Renaissance Technologies LLC Cuts Position in First Internet Bancorp (NASDAQ:INBK)

Renaissance Technologies LLC decreased its holdings in shares of First Internet Bancorp (NASDAQ:INBK - Free Report) by 57.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,800 shares of the bank's stock after selling 17,120 shares during the quarter. Renaissance Technologies LLC owned approximately 0.15% of First Internet Bancorp worth $461,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in INBK. Raymond James Financial Inc. purchased a new stake in First Internet Bancorp during the 4th quarter valued at approximately $1,780,000. Patriot Financial Partners GP LP increased its stake in First Internet Bancorp by 14.7% in the 4th quarter. Patriot Financial Partners GP LP now owns 373,482 shares of the bank's stock valued at $13,442,000 after buying an additional 48,000 shares during the period. Rangeley Capital LLC purchased a new position in First Internet Bancorp during the fourth quarter worth about $738,000. American Century Companies Inc. grew its holdings in First Internet Bancorp by 19.9% during the fourth quarter. American Century Companies Inc. now owns 114,605 shares of the bank's stock worth $4,125,000 after acquiring an additional 19,019 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in shares of First Internet Bancorp by 110.4% during the 4th quarter. JPMorgan Chase & Co. now owns 35,954 shares of the bank's stock worth $1,294,000 after acquiring an additional 18,868 shares in the last quarter. 65.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on INBK shares. StockNews.com cut shares of First Internet Bancorp from a "buy" rating to a "hold" rating in a research report on Thursday, March 27th. Hovde Group reduced their target price on First Internet Bancorp from $39.00 to $28.00 and set an "outperform" rating on the stock in a research note on Friday, April 25th. Keefe, Bruyette & Woods dropped their price target on First Internet Bancorp from $35.00 to $30.00 and set a "market perform" rating for the company in a research report on Tuesday, April 29th. Finally, Piper Sandler reduced 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 issued a buy rating to the company's stock. According to MarketBeat.com, First Internet Bancorp currently has an average rating of "Hold" and a consensus price target of $31.75.

First Internet Bancorp Trading Down 3.1 %

INBK stock traded down $0.69 during midday trading on Tuesday, hitting $21.87. The stock had a trading volume of 61,605 shares, compared to its average volume of 47,069. First Internet Bancorp has a 12-month low of $19.54 and a 12-month high of $43.26. The firm has a market cap of $190.20 million, a PE ratio of 7.57 and a beta of 0.66. The company's 50-day moving average price is $25.33 and its 200 day moving average price is $32.57. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.98.

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 the consensus estimate of $0.75 by ($0.64). The business had revenue of $76.83 million during the quarter, compared to analyst estimates of $26.73 million. First Internet Bancorp had a net margin of 7.45% and a return on equity of 5.86%. On average, equities research analysts predict that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

First Internet Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.10%. The ex-dividend date was Monday, March 31st. First Internet Bancorp's dividend payout ratio (DPR) 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.