First Internet Bancorp (INBK) Position Increased by Foundry Partners LLC

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Foundry Partners LLC boosted its position in shares of First Internet Bancorp (NASDAQ:INBK) by 14.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 228,225 shares of the bank’s stock after acquiring an additional 29,488 shares during the period. Foundry Partners LLC owned approximately 2.24% of First Internet Bancorp worth $6,949,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of INBK. BlackRock Inc. grew its stake in shares of First Internet Bancorp by 7.7% in the 2nd quarter. BlackRock Inc. now owns 440,367 shares of the bank’s stock valued at $15,017,000 after purchasing an additional 31,330 shares during the period. Heartland Advisors Inc. grew its stake in shares of First Internet Bancorp by 22.5% in the 2nd quarter. Heartland Advisors Inc. now owns 407,787 shares of the bank’s stock valued at $13,906,000 after purchasing an additional 75,000 shares during the period. Emerald Mutual Fund Advisers Trust grew its stake in shares of First Internet Bancorp by 45.8% in the 2nd quarter. Emerald Mutual Fund Advisers Trust now owns 277,000 shares of the bank’s stock valued at $9,446,000 after purchasing an additional 87,000 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of First Internet Bancorp by 45.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 258,863 shares of the bank’s stock valued at $8,827,000 after purchasing an additional 80,420 shares during the period. Finally, Argent Capital Management LLC grew its stake in shares of First Internet Bancorp by 2.8% in the 2nd quarter. Argent Capital Management LLC now owns 143,180 shares of the bank’s stock valued at $4,882,000 after purchasing an additional 3,850 shares during the period. Hedge funds and other institutional investors own 68.13% of the company’s stock.

Shares of INBK traded down $1.38 on Friday, hitting $25.30. The company’s stock had a trading volume of 32,225 shares, compared to its average volume of 50,426. The company has a market capitalization of $264.52 million, a P/E ratio of 10.59 and a beta of 0.41. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.05 and a quick ratio of 1.04. First Internet Bancorp has a fifty-two week low of $23.81 and a fifty-two week high of $42.40.

First Internet Bancorp (NASDAQ:INBK) last announced its earnings results on Wednesday, October 24th. The bank reported $0.61 EPS for the quarter, hitting the consensus estimate of $0.61. First Internet Bancorp had a return on equity of 9.71% and a net margin of 18.57%. The business had revenue of $17.96 million for the quarter, compared to the consensus estimate of $18.50 million. On average, sell-side analysts anticipate that First Internet Bancorp will post 2.58 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 15th. Shareholders of record on Friday, September 28th were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.95%. The ex-dividend date was Thursday, September 27th. First Internet Bancorp’s dividend payout ratio is 10.04%.

Several equities research analysts have recently weighed in on the company. BidaskClub lowered First Internet Bancorp from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 26th. Zacks Investment Research downgraded First Internet Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, October 30th. Maxim Group reissued a “buy” rating and issued a $30.00 target price (down from $38.00) on shares of First Internet Bancorp in a report on Friday, October 26th. ValuEngine raised First Internet Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, August 8th. Finally, FIG Partners downgraded First Internet Bancorp from an “outperform” rating to a “market-perform” rating in a report on Monday, July 23rd. Three investment analysts have rated the stock with a sell rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $40.50.

In other news, Director Jerry L. Williams acquired 1,500 shares of First Internet Bancorp stock in a transaction on Thursday, November 1st. The shares were purchased at an average price of $25.88 per share, with a total value of $38,820.00. Following the acquisition, the director now owns 39,885 shares in the company, valued at $1,032,223.80. The transaction was disclosed in a document filed with the SEC, which is available through this link. 6.20% of the stock is currently owned by corporate insiders.

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First Internet Bancorp Company Profile

First Internet Bancorp operates as a bank holding company for First Internet Bank of Indiana that provides commercial and retail banking products and services in the United States. The company offers savings accounts, non-interest bearing and interest-bearing demand deposits, money market accounts, brokered deposit accounts, and certificates of deposit.

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Institutional Ownership by Quarter for First Internet Bancorp (NASDAQ:INBK)

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