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.
TRADEMARK VIOLATION WARNING: “First Internet Bancorp (INBK) Position Increased by Foundry Partners LLC” was originally published by Equities Focus and is the sole property of of Equities Focus. If you are accessing this piece on another publication, it was illegally stolen and reposted in violation of international copyright legislation. The original version of this piece can be accessed at https://www.equitiesfocus.com/2018/11/10/foundry-partners-llc-grows-position-in-first-internet-bancorp-inbk.html.
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.
Featured Story: Earnings Reports
Receive News & Ratings for First Internet Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Internet Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.