Renaissance Technologies LLC Sells 17,120 Shares of First Internet Bancorp (NASDAQ:INBK)

Renaissance Technologies LLC trimmed its position in First Internet Bancorp (NASDAQ:INBK - Free Report) by 57.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,800 shares of the bank's stock after selling 17,120 shares during the quarter. Renaissance Technologies LLC owned 0.15% of First Internet Bancorp worth $461,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Jane Street Group LLC acquired a new stake in First Internet Bancorp during the third quarter worth about $203,000. Geode Capital Management LLC raised its holdings in shares of First Internet Bancorp by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 201,641 shares of the bank's stock worth $6,909,000 after buying an additional 3,967 shares in the last quarter. Barclays PLC boosted its stake in First Internet Bancorp by 20.5% in the third quarter. Barclays PLC now owns 20,286 shares of the bank's stock valued at $696,000 after buying an additional 3,447 shares in the last quarter. Franklin Resources Inc. raised its stake in First Internet Bancorp by 3.1% during the third quarter. Franklin Resources Inc. now owns 99,620 shares of the bank's stock worth $3,539,000 after acquiring an additional 2,981 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in shares of First Internet Bancorp by 37.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 17,086 shares of the bank's stock valued at $585,000 after purchasing an additional 4,675 shares during the last quarter. Institutional investors own 65.46% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on INBK shares. StockNews.com lowered First Internet Bancorp from a "buy" rating to a "hold" rating in a research note on Thursday, March 27th. Piper Sandler lowered their price target on First Internet Bancorp from $32.00 to $24.00 and set a "neutral" rating for the company in a research report on Monday, April 28th. Hovde Group dropped their price target on shares of 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, Keefe, Bruyette & Woods cut their target price on First Internet Bancorp from $35.00 to $30.00 and set a "market perform" rating on the stock in a research note on Tuesday, April 29th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $31.75.

First Internet Bancorp Stock Up 0.4 %

Shares of NASDAQ:INBK traded up $0.09 during midday trading on Friday, reaching $23.15. The company's stock had a trading volume of 36,028 shares, compared to its average volume of 47,082. First Internet Bancorp has a 12-month low of $19.54 and a 12-month high of $43.26. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.61. The firm has a 50 day moving average of $24.88 and a 200-day moving average of $32.33. The firm has a market capitalization of $201.34 million, a P/E ratio of 8.01 and a beta of 0.66.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The bank reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.75 by ($0.64). First Internet Bancorp had a net margin of 7.45% and a return on equity of 5.86%. The company had revenue of $76.83 million for the quarter, compared to the consensus estimate of $26.73 million. On average, research analysts anticipate that First Internet Bancorp will post 4.11 earnings per share for the current year.

First Internet Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.04%. The ex-dividend date was Monday, March 31st. First Internet Bancorp's payout ratio is 9.96%.

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.