80,192 Shares in First Internet Bancorp (NASDAQ:INBK) Purchased by Acuitas Investments LLC

Acuitas Investments LLC purchased a new stake in First Internet Bancorp (NASDAQ:INBK - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 80,192 shares of the bank's stock, valued at approximately $1,940,000. Acuitas Investments LLC owned 0.93% of First Internet Bancorp as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of INBK. Public Employees Retirement System of Ohio raised its holdings in First Internet Bancorp by 27.5% in the third quarter. Public Employees Retirement System of Ohio now owns 12,018 shares of the bank's stock valued at $195,000 after buying an additional 2,592 shares during the period. Barclays PLC raised its holdings in First Internet Bancorp by 42.1% in the third quarter. Barclays PLC now owns 15,342 shares of the bank's stock valued at $249,000 after buying an additional 4,543 shares during the period. Citigroup Inc. raised its holdings in First Internet Bancorp by 101,984.6% in the third quarter. Citigroup Inc. now owns 26,542 shares of the bank's stock valued at $430,000 after buying an additional 26,516 shares during the period. Quadrature Capital Ltd raised its holdings in First Internet Bancorp by 44.4% in the third quarter. Quadrature Capital Ltd now owns 35,502 shares of the bank's stock valued at $569,000 after buying an additional 10,916 shares during the period. Finally, Denali Advisors LLC raised its holdings in First Internet Bancorp by 98.0% in the third quarter. Denali Advisors LLC now owns 40,000 shares of the bank's stock valued at $648,000 after buying an additional 19,800 shares during the period. Hedge funds and other institutional investors own 65.46% of the company's stock.

First Internet Bancorp Stock Up 1.1 %

Shares of INBK traded up $0.34 during mid-day trading on Friday, reaching $31.05. 69,916 shares of the stock traded hands, compared to its average volume of 54,517. The firm has a market cap of $268.92 million, a price-to-earnings ratio of 16.34 and a beta of 0.72. The stock has a fifty day simple moving average of $32.23 and a 200 day simple moving average of $26.15. First Internet Bancorp has a 12-month low of $9.68 and a 12-month high of $35.72. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.98.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last posted its quarterly earnings data on Wednesday, January 24th. The bank reported $0.48 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.24 by $0.24. First Internet Bancorp had a net margin of 5.84% and a return on equity of 4.68%. The company had revenue of $27.21 million for the quarter, compared to analyst estimates of $24.50 million. Sell-side analysts expect that First Internet Bancorp will post 3.01 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.77%. The ex-dividend date of this dividend was Wednesday, March 27th. First Internet Bancorp's payout ratio is currently 12.63%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on INBK shares. StockNews.com upgraded shares of First Internet Bancorp from a "sell" rating to a "hold" rating in a report on Friday, January 5th. Hovde Group dropped their price objective on shares of First Internet Bancorp from $38.50 to $38.00 and set an "outperform" rating on the stock in a research note on Friday. Finally, Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $36.00 price objective (up previously from $34.00) on shares of First Internet Bancorp in a research note on Friday. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, First Internet Bancorp has a consensus rating of "Hold" and an average price target 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, Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.