Cubist Systematic Strategies LLC Invests $387,000 in First Internet Bancorp $INBK

Cubist Systematic Strategies LLC acquired a new position in First Internet Bancorp (NASDAQ:INBK) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 14,434 shares of the bank’s stock, valued at approximately $387,000. Cubist Systematic Strategies LLC owned 0.17% of First Internet Bancorp as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. AlphaQuest LLC raised its stake in First Internet Bancorp by 239.4% during the 1st quarter. AlphaQuest LLC now owns 1,361 shares of the bank’s stock worth $36,000 after acquiring an additional 960 shares during the period. US Bancorp DE purchased a new stake in shares of First Internet Bancorp during the first quarter worth about $38,000. GAMMA Investing LLC grew its position in shares of First Internet Bancorp by 52,791.7% during the first quarter. GAMMA Investing LLC now owns 6,347 shares of the bank’s stock worth $170,000 after purchasing an additional 6,335 shares in the last quarter. Sowell Financial Services LLC purchased a new stake in shares of First Internet Bancorp during the first quarter worth about $267,000. Finally, Deutsche Bank AG grew its position in shares of First Internet Bancorp by 4.5% during the fourth quarter. Deutsche Bank AG now owns 7,789 shares of the bank’s stock worth $280,000 after purchasing an additional 335 shares in the last quarter. Institutional investors own 65.46% of the company’s stock.

First Internet Bancorp Trading Down 0.3%

Shares of INBK opened at $23.93 on Friday. The stock has a market capitalization of $208.43 million, a PE ratio of 13.60 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’s fifty day moving average is $24.70 and its 200 day moving average is $24.92. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.90 and a current ratio of 0.93.

First Internet Bancorp (NASDAQ:INBK) last posted its quarterly earnings data on Wednesday, July 23rd. The bank reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.33 by ($0.31). The company had revenue of $33.55 million during the quarter, compared to the consensus estimate of $30.08 million. First Internet Bancorp had a net margin of 4.36% and a return on equity of 3.03%. Sell-side analysts expect 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 disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a dividend of $0.06 per share. The ex-dividend date was Monday, June 30th. This represents a $0.24 dividend on an annualized basis and a yield of 1.0%. First Internet Bancorp’s payout ratio is 13.64%.

Wall Street Analyst Weigh In

INBK has been the topic of several recent analyst reports. Wall Street Zen cut shares of First Internet Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, August 2nd. Piper Sandler reduced their price objective on shares of 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. Hovde Group reduced their price objective on shares of First Internet Bancorp from $32.00 to $29.00 and set an “outperform” rating on the stock in a research report on Monday, July 28th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $27.00 price objective (down previously from $30.00) on shares of First Internet Bancorp in a research report on Monday, July 28th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, First Internet Bancorp 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.