Banc Funds Co. LLC Decreases Stock Position in First Internet Bancorp $INBK

Banc Funds Co. LLC decreased its position in First Internet Bancorp (NASDAQ:INBK) by 21.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 276,396 shares of the bank’s stock after selling 73,900 shares during the quarter. Banc Funds Co. LLC owned 3.17% of First Internet Bancorp worth $6,200,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in INBK. Bank of America Corp DE lifted its position in shares of First Internet Bancorp by 44.1% during the third quarter. Bank of America Corp DE now owns 31,566 shares of the bank’s stock worth $708,000 after purchasing an additional 9,661 shares in the last quarter. Ancora Advisors LLC boosted its stake in shares of First Internet Bancorp by 28.0% in the third quarter. Ancora Advisors LLC now owns 50,708 shares of the bank’s stock valued at $1,137,000 after purchasing an additional 11,095 shares during the period. Man Group plc grew its holdings in First Internet Bancorp by 5.1% during the 3rd quarter. Man Group plc now owns 21,818 shares of the bank’s stock valued at $489,000 after purchasing an additional 1,053 shares in the last quarter. Patriot Financial Partners GP II L.P. acquired a new stake in First Internet Bancorp during the 3rd quarter valued at $4,696,000. Finally, Two Sigma Investments LP increased its stake in First Internet Bancorp by 54.9% during the 3rd quarter. Two Sigma Investments LP now owns 60,882 shares of the bank’s stock worth $1,366,000 after buying an additional 21,587 shares during the period. Hedge funds and other institutional investors own 65.46% of the company’s stock.

First Internet Bancorp Trading Down 1.7%

INBK opened at $19.60 on Friday. First Internet Bancorp has a 12-month low of $17.05 and a 12-month high of $30.00. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.91 and a quick ratio of 0.88. The stock has a market capitalization of $170.64 million, a PE ratio of -4.86 and a beta of 0.83. The firm’s fifty day moving average price is $21.15 and its 200 day moving average price is $21.21.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings data on Thursday, January 29th. The bank reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.05. The company had revenue of $42.11 million during the quarter, compared to analyst estimates of $32.80 million. First Internet Bancorp had a negative net margin of 10.05% and a negative return on equity of 1.52%. As a group, research analysts expect that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

First Internet Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date was Wednesday, December 31st. First Internet Bancorp’s dividend payout ratio (DPR) is -5.96%.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Keefe, Bruyette & Woods decreased their price objective on shares of First Internet Bancorp from $25.00 to $23.00 and set a “market perform” rating for the company in a research report on Friday, January 30th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of First Internet Bancorp in a research report on Monday, December 29th. Piper Sandler cut their price target on First Internet Bancorp from $24.00 to $23.50 and set a “neutral” rating on the stock in a research note on Friday, January 30th. Zacks Research downgraded First Internet Bancorp from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th. Finally, Hovde Group raised their price objective on First Internet Bancorp from $26.00 to $29.00 and gave the company an “outperform” rating in a research note on Friday, January 30th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $25.17.

About First Internet Bancorp

First Internet Bancorp is the bank holding company for First Internet Bank of Indiana, a pioneer in digital banking in the United States. Established with a focus on online-only operations, the company offers fully integrated, web-based financial solutions without the overhead of physical branches. Headquartered in Indianapolis, Indiana, First Internet Bancorp leverages technology to deliver streamlined banking services to customers across the country.

The company’s core offerings include a range of deposit products such as checking accounts, savings accounts, money market accounts, certificates of deposit (CDs) and individual retirement accounts (IRAs).