Foundry Partners LLC Acquires 9,977 Shares of First Internet Bancorp (NASDAQ:INBK)

Foundry Partners LLC boosted its position in shares of First Internet Bancorp (NASDAQ:INBK) by 8.9% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 121,827 shares of the bank’s stock after buying an additional 9,977 shares during the quarter. Foundry Partners LLC’s holdings in First Internet Bancorp were worth $4,174,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new position in shares of First Internet Bancorp during the third quarter valued at about $145,000. Rhumbline Advisers increased its position in shares of First Internet Bancorp by 2,179.6% during the 2nd quarter. Rhumbline Advisers now owns 9,483 shares of the bank’s stock worth $256,000 after purchasing an additional 9,067 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of First Internet Bancorp during the 3rd quarter worth about $469,000. Thrivent Financial for Lutherans boosted its holdings in First Internet Bancorp by 189.9% during the 2nd quarter. Thrivent Financial for Lutherans now owns 23,576 shares of the bank’s stock valued at $637,000 after acquiring an additional 15,444 shares during the period. Finally, Valeo Financial Advisors LLC boosted its stake in shares of First Internet Bancorp by 2.6% in the 2nd quarter. Valeo Financial Advisors LLC now owns 23,967 shares of the bank’s stock valued at $648,000 after buying an additional 606 shares during the period. 65.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Craig Hallum raised their target price on First Internet Bancorp from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Hovde Group boosted their target price on First Internet Bancorp from $38.00 to $44.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Keefe, Bruyette & Woods upped their price objective on First Internet Bancorp from $36.00 to $42.00 and gave the company a “market perform” rating in a research report on Friday, July 26th. Finally, Piper Sandler upped their price target on First Internet Bancorp from $30.00 to $40.50 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $42.88.

First Internet Bancorp Price Performance

Shares of NASDAQ INBK opened at $40.75 on Friday. The firm has a 50-day moving average of $36.00 and a two-hundred day moving average of $33.17. The company has a market capitalization of $353.30 million, a price-to-earnings ratio of 15.55 and a beta of 0.66. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.61. First Internet Bancorp has a twelve month low of $18.65 and a twelve month high of $42.89.

First Internet Bancorp (NASDAQ:INBK) last posted its earnings results on Wednesday, October 23rd. The bank reported $0.80 EPS for the quarter, missing the consensus estimate of $0.81 by ($0.01). First Internet Bancorp had a return on equity of 6.06% and a net margin of 6.92%. The business had revenue of $87.02 million during the quarter, compared to the consensus estimate of $32.50 million. During the same period in the prior year, the firm earned $0.39 earnings per share. As a group, analysts expect that First Internet Bancorp will post 3.07 earnings per share for the current fiscal year.

First Internet Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.59%. The ex-dividend date was Monday, September 30th. First Internet Bancorp’s payout ratio is presently 9.45%.

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.