Stieven Capital Advisors L.P. Decreases Stake in First Internet Bancorp (NASDAQ:INBK)

Stieven Capital Advisors L.P. cut its position in shares of First Internet Bancorp (NASDAQ:INBK - Free Report) by 34.2% during the 1st quarter, according to its most recent 13F filing 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 SEC filing.

Several other institutional investors have also recently modified their holdings of INBK. Wells Fargo & Company MN grew its position in 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 acquiring an additional 1,137 shares during the last quarter. GAMMA Investing LLC grew its position in 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 acquiring an additional 6,335 shares during the last quarter. Deutsche Bank AG grew its position in 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 acquiring an additional 335 shares during the last quarter. Sowell Financial Services LLC bought a new position in First Internet Bancorp during the 1st quarter worth approximately $267,000. Finally, Hsbc Holdings PLC grew its position in First Internet Bancorp by 36.0% during the 4th quarter. Hsbc Holdings PLC now owns 10,821 shares of the bank's stock worth $390,000 after acquiring an additional 2,864 shares during the last quarter. 65.46% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

First Internet Bancorp Stock Down 2.7%

Shares of INBK traded down $0.74 on Tuesday, reaching $27.02. The stock had a trading volume of 47,515 shares, compared to its average volume of 42,086. The firm has a market capitalization of $235.07 million, a price-to-earnings ratio of 11.21 and a beta of 0.72. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.93 and a current ratio of 0.94. The company has a 50-day simple moving average of $24.89 and a 200-day simple moving average of $27.62. 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, April 23rd. The bank reported $0.11 EPS for the quarter, missing analysts' consensus estimates of $0.75 by ($0.64). The firm had revenue of $76.83 million during the quarter, compared to analysts' expectations of $26.73 million. First Internet Bancorp had a net margin of 6.01% and a return on equity of 4.64%. Sell-side analysts predict that First Internet Bancorp will post 4.11 EPS for the current year.

First Internet Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.89%. The ex-dividend date of this dividend is Monday, June 30th. First Internet Bancorp's payout ratio is presently 9.96%.

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.