First Trust Advisors LP trimmed its holdings in First Internet Bancorp (NASDAQ:INBK) by 4.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 28,157 shares of the bank’s stock after selling 1,264 shares during the period. First Trust Advisors LP owned 0.28% of First Internet Bancorp worth $576,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of INBK. Prudential Financial Inc. lifted its position in shares of First Internet Bancorp by 73.4% during the 3rd quarter. Prudential Financial Inc. now owns 13,539 shares of the bank’s stock worth $413,000 after purchasing an additional 5,733 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in First Internet Bancorp by 9.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 43,652 shares of the bank’s stock valued at $1,329,000 after acquiring an additional 3,710 shares in the last quarter. BlackRock Inc. raised its holdings in First Internet Bancorp by 16.4% in the 3rd quarter. BlackRock Inc. now owns 512,575 shares of the bank’s stock valued at $15,607,000 after acquiring an additional 72,208 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in First Internet Bancorp by 31.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 341,541 shares of the bank’s stock valued at $10,400,000 after acquiring an additional 82,678 shares in the last quarter. Finally, Ancora Advisors LLC raised its holdings in First Internet Bancorp by 79.6% in the 3rd quarter. Ancora Advisors LLC now owns 18,391 shares of the bank’s stock valued at $560,000 after acquiring an additional 8,150 shares in the last quarter. 71.37% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have commented on INBK. Maxim Group cut First Internet Bancorp from a “buy” rating to a “hold” rating in a report on Friday, January 25th. Hovde Group downgraded First Internet Bancorp from an “outperform” rating to a “market perform” rating and set a $22.00 price target on the stock. in a research note on Monday, January 28th. Zacks Investment Research raised First Internet Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, December 28th. ValuEngine raised First Internet Bancorp from a “strong sell” rating to a “sell” rating in a research note on Tuesday, January 22nd. Finally, FIG Partners raised First Internet Bancorp from a “market perform” rating to an “outperform” rating and set a $28.00 price target on the stock in a research note on Friday, January 4th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $33.60.
First Internet Bancorp (NASDAQ:INBK) last released its earnings results on Wednesday, January 23rd. The bank reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.07). First Internet Bancorp had a net margin of 17.63% and a return on equity of 8.79%. The firm had revenue of $17.47 million during the quarter, compared to analyst estimates of $18.20 million. On average, sell-side analysts anticipate that First Internet Bancorp will post 2.11 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.15%. The ex-dividend date was Thursday, March 28th. First Internet Bancorp’s dividend payout ratio is currently 9.60%.
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First Internet Bancorp Profile
First Internet Bancorp operates as a bank holding company for First Internet Bank of Indiana that provides commercial and retail banking products and services in the United States. The company offers savings and money market accounts, non-interest bearing and interest-bearing demand deposits, brokered deposit accounts, and certificates of deposit.
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