Jacobs Levy Equity Management Inc. Reduces Stake in First Internet Bancorp (NASDAQ:INBK)

Jacobs Levy Equity Management Inc. decreased its position in shares of First Internet Bancorp (NASDAQ:INBK - Free Report) by 14.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 97,184 shares of the bank's stock after selling 15,975 shares during the quarter. Jacobs Levy Equity Management Inc. owned 1.12% of First Internet Bancorp worth $3,498,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Deutsche Bank AG lifted its holdings in First Internet Bancorp by 4.5% in the fourth quarter. Deutsche Bank AG now owns 7,789 shares of the bank's stock valued at $280,000 after acquiring an additional 335 shares during the period. Bridgeway Capital Management LLC lifted its holdings in First Internet Bancorp by 27.7% in the fourth quarter. Bridgeway Capital Management LLC now owns 29,242 shares of the bank's stock valued at $1,052,000 after acquiring an additional 6,342 shares during the period. Bank of America Corp DE lifted its holdings in First Internet Bancorp by 3.5% in the fourth quarter. Bank of America Corp DE now owns 20,800 shares of the bank's stock valued at $749,000 after acquiring an additional 707 shares during the period. Ancora Advisors LLC lifted its holdings in First Internet Bancorp by 0.5% in the fourth quarter. Ancora Advisors LLC now owns 130,767 shares of the bank's stock valued at $4,706,000 after acquiring an additional 700 shares during the period. Finally, Rhino Investment Partners Inc acquired a new position in First Internet Bancorp in the fourth quarter valued at approximately $965,000. Institutional investors and hedge funds own 65.46% of the company's stock.

First Internet Bancorp Price Performance

Shares of INBK stock traded down $0.08 during trading hours on Tuesday, hitting $24.65. 5,567 shares of the company's stock were exchanged, compared to its average volume of 47,077. 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 market cap of $214.34 million, a P/E ratio of 8.50 and a beta of 0.66. The firm has a 50 day moving average of $24.44 and a two-hundred day moving average of $31.75. First Internet Bancorp has a fifty-two week low of $19.54 and a fifty-two week high of $43.26.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last announced its 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). The business had revenue of $76.83 million for the quarter, compared to analyst estimates of $26.73 million. First Internet Bancorp had a return on equity of 5.86% and a net margin of 7.45%. Sell-side analysts forecast that First Internet Bancorp will post 4.11 EPS for the current year.

First Internet Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.97%. The ex-dividend date was Monday, March 31st. First Internet Bancorp's payout ratio is 9.96%.

Analyst Ratings Changes

A number of research analysts have issued reports on INBK shares. StockNews.com downgraded First Internet Bancorp from a "buy" rating to a "hold" rating in a report on Thursday, March 27th. Piper Sandler decreased their price target on First Internet Bancorp from $32.00 to $24.00 and set a "neutral" rating for the company in a report on Monday, April 28th. Keefe, Bruyette & Woods decreased their price target on First Internet Bancorp from $35.00 to $30.00 and set a "market perform" rating for the company in a report on Tuesday, April 29th. Finally, Hovde Group decreased their price target on First Internet Bancorp from $39.00 to $28.00 and set an "outperform" rating for the company in a report on Friday, April 25th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, First Internet Bancorp currently has a consensus rating of "Hold" and a consensus target price of $31.75.

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.