Stieven Capital Advisors L.P. Has $1.18 Million Position in First Internet Bancorp (NASDAQ:INBK)

Stieven Capital Advisors L.P. cut its stake in First Internet Bancorp (NASDAQ:INBK - Free Report) by 34.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 44,060 shares of the bank's stock after selling 22,900 shares during the quarter. Stieven Capital Advisors L.P. owned approximately 0.51% of First Internet Bancorp worth $1,180,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Charles Schwab Investment Management Inc. boosted its holdings in First Internet Bancorp by 3.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 23,505 shares of the bank's stock worth $846,000 after purchasing an additional 841 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in First Internet Bancorp in the fourth quarter worth $579,000. Raymond James Financial Inc. bought a new stake in First Internet Bancorp in the fourth quarter worth $1,780,000. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in First Internet Bancorp by 71.0% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 23,403 shares of the bank's stock valued at $842,000 after acquiring an additional 9,714 shares during the period. Finally, Patriot Financial Partners GP LP boosted its holdings in First Internet Bancorp by 14.7% during the fourth quarter. Patriot Financial Partners GP LP now owns 373,482 shares of the bank's stock valued at $13,442,000 after acquiring an additional 48,000 shares during the period. 65.46% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on INBK shares. Hovde Group decreased their price target on shares of First Internet Bancorp from $39.00 to $28.00 and set an "outperform" rating for the company in a report on Friday, April 25th. Wall Street Zen lowered First Internet Bancorp from a "buy" rating to a "hold" rating in a research note on Thursday, March 27th. Piper Sandler cut their price target on First Internet Bancorp from $32.00 to $24.00 and set a "neutral" rating for the company in a report on Monday, April 28th. Finally, Keefe, Bruyette & Woods cut their price target on First Internet Bancorp from $35.00 to $30.00 and set a "market perform" rating for the company in a report on Tuesday, April 29th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $31.75.

First Internet Bancorp Price Performance

First Internet Bancorp stock opened at $27.59 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 company has a market capitalization of $240.03 million, a PE ratio of 11.45 and a beta of 0.72. First Internet Bancorp has a one year low of $19.54 and a one year high of $43.26. The business has a 50 day simple moving average of $24.78 and a 200 day simple moving average of $27.81.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last released its quarterly earnings results 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). First Internet Bancorp had a net margin of 6.01% and a return on equity of 4.64%. The business had revenue of $76.83 million for the quarter, compared to analyst estimates of $26.73 million. On average, sell-side analysts forecast that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

First Internet Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a dividend of $0.06 per share. The ex-dividend date is Monday, June 30th. This represents a $0.24 dividend on an annualized basis and a yield of 0.87%. First Internet Bancorp's dividend payout ratio is 9.96%.

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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