Hotchkis & Wiley Capital Management LLC Has $3.82 Million Holdings in First Internet Bancorp $INBK

Key Points

• Hotchkis & Wiley Capital Management LLC reduced its holdings in First Internet Bancorp by 27.8%, now owning 142,565 shares valued at approximately $3.82 million.
• The company reported earnings of $0.02 per share for the last quarter, missing analysts' expectations of $0.33 by $0.31, while its revenue was $33.55 million, exceeding consensus estimates.
• A quarterly dividend of $0.06 per share was declared and paid recently, leading to an annualized payout of $0.24 and a dividend yield of 1.0%.

Hotchkis & Wiley Capital Management LLC lowered its position in shares of First Internet Bancorp (NASDAQ:INBK - Free Report) by 27.8% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 142,565 shares of the bank's stock after selling 54,960 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned 1.64% of First Internet Bancorp worth $3,818,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Dimensional Fund Advisors LP lifted its holdings in shares of First Internet Bancorp by 1.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 509,661 shares of the bank's stock valued at $18,343,000 after purchasing an additional 9,190 shares during the last quarter. Patriot Financial Partners GP LP lifted its holdings in shares of First Internet Bancorp by 8.0% during the first quarter. Patriot Financial Partners GP LP now owns 403,482 shares of the bank's stock valued at $10,805,000 after purchasing an additional 30,000 shares during the last quarter. Heartland Advisors Inc. lifted its holdings in shares of First Internet Bancorp by 20.2% during the first quarter. Heartland Advisors Inc. now owns 240,400 shares of the bank's stock valued at $6,438,000 after purchasing an additional 40,400 shares during the last quarter. Foundry Partners LLC lifted its stake in First Internet Bancorp by 10.0% in the 1st quarter. Foundry Partners LLC now owns 149,361 shares of the bank's stock worth $4,000,000 after acquiring an additional 13,527 shares in the last quarter. Finally, American Century Companies Inc. lifted its stake in First Internet Bancorp by 17.2% in the 1st quarter. American Century Companies Inc. now owns 134,335 shares of the bank's stock worth $3,597,000 after acquiring an additional 19,730 shares in the last quarter. Institutional investors own 65.46% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $27.00 price objective (down from $30.00) on shares of First Internet Bancorp in a research note on Monday, July 28th. Piper Sandler dropped their target price on First Internet Bancorp from $27.00 to $26.00 and set a "neutral" rating on the stock in a research report 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 dropped their target price on First Internet Bancorp from $32.00 to $29.00 and set an "outperform" rating on the stock in a research report on Monday, July 28th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $27.33.

First Internet Bancorp Stock Performance

First Internet Bancorp stock traded down $0.18 during trading hours on Friday, reaching $25.11. 20,828 shares of the company were exchanged, compared to its average volume of 50,003. The firm has a market cap of $218.78 million, a price-to-earnings ratio of 14.27 and a beta of 0.76. The company has a current ratio of 0.93, a quick ratio of 0.90 and a debt-to-equity ratio of 0.95. The stock has a 50-day moving average of $25.13 and a 200 day moving average of $25.44. First Internet Bancorp has a 12 month low of $19.54 and a 12 month high of $43.26.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last released its earnings results on Wednesday, July 23rd. The bank reported $0.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.33 by ($0.31). The business had revenue of $33.55 million during the quarter, compared to analyst estimates of $30.08 million. First Internet Bancorp had a net margin of 4.36% and a return on equity of 3.03%. As a group, research analysts anticipate that First Internet Bancorp will post 4.11 earnings per share for the current year.

First Internet Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders 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 dividend on an annualized basis and a yield of 1.0%. First Internet Bancorp's dividend payout ratio (DPR) is 13.64%.

First Internet Bancorp Company Profile

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.