Wellington Management Group LLP Makes New $1.65 Million Investment in First Internet Bancorp $INBK

Key Points

• Wellington Management Group acquired 59,313 shares of First Internet Bancorp, valued at approximately $1.65 million, giving it a 0.68% stake. Institutional investors collectively own 65.46% of the company.
• First Internet Bancorp reported quarterly earnings of $0.27 per share, beating estimates of $0.15, though revenue of $41.12 million fell short of the $43.83 million consensus estimate.
• Analyst sentiment remains mixed, with the stock carrying a consensus “Hold” rating and a $29.38 price target; shares recently traded at $28.00, while the company maintains a $0.06 quarterly dividend.

Wellington Management Group LLP acquired a new position in shares of First Internet Bancorp (NASDAQ:INBK - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 59,313 shares of the bank's stock, valued at approximately $1,649,000. Wellington Management Group LLP owned 0.68% of First Internet Bancorp as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in INBK. Tower Research Capital LLC TRC lifted its holdings in First Internet Bancorp by 202.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,789 shares of the bank's stock worth $48,000 after purchasing an additional 1,198 shares during the last quarter. Deutsche Bank AG grew its holdings in First Internet Bancorp by 4,390.4% in the 4th quarter. Deutsche Bank AG now owns 5,164 shares of the bank's stock valued at $108,000 after buying an additional 5,049 shares in the last quarter. Public Employees Retirement System of Ohio grew its holdings in First Internet Bancorp by 19.9% in the 4th quarter. Public Employees Retirement System of Ohio now owns 6,024 shares of the bank's stock valued at $126,000 after buying an additional 1,000 shares in the last quarter. Versant Capital Management Inc increased its position in First Internet Bancorp by 7.3% during the 2nd quarter. Versant Capital Management Inc now owns 5,533 shares of the bank's stock worth $154,000 after buying an additional 376 shares during the period. Finally, Wells Fargo & Company MN increased its position in First Internet Bancorp by 62.8% during the 4th quarter. Wells Fargo & Company MN now owns 8,759 shares of the bank's stock worth $183,000 after buying an additional 3,379 shares during the period. Institutional investors and hedge funds own 65.46% of the company's stock.

First Internet Bancorp Price Performance

First Internet Bancorp stock opened at $28.00 on Friday. The firm has a market cap of $244.55 million, a PE ratio of -7.78 and a beta of 0.83. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.88 and a quick ratio of 0.87. The stock's fifty day moving average price is $27.99 and its two-hundred day moving average price is $24.84. First Internet Bancorp has a one year low of $17.05 and a one year high of $31.09.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last released its earnings results on Thursday, July 30th. The bank reported $0.27 earnings per share for the quarter, beating analysts' consensus estimates of $0.15 by $0.12. First Internet Bancorp had a negative return on equity of 0.55% and a negative net margin of 9.01%.The firm had revenue of $41.12 million during the quarter, compared to the consensus estimate of $43.83 million. First Internet Bancorp has set its FY 2026 guidance at 2.350-2.450 EPS. As a group, research analysts expect that First Internet Bancorp will post 2.36 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date was Tuesday, June 30th. First Internet Bancorp's dividend payout ratio is presently -6.67%.

Analyst Upgrades and Downgrades

INBK has been the subject of a number of recent research reports. Piper Sandler boosted their target price on shares of First Internet Bancorp from $26.00 to $29.50 and gave the company a "neutral" rating in a research report on Friday, July 31st. Weiss Ratings raised shares of First Internet Bancorp from a "sell (d)" rating to a "sell (d+)" rating in a research report on Wednesday, July 8th. Wall Street Zen raised shares of First Internet Bancorp from a "hold" rating to a "buy" rating in a research report on Saturday, June 6th. Finally, Benchmark lifted their price objective on shares of First Internet Bancorp from $33.00 to $35.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $29.38.

About First Internet Bancorp

First Internet Bancorp is the bank holding company for First Internet Bank of Indiana, a pioneer in digital banking in the United States. Established with a focus on online-only operations, the company offers fully integrated, web-based financial solutions without the overhead of physical branches. Headquartered in Indianapolis, Indiana, First Internet Bancorp leverages technology to deliver streamlined banking services to customers across the country.

The company's core offerings include a range of deposit products such as checking accounts, savings accounts, money market accounts, certificates of deposit (CDs) and individual retirement accounts (IRAs).

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