Victory Capital Management Inc. Grows Stock Position in First Internet Bancorp (NASDAQ:INBK)

Victory Capital Management Inc. grew its stake in First Internet Bancorp (NASDAQ:INBK) by 8.7% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 28,250 shares of the bank’s stock after buying an additional 2,272 shares during the quarter. Victory Capital Management Inc. owned 0.32% of First Internet Bancorp worth $757,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. American Century Companies Inc. boosted its stake in shares of First Internet Bancorp by 19.9% during the 4th quarter. American Century Companies Inc. now owns 114,605 shares of the bank’s stock worth $4,125,000 after acquiring an additional 19,019 shares in the last quarter. Sei Investments Co. boosted its position in First Internet Bancorp by 2.8% during the fourth quarter. Sei Investments Co. now owns 13,045 shares of the bank’s stock worth $470,000 after purchasing an additional 360 shares in the last quarter. Vanguard Group Inc. grew its holdings in First Internet Bancorp by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 440,356 shares of the bank’s stock valued at $15,848,000 after purchasing an additional 7,066 shares during the period. JPMorgan Chase & Co. grew its holdings in First Internet Bancorp by 110.4% in the fourth quarter. JPMorgan Chase & Co. now owns 35,954 shares of the bank’s stock valued at $1,294,000 after purchasing an additional 18,868 shares during the period. Finally, Trexquant Investment LP increased its position in shares of First Internet Bancorp by 12.4% in the fourth quarter. Trexquant Investment LP now owns 34,826 shares of the bank’s stock valued at $1,253,000 after buying an additional 3,839 shares in the last quarter. Hedge funds and other institutional investors own 65.46% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Piper Sandler decreased their target price on First Internet Bancorp from $27.00 to $26.00 and set a “neutral” rating on the stock in a research report on Monday, July 28th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $27.00 target price (down previously from $30.00) on shares of First Internet Bancorp in a research report on Monday, July 28th. Hovde Group decreased their price target on shares of First Internet Bancorp from $32.00 to $29.00 and set an “outperform” rating on the stock in a research note on Monday, July 28th. Finally, Wall Street Zen lowered First Internet Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday.

First Internet Bancorp Trading Down 2.1%

Shares of INBK opened at $21.46 on Friday. First Internet Bancorp has a 52-week low of $19.54 and a 52-week high of $43.26. The stock has a market cap of $186.70 million, a PE ratio of 12.19 and a beta of 0.76. The firm’s fifty day moving average is $25.23 and its two-hundred day moving average is $26.81. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 1.29.

First Internet Bancorp (NASDAQ:INBK) last posted its quarterly 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 3.04% and a net margin of 4.36%. The business had revenue of $33.55 million during the quarter, compared to analysts’ expectations of $30.08 million. Research analysts forecast that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

First Internet Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were given a $0.06 dividend. The ex-dividend date was Monday, June 30th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.1%. First Internet Bancorp’s dividend payout ratio is 13.64%.

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.