Acuitas Investments LLC Makes New $1.94 Million Investment in First Internet Bancorp (NASDAQ:INBK)

Acuitas Investments LLC acquired a new position in First Internet Bancorp (NASDAQ:INBK) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 80,192 shares of the bank’s stock, valued at approximately $1,940,000.

Other hedge funds have also bought and sold shares of the company. Public Employees Retirement System of Ohio lifted its position in shares of First Internet Bancorp by 27.5% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 12,018 shares of the bank’s stock valued at $195,000 after buying an additional 2,592 shares in the last quarter. Barclays PLC lifted its position in shares of First Internet Bancorp by 42.1% during the 3rd quarter. Barclays PLC now owns 15,342 shares of the bank’s stock valued at $249,000 after buying an additional 4,543 shares in the last quarter. Citigroup Inc. lifted its position in shares of First Internet Bancorp by 101,984.6% during the 3rd quarter. Citigroup Inc. now owns 26,542 shares of the bank’s stock valued at $430,000 after buying an additional 26,516 shares in the last quarter. Quadrature Capital Ltd lifted its position in shares of First Internet Bancorp by 44.4% during the 3rd quarter. Quadrature Capital Ltd now owns 35,502 shares of the bank’s stock valued at $569,000 after buying an additional 10,916 shares in the last quarter. Finally, Denali Advisors LLC lifted its position in shares of First Internet Bancorp by 98.0% during the 3rd quarter. Denali Advisors LLC now owns 40,000 shares of the bank’s stock valued at $648,000 after buying an additional 19,800 shares in the last quarter. Hedge funds and other institutional investors own 65.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on INBK shares. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $36.00 target price (up previously from $34.00) on shares of First Internet Bancorp in a research report on Friday. StockNews.com raised First Internet Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, January 5th. Finally, Hovde Group reduced their price objective on First Internet Bancorp from $38.50 to $38.00 and set an “outperform” rating for the company in a research note on Friday. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, First Internet Bancorp has a consensus rating of “Hold” and a consensus price target of $31.75.

First Internet Bancorp Trading Up 0.2 %

NASDAQ INBK traded up $0.06 during trading hours on Friday, hitting $30.77. 20,612 shares of the company’s stock were exchanged, compared to its average volume of 53,849. The business’s 50 day moving average is $32.28 and its 200-day moving average is $26.06. First Internet Bancorp has a 12-month low of $9.68 and a 12-month high of $35.72. The firm has a market capitalization of $266.47 million, a P/E ratio of 16.53 and a beta of 0.72. The company has a debt-to-equity ratio of 1.98, a quick ratio of 1.04 and a current ratio of 1.04.

First Internet Bancorp (NASDAQ:INBK) last released its earnings results on Wednesday, January 24th. The bank reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.24. First Internet Bancorp had a return on equity of 4.68% and a net margin of 5.84%. The firm had revenue of $27.21 million for the quarter, compared to the consensus estimate of $24.50 million. As a group, analysts anticipate that First Internet Bancorp will post 3.01 EPS for the current fiscal year.

First Internet Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a dividend of $0.06 per share. The ex-dividend date was Wednesday, March 27th. This represents a $0.24 annualized dividend and a yield of 0.78%. First Internet Bancorp’s dividend payout ratio (DPR) is presently 12.63%.

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, Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.