Sapient Capital LLC Takes $3.50 Million Position in First Internet Bancorp (NASDAQ:INBK)

Sapient Capital LLC purchased a new position in shares of First Internet Bancorp (NASDAQ:INBK) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 144,110 shares of the bank’s stock, valued at approximately $3,495,000.

Other large investors have also recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio raised its stake in shares of First Internet Bancorp by 27.5% during the third quarter. Public Employees Retirement System of Ohio now owns 12,018 shares of the bank’s stock valued at $195,000 after purchasing an additional 2,592 shares during the period. Barclays PLC grew its holdings in First Internet Bancorp by 42.1% during the 3rd quarter. Barclays PLC now owns 15,342 shares of the bank’s stock valued at $249,000 after purchasing an additional 4,543 shares in the last quarter. Citigroup Inc. increased its stake in First Internet Bancorp by 101,984.6% during the 3rd quarter. Citigroup Inc. now owns 26,542 shares of the bank’s stock worth $430,000 after buying an additional 26,516 shares during the period. Quadrature Capital Ltd lifted its holdings in First Internet Bancorp by 44.4% in the 3rd quarter. Quadrature Capital Ltd now owns 35,502 shares of the bank’s stock worth $569,000 after buying an additional 10,916 shares in the last quarter. Finally, GSA Capital Partners LLP purchased a new position in First Internet Bancorp in the 3rd quarter valued at about $1,031,000. 65.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on INBK shares. Keefe, Bruyette & Woods restated 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, April 26th. StockNews.com upgraded shares of First Internet Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, January 5th. Piper Sandler reduced their price objective on shares of First Internet Bancorp from $35.00 to $34.00 and set a “neutral” rating on the stock in a research note on Monday, April 29th. Finally, Hovde Group dropped their target price on shares of First Internet Bancorp from $38.50 to $38.00 and set an “outperform” rating for the company in a research report on Friday, April 26th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, First Internet Bancorp has an average rating of “Hold” and an average target price of $35.75.

First Internet Bancorp Stock Performance

INBK stock traded up $0.38 during trading on Friday, hitting $32.08. 29,625 shares of the company’s stock traded hands, compared to its average volume of 63,514. The stock has a market capitalization of $277.81 million, a price-to-earnings ratio of 16.88 and a beta of 0.73. First Internet Bancorp has a 52 week low of $9.68 and a 52 week high of $35.72. The stock has a fifty day moving average price of $32.14 and a two-hundred day moving average price of $26.64. 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 Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors 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 0.75%. The ex-dividend date was Wednesday, March 27th. First Internet Bancorp’s dividend payout ratio is presently 12.63%.

About First Internet Bancorp

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.