First Internet Bancorp $INBK Shares Purchased by Patriot Financial Partners GP LP

Key Points

• Patriot Financial Partners GP LP increased its stake in First Internet Bancorp by 8.0% in Q1, now holding approximately $10.8 million worth of shares.
• First Internet Bancorp reported a loss of $0.02 EPS in its recent quarterly earnings, falling short of the expected $0.33 EPS, despite revenues exceeding estimates.
• The company announced a quarterly dividend of $0.06, resulting in an annualized dividend yield of 1.0% with a payout ratio of 13.64%.

Patriot Financial Partners GP LP boosted its position in First Internet Bancorp (NASDAQ:INBK - Free Report) by 8.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 403,482 shares of the bank's stock after acquiring an additional 30,000 shares during the period. First Internet Bancorp accounts for 3.6% of Patriot Financial Partners GP LP's portfolio, making the stock its 8th largest position. Patriot Financial Partners GP LP owned 4.64% of First Internet Bancorp worth $10,805,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. US Bancorp DE acquired a new position in First Internet Bancorp during the 1st quarter valued at about $38,000. Wells Fargo & Company MN raised its stake in shares of 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 buying an additional 1,137 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of 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 last quarter. Deutsche Bank AG lifted its holdings in First Internet Bancorp by 4.5% in the fourth quarter. Deutsche Bank AG now owns 7,789 shares of the bank's stock valued at $280,000 after buying an additional 335 shares during the period. Finally, Sowell Financial Services LLC acquired a new position in First Internet Bancorp in the first quarter valued at approximately $267,000. 65.46% of the stock is currently owned by institutional investors and hedge funds.

First Internet Bancorp Stock Up 8.3%

INBK stock traded up $1.9540 during mid-day trading on Friday, hitting $25.3940. 42,514 shares of the company were exchanged, compared to its average volume of 50,405. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.90 and a current ratio of 0.93. First Internet Bancorp has a 1-year low of $19.54 and a 1-year high of $43.26. The firm's 50 day simple moving average is $24.93 and its 200 day simple moving average is $25.72. The firm has a market cap of $221.18 million, a P/E ratio of 14.43 and a beta of 0.76.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The bank reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.33 by ($0.31). The company had revenue of $33.55 million for the quarter, compared to the consensus estimate of $30.08 million. First Internet Bancorp had a return on equity of 3.03% and a net margin of 4.36%. On average, sell-side analysts predict that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

First Internet Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were issued a $0.06 dividend. The ex-dividend date was Monday, June 30th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.9%. First Internet Bancorp's dividend payout ratio (DPR) is 13.64%.

Analyst Upgrades and Downgrades

Several brokerages have commented on INBK. Keefe, Bruyette & Woods reiterated 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. Piper Sandler cut their target price on First Internet Bancorp from $27.00 to $26.00 and set a "neutral" rating on the stock in a research note on Monday, July 28th. Wall Street Zen lowered First Internet Bancorp from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Finally, Hovde Group reduced their price objective on shares of First Internet Bancorp from $32.00 to $29.00 and set an "outperform" rating on the stock in a research note on Monday, July 28th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $27.33.

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.