Strs Ohio Invests $482,000 in First Internet Bancorp $INBK

Key Points

• Strs Ohio has invested approximately $482,000 in First Internet Bancorp by purchasing 18,000 shares, giving it a 0.21% ownership stake in the bank.
• Shares of First Internet Bancorp are currently down 4.4%, with a market cap of $210.26 million and a recent quarterly earnings miss of $0.31 compared to analysts' estimates.
• The company announced a quarterly dividend of $0.06 per share, with an annualized yield of 1.0%, to be paid on October 15th.

Strs Ohio bought a new position in First Internet Bancorp (NASDAQ:INBK - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 18,000 shares of the bank's stock, valued at approximately $482,000. Strs Ohio owned approximately 0.21% of First Internet Bancorp as of its most recent filing with the SEC.

Other institutional investors have also recently made changes to their positions in the company. AlphaQuest LLC raised its position in shares of First Internet Bancorp by 239.4% in the 1st quarter. AlphaQuest LLC now owns 1,361 shares of the bank's stock worth $36,000 after acquiring an additional 960 shares in the last quarter. US Bancorp DE purchased a new stake in shares of First Internet Bancorp in the 1st quarter worth approximately $38,000. GAMMA Investing LLC boosted its stake 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 valued at $170,000 after purchasing an additional 6,335 shares during the last quarter. Deutsche Bank AG boosted its stake in First Internet Bancorp by 4.5% during the 4th quarter. Deutsche Bank AG now owns 7,789 shares of the bank's stock valued at $280,000 after purchasing an additional 335 shares during the last quarter. Finally, Sowell Financial Services LLC purchased a new stake in First Internet Bancorp during the 1st quarter valued at $267,000. Institutional investors own 65.46% of the company's stock.

First Internet Bancorp Price Performance

NASDAQ:INBK traded down $0.18 on Monday, reaching $23.96. 53,506 shares of the company's stock traded hands, compared to its average volume of 30,066. The company has a quick ratio of 0.90, a current ratio of 0.93 and a debt-to-equity ratio of 0.95. The stock has a 50-day simple moving average of $24.24 and a 200-day simple moving average of $24.61. The firm has a market cap of $208.69 million, a PE ratio of 13.61 and a beta of 0.80. 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 posted its quarterly earnings results on Wednesday, July 23rd. The bank reported $0.02 EPS for the quarter, missing analysts' consensus estimates of $0.33 by ($0.31). The business had revenue of $33.55 million for the quarter, compared to the consensus estimate of $30.08 million. First Internet Bancorp had a net margin of 4.36% and a return on equity of 3.03%. Equities research analysts forecast that First Internet Bancorp will post 4.11 earnings per share for the current year.

First Internet Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Tuesday, September 30th. First Internet Bancorp's payout ratio is 13.64%.

Wall Street Analyst Weigh In

Several brokerages have commented on INBK. Wall Street Zen downgraded First Internet Bancorp from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Hovde Group dropped their price target on First Internet Bancorp from $32.00 to $29.00 and set an "outperform" rating on the stock in a research note on Monday, July 28th. Keefe, Bruyette & Woods restated a "market perform" rating and issued a $27.00 price target (down from $30.00) on shares of First Internet Bancorp in a research note on Monday, July 28th. Finally, Piper Sandler decreased their target price on First Internet Bancorp from $27.00 to $26.00 and set a "neutral" rating on the stock in a report on Monday, July 28th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $27.33.

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.