Heartland Advisors Inc. Takes Position in First Internet Bancorp $INBK

Key Points

• Heartland Advisors acquired 375,900 shares of First Internet Bancorp in the second quarter, worth approximately $10.45 million and representing a 4.31% stake. Institutional investors collectively own 65.46% of the company.
• First Internet Bancorp reported quarterly EPS of $0.27, beating analyst expectations of $0.15, although revenue of $41.12 million fell short of the $43.83 million estimate. The company maintained FY 2026 EPS guidance of $2.35–$2.45.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $29.38; shares recently opened at $29.20. The bank also pays a quarterly dividend of $0.06, yielding approximately 0.8% annually.

Heartland Advisors Inc. bought a new position in shares of First Internet Bancorp (NASDAQ:INBK - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 375,900 shares of the bank's stock, valued at approximately $10,450,000. Heartland Advisors Inc. owned 4.31% of First Internet Bancorp as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of INBK. Aegis Financial Corp lifted its position in First Internet Bancorp by 41.5% in the 1st quarter. Aegis Financial Corp now owns 354,261 shares of the bank's stock valued at $7,220,000 after acquiring an additional 103,941 shares in the last quarter. GSA Capital Partners LLP bought a new position in shares of First Internet Bancorp in the second quarter valued at approximately $1,491,000. Gator Capital Management LLC boosted its position in shares of First Internet Bancorp by 62.7% during the fourth quarter. Gator Capital Management LLC now owns 75,555 shares of the bank's stock valued at $1,577,000 after buying an additional 29,122 shares during the last quarter. Simcoe Capital LLC bought a new stake in First Internet Bancorp during the fourth quarter worth $1,935,000. Finally, Walleye Capital LLC purchased a new stake in First Internet Bancorp in the 2nd quarter valued at $774,000. Institutional investors own 65.46% of the company's stock.

First Internet Bancorp Price Performance

Shares of NASDAQ INBK opened at $29.20 on Friday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.87 and a current ratio of 0.88. First Internet Bancorp has a fifty-two week low of $17.05 and a fifty-two week high of $31.09. The stock has a market cap of $254.92 million, a PE ratio of -8.11 and a beta of 0.83. The stock has a fifty day moving average of $27.50 and a 200-day moving average of $24.09.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last posted its earnings results on Thursday, July 30th. The bank reported $0.27 earnings per share for the quarter, beating analysts' consensus estimates of $0.15 by $0.12. First Internet Bancorp had a negative return on equity of 0.55% and a negative net margin of 9.01%.The business had revenue of $41.12 million during the quarter, compared to analyst estimates of $43.83 million. First Internet Bancorp has set its FY 2026 guidance at 2.350-2.450 EPS. Equities research analysts anticipate that First Internet Bancorp will post 2.36 earnings per share for the current year.

First Internet Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a $0.06 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $0.24 annualized dividend and a yield of 0.8%. First Internet Bancorp's dividend payout ratio is currently -6.67%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on INBK. Benchmark upped their target price on shares of First Internet Bancorp from $33.00 to $35.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Keefe, Bruyette & Woods upped their price objective on shares of First Internet Bancorp from $23.00 to $24.00 and gave the stock a "market perform" rating in a research report on Friday, May 1st. Weiss Ratings raised shares of First Internet Bancorp from a "sell (d)" rating to a "sell (d+)" rating in a research report on Wednesday, July 8th. Piper Sandler boosted their target price on First Internet Bancorp from $26.00 to $29.50 and gave the stock a "neutral" rating in a research note on Friday, July 31st. Finally, Wall Street Zen raised First Internet Bancorp from a "hold" rating to a "buy" rating in a report on Saturday, June 6th. Two analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $29.38.

First Internet Bancorp Profile

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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