Stieven Capital Advisors L.P. Sells 118,777 Shares of First Internet Bancorp (NASDAQ:INBK)

Stieven Capital Advisors L.P. lessened its stake in shares of First Internet Bancorp (NASDAQ:INBK) by 55.4% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 95,443 shares of the bank’s stock after selling 118,777 shares during the period. Stieven Capital Advisors L.P. owned 1.10% of First Internet Bancorp worth $2,579,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Ancora Advisors LLC grew its holdings in First Internet Bancorp by 7.0% during the first quarter. Ancora Advisors LLC now owns 216,712 shares of the bank’s stock valued at $7,529,000 after purchasing an additional 14,190 shares during the period. Sapient Capital LLC purchased a new position in shares of First Internet Bancorp in the fourth quarter valued at about $3,495,000. Acadian Asset Management LLC lifted its position in shares of First Internet Bancorp by 263.2% in the first quarter. Acadian Asset Management LLC now owns 97,600 shares of the bank’s stock valued at $3,389,000 after acquiring an additional 70,725 shares in the last quarter. Foundry Partners LLC lifted its position 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 valued at $3,378,000 after acquiring an additional 35,140 shares in the last quarter. Finally, Quadrature Capital Ltd lifted its position in shares of 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 acquiring an additional 11,707 shares in the last quarter. Institutional investors own 65.46% of the company’s stock.

First Internet Bancorp Price Performance

Shares of NASDAQ:INBK traded up $0.47 during mid-day trading on Friday, reaching $36.29. The stock had a trading volume of 15,693 shares, compared to its average volume of 32,612. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 1.83. The company has a market cap of $314.63 million, a P/E ratio of 19.10 and a beta of 0.68. First Internet Bancorp has a 1 year low of $14.11 and a 1 year high of $39.46. The business’s 50 day moving average price is $32.67 and its 200 day moving average price is $31.72.

First Internet Bancorp (NASDAQ:INBK) last posted its earnings results on Wednesday, July 24th. The bank reported $0.72 EPS for the quarter, hitting analysts’ consensus estimates of $0.72. The company had revenue of $81.99 million for the quarter, compared to the consensus estimate of $30.55 million. First Internet Bancorp had a return on equity of 5.23% and a net margin of 6.12%. During the same period in the previous year, the business earned $0.44 earnings per share. Research analysts expect that First Internet Bancorp will post 3.02 EPS for the current fiscal year.

First Internet Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were paid a dividend of $0.06 per share. The ex-dividend date was Friday, June 28th. This represents a $0.24 annualized dividend and a yield of 0.66%. First Internet Bancorp’s payout ratio is currently 12.63%.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Keefe, Bruyette & Woods boosted their price objective 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. 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 research report on Monday, July 29th. Hovde Group boosted their price objective on First Internet Bancorp from $38.00 to $44.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Finally, Craig Hallum boosted their price objective on First Internet Bancorp from $40.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, First Internet Bancorp presently has an average rating of “Hold” and an average price target of $42.88.

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.