LSV Asset Management Has $77,000 Stock Position in First Internet Bancorp $INBK

LSV Asset Management reduced its stake in shares of First Internet Bancorp (NASDAQ:INBK) by 89.3% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 3,700 shares of the bank’s stock after selling 30,800 shares during the period. LSV Asset Management’s holdings in First Internet Bancorp were worth $77,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. GSA Capital Partners LLP raised its holdings in First Internet Bancorp by 1.5% during the 4th quarter. GSA Capital Partners LLP now owns 48,200 shares of the bank’s stock worth $1,006,000 after buying an additional 691 shares during the period. Simcoe Capital LLC acquired a new stake in First Internet Bancorp during the 4th quarter worth approximately $1,935,000. Strs Ohio raised its holdings in First Internet Bancorp by 7.9% during the 4th quarter. Strs Ohio now owns 24,700 shares of the bank’s stock worth $515,000 after buying an additional 1,800 shares during the period. Inscription Capital LLC acquired a new stake in First Internet Bancorp during the 4th quarter worth approximately $229,000. Finally, Sowell Financial Services LLC raised its holdings in First Internet Bancorp by 13.2% during the 4th quarter. Sowell Financial Services LLC now owns 11,122 shares of the bank’s stock worth $232,000 after buying an additional 1,301 shares during the period. 65.46% of the stock is currently owned by institutional investors and hedge funds.

First Internet Bancorp Price Performance

Shares of INBK opened at $23.80 on Thursday. The stock has a market capitalization of $207.54 million, a P/E ratio of -6.18 and a beta of 0.85. First Internet Bancorp has a twelve month low of $17.05 and a twelve month high of $28.51. The company has a 50 day moving average of $22.66 and a 200-day moving average of $21.31. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.96.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings results on Thursday, April 30th. The bank reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.21. The company had revenue of $43.12 million during the quarter, compared to analysts’ expectations of $45.67 million. First Internet Bancorp had a negative net margin of 9.60% and a negative return on equity of 1.14%. As a group, equities research analysts forecast that First Internet Bancorp will post 1.98 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Tuesday, March 31st. First Internet Bancorp’s dividend payout ratio (DPR) is currently -6.23%.

Wall Street Analysts Forecast Growth

INBK has been the topic of several research analyst reports. Hovde Group raised their target price on shares of First Internet Bancorp from $26.00 to $29.00 and gave the stock an “outperform” rating in a report on Friday, January 30th. Piper Sandler raised their price target on shares of First Internet Bancorp from $23.50 to $24.00 and gave the stock a “neutral” rating in a research note on Friday, May 1st. Zacks Research raised shares of First Internet Bancorp from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of First Internet Bancorp in a research note on Friday, March 27th. Finally, Wall Street Zen raised shares of First Internet Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, March 14th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $25.67.

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).