D. E. Shaw & Co. Inc. Cuts Position in First Internet Bancorp (NASDAQ:INBK)

D. E. Shaw & Co. Inc. trimmed its position in First Internet Bancorp (NASDAQ:INBK) by 6.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 109,121 shares of the bank’s stock after selling 8,011 shares during the quarter. D. E. Shaw & Co. Inc. owned 1.26% of First Internet Bancorp worth $3,927,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. R Squared Ltd purchased a new stake in shares of First Internet Bancorp during the 4th quarter valued at about $33,000. Wells Fargo & Company MN raised its holdings in shares of First Internet Bancorp by 35.0% during the 4th quarter. Wells Fargo & Company MN now owns 4,381 shares of the bank’s stock valued at $158,000 after buying an additional 1,137 shares during the period. SG Americas Securities LLC raised its holdings in shares of First Internet Bancorp by 22.5% during the 4th quarter. SG Americas Securities LLC now owns 5,181 shares of the bank’s stock valued at $186,000 after buying an additional 953 shares during the period. Empowered Funds LLC purchased a new stake in shares of First Internet Bancorp during the 4th quarter valued at about $261,000. Finally, Bailard Inc. purchased a new stake in shares of First Internet Bancorp during the 4th quarter valued at about $298,000. 65.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

INBK has been the topic of several analyst reports. StockNews.com downgraded First Internet Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, March 27th. Keefe, Bruyette & Woods dropped their price objective on First Internet Bancorp from $35.00 to $30.00 and set a “market perform” rating on the stock in a report on Tuesday, April 29th. Hovde Group dropped their price objective on First Internet Bancorp from $39.00 to $28.00 and set an “outperform” rating on the stock in a report on Friday, April 25th. Finally, Piper Sandler dropped their price objective on First Internet Bancorp from $32.00 to $24.00 and set a “neutral” rating on the stock in a report on Monday, April 28th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $31.75.

First Internet Bancorp Price Performance

INBK stock opened at $24.49 on Monday. The company has a market capitalization of $212.99 million, a PE ratio of 8.47 and a beta of 0.66. The stock’s 50 day moving average is $24.48 and its two-hundred day moving average is $31.82. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.61. First Internet Bancorp has a 52-week low of $19.54 and a 52-week high of $43.26.

First Internet Bancorp (NASDAQ:INBK) last issued its earnings results on Wednesday, April 23rd. The bank reported $0.11 EPS for the quarter, missing the consensus estimate of $0.75 by ($0.64). The firm had revenue of $76.83 million during the quarter, compared to analyst estimates of $26.73 million. First Internet Bancorp had a return on equity of 5.86% and a net margin of 7.45%. Analysts predict that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

First Internet Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a $0.06 dividend. The ex-dividend date was Monday, March 31st. This represents a $0.24 annualized dividend and a dividend yield of 0.98%. First Internet Bancorp’s payout ratio is 9.96%.

First Internet Bancorp 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.