Heartland Advisors Inc. Boosts Stock Position in First Internet Bancorp (NASDAQ:INBK)

Key Points

• Heartland Advisors Inc. increased its stake in First Internet Bancorp by 20.2%, owning approximately 2.76% of the company, valued at $6.44 million.
• First Internet Bancorp's stock price fell by 3.8%, with a current trading price of $23.24 and a market cap of about $202.12 million.
• The bank reported earnings per share (EPS) of $0.02, missing analyst consensus estimates of $0.33, but its revenue of $33.55 million exceeded expectations.

Heartland Advisors Inc. lifted its holdings in First Internet Bancorp (NASDAQ:INBK - Free Report) by 20.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 240,400 shares of the bank's stock after purchasing an additional 40,400 shares during the quarter. Heartland Advisors Inc. owned 2.76% of First Internet Bancorp worth $6,438,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Foundry Partners LLC boosted its stake in First Internet Bancorp by 10.0% during the first quarter. Foundry Partners LLC now owns 149,361 shares of the bank's stock worth $4,000,000 after buying an additional 13,527 shares during the period. Victory Capital Management Inc. boosted its stake in First Internet Bancorp by 8.7% during the first quarter. Victory Capital Management Inc. now owns 28,250 shares of the bank's stock worth $757,000 after buying an additional 2,272 shares during the period. Sowell Financial Services LLC purchased a new position in First Internet Bancorp during the first quarter worth $267,000. GAMMA Investing LLC boosted its stake in 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. Finally, Two Sigma Advisers LP boosted its stake in First Internet Bancorp by 5.2% during the fourth quarter. Two Sigma Advisers LP now owns 26,200 shares of the bank's stock worth $943,000 after buying an additional 1,300 shares during the period. 65.46% of the stock is owned by hedge funds and other institutional investors.

First Internet Bancorp Trading Down 1.0%

Shares of NASDAQ:INBK traded down $0.22 on Wednesday, hitting $22.70. 7,696 shares of the company's stock were exchanged, compared to its average volume of 50,793. First Internet Bancorp has a 12 month low of $19.54 and a 12 month high of $43.26. The stock has a market capitalization of $197.49 million, a price-to-earnings ratio of 12.93 and a beta of 0.72. The business's 50 day simple moving average is $25.33 and its two-hundred day simple moving average is $27.00. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.94 and a quick ratio of 0.93.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The bank reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.31). The firm 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 3.04%. Analysts anticipate that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

The company 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. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.24 annualized dividend and a dividend yield of 1.06%. First Internet Bancorp's payout ratio is currently 13.64%.

Wall Street Analyst Weigh In

Several research firms have commented on INBK. Piper Sandler dropped their price objective on shares of First Internet Bancorp from $27.00 to $26.00 and set a "neutral" rating for the company in a research note on Monday. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $27.00 price objective (down from $30.00) on shares of First Internet Bancorp in a research note on Monday. Wall Street Zen raised shares of First Internet Bancorp from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Finally, Hovde Group decreased 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.

About First Internet Bancorp

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.