Victory Capital Management Inc. Reduces Stock Position in First Internet Bancorp (NASDAQ:INBK)

Victory Capital Management Inc. decreased its position in shares of First Internet Bancorp (NASDAQ:INBK) by 7.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,900 shares of the bank’s stock after selling 2,600 shares during the quarter. Victory Capital Management Inc.’s holdings in First Internet Bancorp were worth $747,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Sapient Capital LLC acquired a new position in First Internet Bancorp during the fourth quarter worth $3,094,000. GSA Capital Partners LLP acquired a new stake in First Internet Bancorp in the third quarter valued at $1,031,000. Patriot Financial Partners GP LP increased its position in shares of First Internet Bancorp by 1.9% in the third quarter. Patriot Financial Partners GP LP now owns 155,482 shares of the bank’s stock valued at $2,520,000 after buying an additional 2,958 shares in the last quarter. Citigroup Inc. raised its stake in shares of First Internet Bancorp by 101,984.6% during the 3rd quarter. Citigroup Inc. now owns 26,542 shares of the bank’s stock worth $430,000 after buying an additional 26,516 shares during the last quarter. Finally, Acuitas Investments LLC purchased a new stake in shares of First Internet Bancorp in the 4th quarter worth about $1,940,000. Institutional investors and hedge funds own 65.46% of the company’s stock.

Analysts Set New Price Targets

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

First Internet Bancorp Price Performance

NASDAQ:INBK opened at $31.24 on Thursday. First Internet Bancorp has a 12-month low of $11.55 and a 12-month high of $35.72. The firm has a market cap of $270.54 million, a price-to-earnings ratio of 16.44 and a beta of 0.73. The company’s 50-day moving average is $32.23 and its two-hundred day moving average is $28.16. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.85.

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

First Internet Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.77%. The ex-dividend date was Wednesday, March 27th. First Internet Bancorp’s dividend payout ratio is currently 12.63%.

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.