Aegis Financial Corp Purchases 103,941 Shares of First Internet Bancorp $INBK

Aegis Financial Corp raised its position in shares of First Internet Bancorp (NASDAQ:INBK) by 41.5% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 354,261 shares of the bank’s stock after buying an additional 103,941 shares during the period. First Internet Bancorp accounts for about 1.2% of Aegis Financial Corp’s investment portfolio, making the stock its 22nd biggest holding. Aegis Financial Corp’s holdings in First Internet Bancorp were worth $7,220,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of INBK. Patriot Financial Partners GP II L.P. purchased a new position in shares of First Internet Bancorp in the 3rd quarter worth approximately $4,696,000. Heartland Advisors Inc. lifted its position in First Internet Bancorp by 33.4% during the first quarter. Heartland Advisors Inc. now owns 384,900 shares of the bank’s stock valued at $7,844,000 after acquiring an additional 96,305 shares during the last quarter. Simcoe Capital LLC acquired a new stake in First Internet Bancorp in the fourth quarter valued at approximately $1,935,000. CSM Advisors LLC grew its holdings in First Internet Bancorp by 35.9% in the fourth quarter. CSM Advisors LLC now owns 191,854 shares of the bank’s stock worth $4,005,000 after purchasing an additional 50,695 shares during the last quarter. Finally, Millennium Management LLC grew its holdings in First Internet Bancorp by 48.8% in the fourth quarter. Millennium Management LLC now owns 145,554 shares of the bank’s stock worth $3,038,000 after purchasing an additional 47,715 shares during the last quarter. 65.46% of the stock is currently owned by institutional investors.

First Internet Bancorp Stock Performance

INBK opened at $26.47 on Thursday. First Internet Bancorp has a 12-month low of $17.05 and a 12-month high of $28.88. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 0.96. The firm has a market capitalization of $230.82 million, a PE ratio of -6.88 and a beta of 0.83. The firm has a 50 day moving average of $25.66 and a two-hundred day moving average of $23.07.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings data on Thursday, April 30th. The bank reported $0.29 EPS for the quarter, beating the consensus estimate of $0.08 by $0.21. The business had revenue of $43.12 million during the quarter, compared to analysts’ expectations of $45.67 million. First Internet Bancorp had a negative net margin of 9.60% and a negative return on equity of 1.14%. On average, analysts anticipate that First Internet Bancorp will post 1.98 EPS for the current year.

First Internet Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend was Tuesday, June 30th. First Internet Bancorp’s dividend payout ratio (DPR) is -6.23%.

Analyst Ratings Changes

Several brokerages have recently commented on INBK. Weiss Ratings upgraded First Internet Bancorp from a “sell (d)” rating to a “sell (d+)” rating in a report on Wednesday, July 8th. Benchmark started coverage on First Internet Bancorp in a research note on Wednesday, June 24th. They set a “buy” rating and a $33.00 target price on the stock. Wall Street Zen raised First Internet Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. Zacks Research raised First Internet Bancorp from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. Finally, Piper Sandler increased their price target on First Internet Bancorp from $24.00 to $26.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, First Internet Bancorp presently has an average rating of “Hold” and an average price target of $28.00.

First Internet Bancorp Profile

First Internet Bancorp is the bank holding company for First Internet Bank of Indiana, a pioneer in digital banking in the United States. Established with a focus on online-only operations, the company offers fully integrated, web-based financial solutions without the overhead of physical branches. Headquartered in Indianapolis, Indiana, First Internet Bancorp leverages technology to deliver streamlined banking services to customers across the country.

The company’s core offerings include a range of deposit products such as checking accounts, savings accounts, money market accounts, certificates of deposit (CDs) and individual retirement accounts (IRAs).