently 13.64%.

Wall Street Analyst Weigh In

INBK has been the subject of a number of recent research reports. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $27.00 target price (down from $30.00) on shares of First Internet Bancorp in a research note on Monday, July 28th. Hovde Group dropped their target price on First Internet Bancorp from $32.00 to $29.00 and set an "outperform" rating for the company in a research report on Monday, July 28th. Piper Sandler dropped their target price on First Internet Bancorp from $27.00 to $26.00 and set a "neutral" rating for the company in a research report on Monday, July 28th. Finally, Wall Street Zen downgraded First Internet Bancorp from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $27.33.

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.