Invesco Ltd. Sells 102,219 Shares of First Internet Bancorp $INBK

Key Points

• Invesco Ltd. has significantly reduced its stake in First Internet Bancorp by 84.7%, owning only 18,400 shares after selling 102,219 shares in the first quarter.
• Analysts have lowered price targets for First Internet Bancorp, with consensus ratings now showing a "Hold" status and a target price averaging around $27.33.
• The bank reported a loss of $0.31 per share for the latest quarter, missing expectations, while having a revenue of $33.55 million that surpassed estimates.

Invesco Ltd. lowered its holdings in First Internet Bancorp (NASDAQ:INBK - Free Report) by 84.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 18,400 shares of the bank's stock after selling 102,219 shares during the quarter. Invesco Ltd. owned about 0.21% of First Internet Bancorp worth $493,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of INBK. Wells Fargo & Company MN boosted its stake in First Internet Bancorp by 35.0% in the fourth quarter. Wells Fargo & Company MN now owns 4,381 shares of the bank's stock worth $158,000 after purchasing an additional 1,137 shares in the last quarter. Northern Trust Corp boosted its stake in First Internet Bancorp by 1.9% in the fourth quarter. Northern Trust Corp now owns 70,474 shares of the bank's stock worth $2,536,000 after purchasing an additional 1,344 shares in the last quarter. Bank of America Corp DE boosted its stake in First Internet Bancorp by 3.5% in the fourth quarter. Bank of America Corp DE now owns 20,800 shares of the bank's stock worth $749,000 after purchasing an additional 707 shares in the last quarter. Bridgeway Capital Management LLC raised its position in shares of First Internet Bancorp by 27.7% during the fourth quarter. Bridgeway Capital Management LLC now owns 29,242 shares of the bank's stock worth $1,052,000 after acquiring an additional 6,342 shares during the last quarter. Finally, Deutsche Bank AG raised 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 acquiring an additional 335 shares during the last quarter. Institutional investors and hedge funds own 65.46% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. 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. 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. Wall Street Zen downgraded First Internet Bancorp from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Finally, Keefe, Bruyette & Woods restated a "market perform" rating and set a $27.00 target price (down previously 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. According to data from MarketBeat.com, First Internet Bancorp currently has a consensus rating of "Hold" and a consensus price target of $27.33.

First Internet Bancorp Trading Down 0.3%

NASDAQ INBK traded down $0.07 on Thursday, reaching $23.93. The company had a trading volume of 39,927 shares, compared to its average volume of 34,578. The stock's 50 day moving average is $24.70 and its 200-day moving average is $24.92. The stock has a market cap of $208.43 million, a price-to-earnings ratio of 13.60 and a beta of 0.80. The company has a quick ratio of 0.90, a current ratio of 0.93 and a debt-to-equity ratio of 0.95. First Internet Bancorp has a 52 week low of $19.54 and a 52 week high of $43.26.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The bank reported $0.02 EPS for the quarter, missing analysts' consensus estimates 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 analysts predict that First Internet Bancorp will post 4.11 earnings per share for the current year.

First Internet Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were issued a $0.06 dividend. 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 dividend payout ratio is currently 13.64%.

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.