Jacobs Levy Equity Management Inc. Sells 21,271 Shares of First Internet Bancorp (NASDAQ:INBK)

Jacobs Levy Equity Management Inc. trimmed its stake in First Internet Bancorp (NASDAQ:INBK) by 16.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 106,503 shares of the bank’s stock after selling 21,271 shares during the period. Jacobs Levy Equity Management Inc. owned approximately 1.23% of First Internet Bancorp worth $3,700,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Sapient Capital LLC bought a new stake in First Internet Bancorp in the fourth quarter worth $3,495,000. Acadian Asset Management LLC grew its holdings in First Internet Bancorp by 263.2% during the 1st quarter. Acadian Asset Management LLC now owns 97,600 shares of the bank’s stock valued at $3,389,000 after purchasing an additional 70,725 shares during the last quarter. Foundry Partners LLC raised its position in First Internet Bancorp by 56.6% in the 1st quarter. Foundry Partners LLC now owns 97,245 shares of the bank’s stock worth $3,378,000 after purchasing an additional 35,140 shares during the period. Acuitas Investments LLC purchased a new position in shares of First Internet Bancorp during the fourth quarter valued at approximately $1,940,000. Finally, Quadrature Capital Ltd grew its stake in shares of First Internet Bancorp by 33.0% during the fourth quarter. Quadrature Capital Ltd now owns 47,209 shares of the bank’s stock valued at $1,142,000 after buying an additional 11,707 shares during the last quarter. Hedge funds and other institutional investors own 65.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Piper Sandler boosted their price objective on First Internet Bancorp from $30.00 to $40.50 and gave the company a “neutral” rating in a report on Monday. Hovde Group raised their target price on shares of First Internet Bancorp from $38.00 to $44.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Keefe, Bruyette & Woods lifted their target price on First Internet Bancorp from $36.00 to $42.00 and gave the company a “market perform” rating in a research report on Friday, July 26th. Finally, Craig Hallum increased their price target on First Internet Bancorp from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, First Internet Bancorp has a consensus rating of “Hold” and a consensus target price of $42.88.

First Internet Bancorp Stock Up 0.4 %

INBK stock traded up $0.14 during trading on Wednesday, reaching $38.21. 15,193 shares of the company traded hands, compared to its average volume of 59,262. The business has a 50 day simple moving average of $29.93 and a 200 day simple moving average of $30.97. First Internet Bancorp has a 12 month low of $14.11 and a 12 month high of $39.46. The company has a debt-to-equity ratio of 1.85, a quick ratio of 1.02 and a current ratio of 1.02. The company has a market capitalization of $330.90 million, a price-to-earnings ratio of 20.04 and a beta of 0.68.

First Internet Bancorp (NASDAQ:INBK) last announced its earnings results on Wednesday, July 24th. The bank reported $0.72 earnings per share for the quarter, meeting the consensus estimate of $0.72. The company had revenue of $81.99 million during the quarter, compared to the consensus estimate of $30.55 million. First Internet Bancorp had a net margin of 6.12% and a return on equity of 5.27%. During the same period last year, the firm earned $0.44 earnings per share. On average, equities research analysts anticipate that First Internet Bancorp will post 3.1 earnings per share for the current fiscal year.

First Internet Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.63%. The ex-dividend date of this dividend was Friday, June 28th. First Internet Bancorp’s dividend payout ratio 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, and Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.