First Internet Bancorp $INBK Stock Holdings Boosted by Heartland Advisors Inc.

Heartland Advisors Inc. boosted its position in First Internet Bancorp (NASDAQ:INBK) by 33.4% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 384,900 shares of the bank’s stock after purchasing an additional 96,305 shares during the quarter. Heartland Advisors Inc.’s holdings in First Internet Bancorp were worth $7,844,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in First Internet Bancorp by 1.3% in the 3rd quarter. Vanguard Group Inc. now owns 435,025 shares of the bank’s stock worth $9,758,000 after purchasing an additional 5,632 shares during the last quarter. Aegis Financial Corp acquired a new stake in shares of First Internet Bancorp in the fourth quarter valued at approximately $5,224,000. Patriot Financial Partners GP II L.P. bought a new stake in shares of First Internet Bancorp during the third quarter valued at approximately $4,696,000. CSM Advisors LLC raised its holdings in shares of First Internet Bancorp by 35.9% during the fourth quarter. CSM Advisors LLC now owns 191,854 shares of the bank’s stock valued at $4,005,000 after buying an additional 50,695 shares during the last quarter. Finally, Millennium Management LLC boosted its position in shares of First Internet Bancorp by 48.8% during the fourth quarter. Millennium Management LLC now owns 145,554 shares of the bank’s stock worth $3,038,000 after buying an additional 47,715 shares during the period. 65.46% of the stock is owned by institutional investors and hedge funds.

First Internet Bancorp Price Performance

Shares of NASDAQ:INBK opened at $26.72 on Friday. First Internet Bancorp has a 12 month low of $17.05 and a 12 month high of $28.88. The stock has a market cap of $232.92 million, a price-to-earnings ratio of -6.94 and a beta of 0.83. The stock’s 50 day moving average price is $25.53 and its 200 day moving average price is $22.93. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.88 and a quick ratio of 0.87.

First Internet Bancorp (NASDAQ:INBK) last released its earnings results on Thursday, April 30th. The bank reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.21. The firm had revenue of $43.12 million during the quarter, compared to the consensus estimate of $45.67 million. First Internet Bancorp had a negative return on equity of 1.14% and a negative net margin of 9.60%. Equities research analysts anticipate that First Internet Bancorp will post 1.98 earnings per share for the current fiscal year.

First Internet Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $0.24 annualized dividend and a yield of 0.9%. First Internet Bancorp’s dividend payout ratio (DPR) is currently -6.23%.

Analyst Ratings Changes

INBK has been the topic of several recent analyst reports. Zacks Research raised First Internet Bancorp from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. Wall Street Zen raised First Internet Bancorp from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. Keefe, Bruyette & Woods raised their price target on First Internet Bancorp from $23.00 to $24.00 and gave the company a “market perform” rating in a report on Friday, May 1st. Benchmark initiated coverage on shares of First Internet Bancorp in a research note on Wednesday, June 24th. They set a “buy” rating and a $33.00 price objective on the stock. Finally, Weiss Ratings upgraded shares of First Internet Bancorp from a “sell (d)” rating to a “sell (d+)” rating in a research note on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $28.00.

First Internet Bancorp Profile

First Internet Bancorp is the bank holding company for First Internet Bank of Indiana, a pioneer in digital banking in the United States. Established with a focus on online-only operations, the company offers fully integrated, web-based financial solutions without the overhead of physical branches. Headquartered in Indianapolis, Indiana, First Internet Bancorp leverages technology to deliver streamlined banking services to customers across the country.

The company’s core offerings include a range of deposit products such as checking accounts, savings accounts, money market accounts, certificates of deposit (CDs) and individual retirement accounts (IRAs).