Stieven Capital Advisors L.P. Reduces Holdings in First Internet Bancorp (NASDAQ:INBK)

Stieven Capital Advisors L.P. lessened its position in shares of First Internet Bancorp (NASDAQ:INBK) by 15.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 66,960 shares of the bank’s stock after selling 12,000 shares during the quarter. Stieven Capital Advisors L.P.’s holdings in First Internet Bancorp were worth $2,410,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. R Squared Ltd acquired a new stake in First Internet Bancorp during the fourth quarter worth $33,000. SG Americas Securities LLC purchased a new position in shares of First Internet Bancorp during the 3rd quarter worth $145,000. MetLife Investment Management LLC increased its position in shares of First Internet Bancorp by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 4,737 shares of the bank’s stock worth $162,000 after purchasing an additional 2,669 shares during the last quarter. XTX Topco Ltd purchased a new stake in First Internet Bancorp in the 3rd quarter valued at about $201,000. Finally, Jane Street Group LLC acquired a new position in First Internet Bancorp in the third quarter valued at about $203,000. 65.46% of the stock is currently owned by institutional investors and hedge funds.

First Internet Bancorp Stock Down 1.1 %

Shares of INBK opened at $32.85 on Friday. The company’s 50-day simple moving average is $35.47 and its 200-day simple moving average is $35.90. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.98 and a current ratio of 0.99. First Internet Bancorp has a 1 year low of $24.18 and a 1 year high of $43.26. The stock has a market capitalization of $284.81 million, a PE ratio of 11.37 and a beta of 0.73.

First Internet Bancorp (NASDAQ:INBK) last released its earnings results on Wednesday, January 22nd. The bank reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.51). First Internet Bancorp had a return on equity of 5.86% and a net margin of 7.45%. Analysts forecast that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

First Internet Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $0.24 annualized dividend and a yield of 0.73%. First Internet Bancorp’s dividend payout ratio (DPR) is 8.30%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on INBK shares. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $40.00 price target (down from $45.00) on shares of First Internet Bancorp in a research report on Friday, January 24th. Piper Sandler dropped their target price on shares of First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating for the company in a report on Monday, January 27th.

First Internet Bancorp Company Profile

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.