Dimensional Fund Advisors LP Decreases Stock Position in First Internet Bancorp $INBK

Key Points

• Dimensional Fund Advisors reduced its First Internet Bancorp stake by 12.9% in the first quarter, selling 55,774 shares. It still held 375,809 shares, worth approximately $7.66 million and representing 4.31% of the company.
• Other institutional investors increased their positions or initiated new stakes, and hedge funds and other institutions collectively own 65.46% of INBK.
• Analyst sentiment remains mixed, with an overall “Hold” rating and an average price target of $29.38. First Internet Bancorp recently beat quarterly EPS estimates, reporting $0.27 versus the $0.15 consensus, while revenue fell short of expectations.

Dimensional Fund Advisors LP decreased its position in First Internet Bancorp (NASDAQ:INBK - Free Report) by 12.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 375,809 shares of the bank's stock after selling 55,774 shares during the quarter. Dimensional Fund Advisors LP owned 4.31% of First Internet Bancorp worth $7,659,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Heartland Advisors Inc. boosted its stake in shares of First Internet Bancorp by 33.4% in the first quarter. Heartland Advisors Inc. now owns 384,900 shares of the bank's stock valued at $7,844,000 after purchasing an additional 96,305 shares during the period. Gator Capital Management LLC grew its holdings in First Internet Bancorp by 62.7% during the 4th quarter. Gator Capital Management LLC now owns 75,555 shares of the bank's stock valued at $1,577,000 after purchasing an additional 29,122 shares in the last quarter. Simcoe Capital LLC purchased a new stake in First Internet Bancorp during the 4th quarter worth $1,935,000. Aegis Financial Corp purchased a new stake in First Internet Bancorp during the 4th quarter worth $5,224,000. Finally, Graham Capital Management L.P. acquired a new position in First Internet Bancorp in the 4th quarter worth $251,000. Hedge funds and other institutional investors own 65.46% of the company's stock.

Wall Street Analyst Weigh In

INBK has been the subject of several recent analyst reports. Keefe, Bruyette & Woods raised 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. Piper Sandler boosted their price target on First Internet Bancorp from $26.00 to $29.50 and gave the stock a "neutral" rating in a research note on Friday, July 31st. Benchmark increased their price target on First Internet Bancorp from $33.00 to $35.00 and gave the company a "buy" rating in a report on Friday, July 31st. Weiss Ratings raised First Internet Bancorp from a "sell (d)" rating to a "sell (d+)" rating in a report on Wednesday, July 8th. Finally, Wall Street Zen upgraded First Internet Bancorp from a "hold" rating to a "buy" rating in a research note on Saturday, June 6th. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, First Internet Bancorp currently has an average rating of "Hold" and an average target price of $29.38.

First Internet Bancorp Trading Up 0.4%

NASDAQ INBK opened at $29.32 on Tuesday. First Internet Bancorp has a 12 month low of $17.05 and a 12 month high of $31.09. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.88 and a quick ratio of 0.87. The company has a market capitalization of $255.96 million, a price-to-earnings ratio of -8.14 and a beta of 0.83. The company's fifty day moving average price is $26.75 and its two-hundred day moving average price is $23.69.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The bank reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.12. The company had revenue of $41.12 million during the quarter, compared to analyst estimates of $43.83 million. First Internet Bancorp had a negative net margin of 9.01% and a negative return on equity of 0.55%. First Internet Bancorp has set its FY 2026 guidance at 2.350-2.450 EPS. As a group, research analysts predict that First Internet Bancorp will post 2.36 earnings per share for the current fiscal year.

First Internet Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date was Tuesday, June 30th. First Internet Bancorp's dividend payout ratio (DPR) is -6.67%.

About First Internet Bancorp

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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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