First Internet Bancorp $INBK Shares Sold by Invesco Ltd.

Invesco Ltd. trimmed its stake in shares of First Internet Bancorp (NASDAQ:INBK) by 84.7% in the 1st quarter, HoldingsChannel reports. The firm owned 18,400 shares of the bank’s stock after selling 102,219 shares during the period. Invesco Ltd.’s holdings in First Internet Bancorp were worth $493,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in INBK. Heartland Advisors Inc. boosted its stake in shares of First Internet Bancorp by 20.2% in the 1st quarter. Heartland Advisors Inc. now owns 240,400 shares of the bank’s stock valued at $6,438,000 after buying an additional 40,400 shares during the period. Foundry Partners LLC boosted its stake in shares of First Internet Bancorp by 10.0% in the 1st quarter. Foundry Partners LLC now owns 149,361 shares of the bank’s stock valued at $4,000,000 after buying an additional 13,527 shares during the period. Sowell Financial Services LLC purchased a new position in shares of First Internet Bancorp in the 1st quarter valued at about $267,000. Bridgeway Capital Management LLC boosted its stake in shares of First Internet Bancorp by 27.7% in the 4th quarter. Bridgeway Capital Management LLC now owns 29,242 shares of the bank’s stock valued at $1,052,000 after buying an additional 6,342 shares during the period. Finally, GAMMA Investing LLC boosted its stake in shares of First Internet Bancorp by 52,791.7% in the 1st quarter. GAMMA Investing LLC now owns 6,347 shares of the bank’s stock valued at $170,000 after buying an additional 6,335 shares during the period. Hedge funds and other institutional investors own 65.46% of the company’s stock.

First Internet Bancorp Price Performance

INBK stock opened at $24.43 on Friday. The business has a 50 day moving average price of $24.98 and a 200 day moving average price of $25.11. The stock has a market cap of $212.79 million, a price-to-earnings ratio of 13.88 and a beta of 0.80. First Internet Bancorp has a fifty-two week low of $19.54 and a fifty-two week high of $43.26. The company has a quick ratio of 0.90, a current ratio of 0.93 and a debt-to-equity ratio of 0.95.

First Internet Bancorp (NASDAQ:INBK) last posted its earnings results on Wednesday, July 23rd. The bank reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.31). First Internet Bancorp had a return on equity of 3.03% and a net margin of 4.36%.The business had revenue of $33.55 million for the quarter, compared to analysts’ expectations of $30.08 million. Equities research analysts anticipate that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

First Internet Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Monday, June 30th. First Internet Bancorp’s payout ratio is presently 13.64%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Wall Street Zen cut First Internet Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, August 2nd. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $27.00 price objective (down previously from $30.00) on shares of First Internet Bancorp in a research note on Monday, July 28th. Hovde Group decreased their price objective on First Internet Bancorp from $32.00 to $29.00 and set an “outperform” rating for the company in a research note on Monday, July 28th. Finally, Piper Sandler decreased their target price on First Internet Bancorp from $27.00 to $26.00 and set a “neutral” rating for the company in a research note on Monday, July 28th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $27.33.

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, and Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.