Connors Investor Services Inc. Sells 2,225 Shares of First Internet Bancorp (NASDAQ:INBK)

Connors Investor Services Inc. lessened its stake in shares of First Internet Bancorp (NASDAQ:INBK) by 24.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,730 shares of the bank’s stock after selling 2,225 shares during the quarter. Connors Investor Services Inc. owned 0.08% of First Internet Bancorp worth $234,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the business. Public Employees Retirement System of Ohio raised its position in shares of First Internet Bancorp by 27.5% during the third quarter. Public Employees Retirement System of Ohio now owns 12,018 shares of the bank’s stock worth $195,000 after acquiring an additional 2,592 shares during the last quarter. Citigroup Inc. increased its holdings in First Internet Bancorp by 101,984.6% in the third quarter. Citigroup Inc. now owns 26,542 shares of the bank’s stock valued at $430,000 after purchasing an additional 26,516 shares during the last quarter. Quadrature Capital Ltd increased its holdings in First Internet Bancorp by 33.0% in the fourth quarter. Quadrature Capital Ltd now owns 47,209 shares of the bank’s stock valued at $1,142,000 after purchasing an additional 11,707 shares during the last quarter. Acuitas Investments LLC bought a new stake in First Internet Bancorp in the fourth quarter valued at about $1,940,000. Finally, Foundry Partners LLC increased its holdings in shares of First Internet Bancorp by 56.6% in the first quarter. Foundry Partners LLC now owns 97,245 shares of the bank’s stock worth $3,378,000 after acquiring an additional 35,140 shares in the last quarter. Institutional investors own 65.46% of the company’s stock.

First Internet Bancorp Price Performance

Shares of NASDAQ:INBK remained flat at $35.73 during mid-day trading on Monday. The company had a trading volume of 26,324 shares, compared to its average volume of 59,349. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.85. The company has a market capitalization of $309.42 million, a P/E ratio of 18.81 and a beta of 0.68. First Internet Bancorp has a fifty-two week low of $14.11 and a fifty-two week high of $36.47. The business’s 50 day moving average price is $29.20 and its 200 day moving average price is $30.37.

First Internet Bancorp (NASDAQ:INBK) last posted its quarterly earnings data on Wednesday, April 24th. The bank reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.04. The business had revenue of $29.08 million during the quarter, compared to the consensus estimate of $28.60 million. First Internet Bancorp had a return on equity of 4.64% and a net margin of 5.84%. Analysts anticipate that First Internet Bancorp will post 3.1 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $0.24 annualized dividend and a yield of 0.67%. First Internet Bancorp’s dividend payout ratio (DPR) is presently 12.63%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on INBK. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $36.00 price target (up from $34.00) on shares of First Internet Bancorp in a report on Friday, April 26th. Piper Sandler lowered their price target on First Internet Bancorp from $35.00 to $34.00 and set a “neutral” rating for the company in a report on Monday, April 29th. Finally, Hovde Group lowered their price target on First Internet Bancorp from $38.50 to $38.00 and set an “outperform” rating for the company in a report on Friday, April 26th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, First Internet Bancorp has a consensus rating of “Hold” and an average target price of $35.75.

First Internet Bancorp 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.