First Internet Bancorp (NASDAQ:INBK) Shares Sold by Acuitas Investments LLC

Acuitas Investments LLC trimmed its position in shares of First Internet Bancorp (NASDAQ:INBK) by 11.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 104,832 shares of the bank’s stock after selling 13,589 shares during the quarter. First Internet Bancorp makes up 3.2% of Acuitas Investments LLC’s holdings, making the stock its 6th biggest holding. Acuitas Investments LLC owned approximately 1.21% of First Internet Bancorp worth $3,773,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. acquired a new position in First Internet Bancorp during the 3rd quarter worth about $469,000. First Merchants Corp acquired a new position in shares of First Internet Bancorp in the 4th quarter worth approximately $402,000. Foundry Partners LLC boosted its stake in shares of First Internet Bancorp by 8.9% in the 3rd quarter. Foundry Partners LLC now owns 121,827 shares of the bank’s stock valued at $4,174,000 after purchasing an additional 9,977 shares during the last quarter. State Street Corp increased its position in shares of First Internet Bancorp by 8.9% during the third quarter. State Street Corp now owns 106,282 shares of the bank’s stock worth $3,648,000 after buying an additional 8,701 shares during the period. Finally, Empowered Funds LLC acquired a new position in First Internet Bancorp in the fourth quarter valued at $261,000. 65.46% of the stock is currently owned by institutional investors.

First Internet Bancorp Stock Down 1.1 %

Shares of NASDAQ INBK opened at $32.85 on Tuesday. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.98. First Internet Bancorp has a 1 year low of $24.18 and a 1 year high of $43.26. The stock has a market capitalization of $284.81 million, a P/E ratio of 11.37 and a beta of 0.73. The company has a 50-day moving average price of $35.47 and a 200-day moving average price of $35.89.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings data on Wednesday, January 22nd. The bank reported $0.41 EPS for the quarter, missing the consensus estimate of $0.92 by ($0.51). First Internet Bancorp had a return on equity of 5.86% and a net margin of 7.45%. On average, equities research analysts forecast that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid a $0.06 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $0.24 annualized dividend and a yield of 0.73%. First Internet Bancorp’s dividend payout ratio (DPR) is 8.30%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on INBK shares. Piper Sandler lowered their price objective on First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating for the company in a research report on Monday, January 27th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $40.00 price target (down from $45.00) on shares of First Internet Bancorp in a research note on Friday, January 24th.

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.