Cornercap Investment Counsel Inc. Has $280,000 Position in First Internet Bancorp (NASDAQ:INBK)

Cornercap Investment Counsel Inc. reduced its stake in shares of First Internet Bancorp (NASDAQ:INBK) by 41.9% during the 3rd quarter, HoldingsChannel reports. The fund owned 8,187 shares of the bank’s stock after selling 5,916 shares during the period. Cornercap Investment Counsel Inc.’s holdings in First Internet Bancorp were worth $280,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. SG Americas Securities LLC bought a new stake in First Internet Bancorp in the third quarter worth $145,000. Rhumbline Advisers raised its position in First Internet Bancorp by 2,179.6% in the second quarter. Rhumbline Advisers now owns 9,483 shares of the bank’s stock worth $256,000 after purchasing an additional 9,067 shares in the last quarter. Thrivent Financial for Lutherans grew its stake in First Internet Bancorp by 189.9% during the second quarter. Thrivent Financial for Lutherans now owns 23,576 shares of the bank’s stock worth $637,000 after buying an additional 15,444 shares during the last quarter. Valeo Financial Advisors LLC grew its stake in First Internet Bancorp by 2.6% during the second quarter. Valeo Financial Advisors LLC now owns 23,967 shares of the bank’s stock worth $648,000 after buying an additional 606 shares during the last quarter. Finally, Renaissance Technologies LLC grew its stake in First Internet Bancorp by 219.0% during the second quarter. Renaissance Technologies LLC now owns 25,200 shares of the bank’s stock worth $681,000 after buying an additional 17,300 shares during the last quarter. 65.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on INBK. Hovde Group increased their price target on shares of First Internet Bancorp from $38.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Craig Hallum raised their price objective on shares of First Internet Bancorp from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Piper Sandler raised their price objective on shares of First Internet Bancorp from $30.00 to $40.50 and gave the stock a “neutral” rating in a report on Monday, July 29th. Finally, Keefe, Bruyette & Woods raised their price target on First Internet Bancorp from $36.00 to $42.00 and gave the company a “market perform” rating in a research note on Friday, July 26th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $42.88.

First Internet Bancorp Trading Down 0.8 %

Shares of INBK opened at $40.24 on Monday. First Internet Bancorp has a 52-week low of $17.50 and a 52-week high of $42.89. The business’s fifty day moving average is $35.61 and its 200-day moving average is $33.00. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.98 and a current ratio of 0.99. The firm has a market cap of $348.88 million, a price-to-earnings ratio of 15.84 and a beta of 0.66.

First Internet Bancorp (NASDAQ:INBK) last announced its earnings results on Wednesday, October 23rd. The bank reported $0.80 EPS for the quarter, missing the consensus estimate of $0.81 by ($0.01). The company had revenue of $87.02 million for the quarter, compared to analyst estimates of $32.50 million. First Internet Bancorp had a return on equity of 6.06% and a net margin of 6.92%. During the same period in the previous year, the firm posted $0.39 earnings per share. Equities analysts anticipate that First Internet Bancorp will post 3.07 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.60%. The ex-dividend date was Monday, September 30th. First Internet Bancorp’s dividend payout ratio is currently 9.45%.

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.