Cubist Systematic Strategies LLC Buys Shares of 14,434 First Internet Bancorp $INBK

Key Points

• Cubist Systematic Strategies LLC has invested approximately $387,000 in First Internet Bancorp, acquiring 14,434 shares and now holding 0.17% of the company.
• First Internet Bancorp recently reported earnings of $0.02 per share for the latest quarter, significantly missing analyst expectations of $0.33, despite revenue surpassing estimates.
• The company declared a quarterly dividend of $0.06 per share, reflecting an annualized yield of 1.0% and a payout ratio of 13.64%.

Cubist Systematic Strategies LLC bought a new stake in shares of First Internet Bancorp (NASDAQ:INBK - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 14,434 shares of the bank's stock, valued at approximately $387,000. Cubist Systematic Strategies LLC owned about 0.17% of First Internet Bancorp at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. AlphaQuest LLC boosted its position in shares of First Internet Bancorp by 239.4% during the first quarter. AlphaQuest LLC now owns 1,361 shares of the bank's stock worth $36,000 after buying an additional 960 shares during the period. US Bancorp DE acquired a new position in shares of First Internet Bancorp during the first quarter worth approximately $38,000. GAMMA Investing LLC boosted its position in shares of First Internet Bancorp by 52,791.7% during the first quarter. GAMMA Investing LLC now owns 6,347 shares of the bank's stock worth $170,000 after buying an additional 6,335 shares during the period. Sowell Financial Services LLC acquired a new position in shares of First Internet Bancorp during the first quarter worth approximately $267,000. Finally, Deutsche Bank AG boosted its position in shares of First Internet Bancorp by 4.5% during the fourth quarter. Deutsche Bank AG now owns 7,789 shares of the bank's stock worth $280,000 after buying an additional 335 shares during the period. 65.46% of the stock is owned by institutional investors.

First Internet Bancorp Price Performance

Shares of NASDAQ INBK traded up $0.45 during trading on Friday, hitting $24.38. The company had a trading volume of 44,279 shares, compared to its average volume of 34,087. The company has a market cap of $212.42 million, a P/E ratio of 13.85 and a beta of 0.80. First Internet Bancorp has a 52 week low of $19.54 and a 52 week high of $43.26. The business's 50-day moving average is $24.63 and its 200 day moving average is $24.81. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.90 and a current ratio of 0.93.

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

First Internet Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were issued a $0.06 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.24 annualized dividend and a dividend yield of 1.0%. First Internet Bancorp's dividend payout ratio is currently 13.64%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on INBK shares. Wall Street Zen downgraded First Internet Bancorp from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Piper Sandler cut 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. Hovde Group cut 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. Finally, Keefe, Bruyette & Woods restated a "market perform" rating and issued a $27.00 target price (down from $30.00) on shares of First Internet Bancorp in a research report on Monday, July 28th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, First Internet Bancorp has an average rating of "Hold" and an average target price 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.