First Internet Bancorp $INBK Stake Increased by Heartland Advisors Inc.

Key Points

• Heartland Advisors Inc. increased its stake in First Internet Bancorp by 33.4% in the first quarter, buying 96,305 additional shares and bringing its total holding to 384,900 shares worth about $7.8 million.
• First Internet Bancorp reported better-than-expected earnings for the quarter, posting $0.29 EPS versus the $0.08 consensus estimate, though revenue came in below analyst expectations.
• Wall Street currently has a Hold consensus on INBK, with a target price of $28.00, while the stock recently traded at $26.72 and offers a quarterly dividend of $0.06 per share.

Heartland Advisors Inc. boosted its stake in First Internet Bancorp (NASDAQ:INBK - Free Report) by 33.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 384,900 shares of the bank's stock after acquiring an additional 96,305 shares during the period. Heartland Advisors Inc. owned 4.41% of First Internet Bancorp worth $7,844,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in INBK. Vanguard Group Inc. increased its position in shares of First Internet Bancorp by 1.3% in the 3rd quarter. Vanguard Group Inc. now owns 435,025 shares of the bank's stock worth $9,758,000 after purchasing an additional 5,632 shares during the last quarter. Aegis Financial Corp bought a new position in shares of First Internet Bancorp during the fourth quarter worth about $5,224,000. Patriot Financial Partners GP II L.P. bought a new position in shares of First Internet Bancorp during the third quarter worth about $4,696,000. CSM Advisors LLC grew its stake in First Internet Bancorp by 35.9% in the fourth quarter. CSM Advisors LLC now owns 191,854 shares of the bank's stock worth $4,005,000 after purchasing an additional 50,695 shares in the last quarter. Finally, Millennium Management LLC grew its stake in First Internet Bancorp by 48.8% in the fourth quarter. Millennium Management LLC now owns 145,554 shares of the bank's stock worth $3,038,000 after purchasing an additional 47,715 shares in the last quarter. 65.46% of the stock is currently owned by institutional investors.

First Internet Bancorp Stock Performance

Shares of NASDAQ INBK opened at $26.72 on Friday. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.96. The firm's 50-day moving average price is $25.53 and its two-hundred day moving average price is $22.93. First Internet Bancorp has a 52-week low of $17.05 and a 52-week high of $28.88. The stock has a market capitalization of $232.92 million, a P/E ratio of -6.94 and a beta of 0.83.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last posted its earnings results on Thursday, April 30th. The bank reported $0.29 EPS for the quarter, beating the consensus estimate of $0.08 by $0.21. The company had revenue of $43.12 million during the quarter, compared to analyst estimates of $45.67 million. First Internet Bancorp had a negative return on equity of 1.14% and a negative net margin of 9.60%. As a group, sell-side analysts forecast that First Internet Bancorp will post 1.98 earnings per share for the current year.

First Internet Bancorp Announces Dividend

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

Wall Street Analysts Forecast Growth

Several analysts have issued reports on INBK shares. Zacks Research upgraded First Internet Bancorp from a "strong sell" rating to a "hold" rating in a research note on Monday, March 30th. Wall Street Zen upgraded First Internet Bancorp from a "hold" rating to a "buy" rating in a research report on Saturday, June 6th. Keefe, Bruyette & Woods boosted their price target on First Internet Bancorp from $23.00 to $24.00 and gave the company a "market perform" rating in a report on Friday, May 1st. Weiss Ratings raised First Internet Bancorp from a "sell (d)" rating to a "sell (d+)" rating in a research report on Wednesday, July 8th. Finally, Piper Sandler lifted their price objective on shares of First Internet Bancorp from $24.00 to $26.00 and gave the stock a "neutral" rating in a report on Friday, June 26th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, First Internet Bancorp presently has a consensus rating of "Hold" and a consensus target price of $28.00.

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).

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