First Internet Bancorp (NASDAQ:INBK) Shares Sold by Teton Advisors Inc.

Teton Advisors Inc. trimmed its stake in shares of First Internet Bancorp (NASDAQ:INBK) by 18.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 20,000 shares of the bank’s stock after selling 4,440 shares during the period. Teton Advisors Inc. owned about 0.23% of First Internet Bancorp worth $484,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Public Employees Retirement System of Ohio lifted its position in shares of First Internet Bancorp by 27.5% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 12,018 shares of the bank’s stock valued at $195,000 after acquiring an additional 2,592 shares during the period. Barclays PLC raised its position in shares of First Internet Bancorp by 42.1% during the 3rd quarter. Barclays PLC now owns 15,342 shares of the bank’s stock worth $249,000 after purchasing an additional 4,543 shares during the last quarter. Citigroup Inc. raised its position in shares of 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 purchasing an additional 26,516 shares during the last quarter. Quadrature Capital Ltd raised its position in shares of First Internet Bancorp by 44.4% during the 3rd quarter. Quadrature Capital Ltd now owns 35,502 shares of the bank’s stock worth $569,000 after purchasing an additional 10,916 shares during the last quarter. Finally, GSA Capital Partners LLP acquired a new position in shares of First Internet Bancorp during the 3rd quarter worth approximately $1,031,000. 65.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on INBK shares. Piper Sandler cut their price objective on First Internet Bancorp from $35.00 to $34.00 and set a “neutral” rating for the company in a research report on Monday. Keefe, Bruyette & Woods restated a “market perform” rating and set a $36.00 price objective (up from $34.00) on shares of First Internet Bancorp in a research report on Friday, April 26th. StockNews.com upgraded First Internet Bancorp from a “sell” rating to a “hold” rating in a report on Friday, January 5th. Finally, Hovde Group cut their price target on First Internet Bancorp from $38.50 to $38.00 and set an “outperform” rating for the company in a report on Friday, April 26th. Three equities 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.com, the stock currently has an average rating of “Hold” and an average price target of $35.75.

First Internet Bancorp Trading Up 1.9 %

INBK traded up $0.59 during trading on Thursday, hitting $31.70. The company’s stock had a trading volume of 24,135 shares, compared to its average volume of 54,066. The firm’s 50 day moving average price is $32.14 and its 200-day moving average price is $26.50. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a market cap of $274.52 million, a PE ratio of 16.59 and a beta of 0.73. First Internet Bancorp has a twelve month low of $9.68 and a twelve month high of $35.72.

First Internet Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.24 annualized dividend and a dividend yield of 0.76%. 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.