First Internet Bancorp (NASDAQ:INBK) Shares Purchased by Foundry Partners LLC

Foundry Partners LLC raised its stake in shares of First Internet Bancorp (NASDAQ:INBK - Free Report) by 10.0% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 149,361 shares of the bank's stock after purchasing an additional 13,527 shares during the period. Foundry Partners LLC owned 1.72% of First Internet Bancorp worth $4,000,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Wells Fargo & Company MN increased its position in First Internet Bancorp by 35.0% during 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 during the last quarter. GAMMA Investing LLC grew 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. Deutsche Bank AG grew its stake in 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. Sowell Financial Services LLC purchased a new stake in First Internet Bancorp during the first quarter worth approximately $267,000. Finally, Hsbc Holdings PLC grew its stake in First Internet Bancorp by 36.0% during the fourth quarter. Hsbc Holdings PLC now owns 10,821 shares of the bank's stock worth $390,000 after buying an additional 2,864 shares during the period. Institutional investors and hedge funds own 65.46% of the company's stock.

First Internet Bancorp Stock Performance

NASDAQ:INBK opened at $27.50 on Friday. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.94 and a quick ratio of 0.93. The firm has a 50-day moving average of $25.29 and a two-hundred day moving average of $27.44. The stock has a market cap of $239.17 million, a P/E ratio of 11.41 and a beta of 0.72. First Internet Bancorp has a 1-year low of $19.54 and a 1-year high of $43.26.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The bank reported $0.11 earnings per share for the quarter, missing analysts' consensus estimates of $0.75 by ($0.64). The firm had revenue of $76.83 million during the quarter, compared to analysts' expectations of $26.73 million. First Internet Bancorp had a net margin of 6.01% and a return on equity of 4.64%. On average, research analysts expect that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

First Internet Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a $0.06 dividend. The ex-dividend date was Monday, June 30th. This represents a $0.24 dividend on an annualized basis and a yield of 0.87%. First Internet Bancorp's payout ratio is currently 9.96%.

Analyst Ratings Changes

Several research firms have issued reports on INBK. Hovde Group decreased their price objective on shares of First Internet Bancorp from $39.00 to $28.00 and set an "outperform" rating for the company in a research note on Friday, April 25th. Keefe, Bruyette & Woods decreased their price objective on shares of First Internet Bancorp from $35.00 to $30.00 and set a "market perform" rating for the company in a research note on Tuesday, April 29th. Wall Street Zen upgraded shares of First Internet Bancorp from a "sell" rating to a "hold" rating in a research note on Friday. Finally, Piper Sandler decreased their price objective on shares of First Internet Bancorp from $32.00 to $24.00 and set a "neutral" rating for the company in a research note on Monday, April 28th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $31.75.

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.

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