Aegis Financial Corp Acquires Shares of 250,320 First Internet Bancorp $INBK

Aegis Financial Corp acquired a new stake in shares of First Internet Bancorp (NASDAQ:INBK) in the fourth quarter, HoldingsChannel.com reports. The fund acquired 250,320 shares of the bank’s stock, valued at approximately $5,224,000. First Internet Bancorp makes up approximately 1.2% of Aegis Financial Corp’s portfolio, making the stock its 19th largest position.

A number of other institutional investors have also added to or reduced their stakes in INBK. Royal Bank of Canada grew its holdings in First Internet Bancorp by 78.5% during the 1st quarter. Royal Bank of Canada now owns 13,789 shares of the bank’s stock valued at $369,000 after buying an additional 6,064 shares in the last quarter. Empowered Funds LLC boosted its position in shares of First Internet Bancorp by 81.4% during the 1st quarter. Empowered Funds LLC now owns 13,135 shares of the bank’s stock valued at $352,000 after acquiring an additional 5,893 shares during the last quarter. Jane Street Group LLC bought a new position in shares of First Internet Bancorp during the 1st quarter valued at approximately $297,000. First Trust Advisors LP boosted its position in shares of First Internet Bancorp by 4.9% during the 2nd quarter. First Trust Advisors LP now owns 31,683 shares of the bank’s stock valued at $852,000 after acquiring an additional 1,474 shares during the last quarter. Finally, Jump Financial LLC bought a new position in shares of First Internet Bancorp during the 2nd quarter valued at approximately $236,000. 65.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on INBK. Weiss Ratings reiterated a “sell (d)” rating on shares of First Internet Bancorp in a research report on Friday, March 27th. Keefe, Bruyette & Woods increased their target price on First Internet Bancorp from $23.00 to $24.00 and gave the company a “market perform” rating in a research report on Friday, May 1st. Piper Sandler increased their target price on First Internet Bancorp from $23.50 to $24.00 and gave the company a “neutral” rating in a research report on Friday, May 1st. Zacks Research upgraded First Internet Bancorp from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. Finally, Wall Street Zen upgraded First Internet Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, First Internet Bancorp currently has an average rating of “Hold” and an average target price of $25.67.

First Internet Bancorp Stock Down 0.1%

Shares of INBK opened at $25.57 on Friday. The company has a market cap of $222.97 million, a PE ratio of -6.64 and a beta of 0.85. The business has a fifty day moving average of $23.66 and a 200 day moving average of $21.81. First Internet Bancorp has a 52-week low of $17.05 and a 52-week high of $28.51. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.96.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings results on Thursday, April 30th. The bank reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.21. The company had revenue of $43.12 million during the quarter, compared to the consensus estimate of $45.67 million. First Internet Bancorp had a negative return on equity of 1.14% and a negative net margin of 9.60%. On average, sell-side analysts expect 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, April 15th. Stockholders of record on Tuesday, March 31st were given 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 was Tuesday, March 31st. First Internet Bancorp’s dividend payout ratio (DPR) is -6.23%.

First Internet Bancorp Company 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).