Foundry Partners LLC Has $4.89 Million Stock Position in First Internet Bancorp (NASDAQ:INBK)

Foundry Partners LLC grew its holdings in First Internet Bancorp (NASDAQ:INBK) by 11.5% during the fourth quarter, Holdings Channel.com reports. The firm owned 135,834 shares of the bank’s stock after acquiring an additional 14,007 shares during the quarter. Foundry Partners LLC’s holdings in First Internet Bancorp were worth $4,889,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. R Squared Ltd acquired a new stake in First Internet Bancorp in the 4th quarter valued at $33,000. MetLife Investment Management LLC increased its position in shares of First Internet Bancorp by 129.1% in the third quarter. MetLife Investment Management LLC now owns 4,737 shares of the bank’s stock valued at $162,000 after acquiring an additional 2,669 shares during the last quarter. SG Americas Securities LLC raised its holdings in First Internet Bancorp by 22.5% during the fourth quarter. SG Americas Securities LLC now owns 5,181 shares of the bank’s stock worth $186,000 after acquiring an additional 953 shares in the last quarter. XTX Topco Ltd acquired a new position in First Internet Bancorp during the third quarter valued at approximately $201,000. Finally, Jane Street Group LLC bought a new position in First Internet Bancorp in the third quarter valued at approximately $203,000. Institutional investors own 65.46% of the company’s stock.

Analyst Upgrades and Downgrades

INBK has been the topic of a number of analyst reports. Hovde Group dropped their price objective on First Internet Bancorp from $44.00 to $39.00 and set an “outperform” rating on the stock in a research note on Wednesday. StockNews.com lowered shares of First Internet Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, March 27th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $40.00 price objective (down previously from $45.00) on shares of First Internet Bancorp in a research report on Friday, January 24th. Finally, Piper Sandler dropped their target price on shares of First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating on the stock in a report on Monday, January 27th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $40.50.

First Internet Bancorp Trading Down 3.4 %

Shares of First Internet Bancorp stock opened at $23.76 on Friday. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.98. The business has a fifty day simple moving average of $29.71 and a two-hundred day simple moving average of $34.44. First Internet Bancorp has a 1 year low of $22.22 and a 1 year high of $43.26. The company has a market capitalization of $206.64 million, a price-to-earnings ratio of 8.22 and a beta of 0.52.

First Internet Bancorp (NASDAQ:INBK) last posted its earnings results on Wednesday, January 22nd. The bank reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.51). First Internet Bancorp had a return on equity of 5.86% and a net margin of 7.45%. Research analysts forecast that First Internet Bancorp will post 4.11 EPS for the current year.

First Internet Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date is Monday, March 31st. First Internet Bancorp’s dividend payout ratio is presently 8.30%.

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.