Martingale Asset Management L P Invests $357,000 in First Internet Bancorp $INBK

Key Points

• Martingale Asset Management L P invested approximately $357,000 in First Internet Bancorp, acquiring 13,329 shares, representing about 0.15% of the company as of the end of the recent quarter.
• First Internet Bancorp's stock has faced downgrades from several analysts, with a consensus price target now at $27.33 and ratings ranging from "Buy" to "Sell."
• The company reported a loss of $0.31 per share in its latest earnings, missing the consensus estimate, while also declaring a quarterly dividend of $0.06, yielding 1.0% annually.

Martingale Asset Management L P acquired a new stake in First Internet Bancorp (NASDAQ:INBK - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 13,329 shares of the bank's stock, valued at approximately $357,000. Martingale Asset Management L P owned approximately 0.15% of First Internet Bancorp at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in INBK. US Bancorp DE acquired a new position in shares of First Internet Bancorp during the 1st quarter worth $38,000. Wells Fargo & Company MN raised its holdings in shares of First Internet Bancorp by 35.0% during the 4th 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 in the last quarter. GAMMA Investing LLC raised its holdings in shares of First Internet Bancorp by 52,791.7% during the 1st quarter. GAMMA Investing LLC now owns 6,347 shares of the bank's stock worth $170,000 after buying an additional 6,335 shares in the last quarter. Sowell Financial Services LLC acquired a new position in shares of First Internet Bancorp during the 1st quarter worth $267,000. Finally, Deutsche Bank AG raised its holdings in shares of First Internet Bancorp by 4.5% during the 4th quarter. Deutsche Bank AG now owns 7,789 shares of the bank's stock worth $280,000 after buying an additional 335 shares in the last quarter. 65.46% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Piper Sandler reduced their price objective 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. Keefe, Bruyette & Woods restated a "market perform" rating and set a $27.00 price objective (down previously from $30.00) on shares of First Internet Bancorp in a research report on Monday, July 28th. Hovde Group reduced their price objective 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. Finally, Wall Street Zen lowered First Internet Bancorp from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, First Internet Bancorp has an average rating of "Hold" and an average target price of $27.33.

First Internet Bancorp Stock Down 0.7%

Shares of First Internet Bancorp stock traded down $0.18 on Friday, hitting $25.11. The company had a trading volume of 20,828 shares, compared to its average volume of 50,003. The stock has a market capitalization of $218.78 million, a price-to-earnings ratio of 14.27 and a beta of 0.76. First Internet Bancorp has a 1 year low of $19.54 and a 1 year high of $43.26. The stock has a 50 day moving average of $25.13 and a 200-day moving average of $25.44. 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 (NASDAQ:INBK - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The bank reported $0.02 EPS for the quarter, missing the consensus estimate of $0.33 by ($0.31). The company had revenue of $33.55 million during the quarter, compared to analysts' expectations of $30.08 million. First Internet Bancorp had a return on equity of 3.03% and a net margin of 4.36%. As a group, sell-side analysts forecast that First Internet Bancorp will post 4.11 earnings per share for the current 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 issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend was Monday, June 30th. First Internet Bancorp's dividend payout ratio is 13.64%.

First Internet Bancorp 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.