Connors Investor Services Inc. Sells 2,225 Shares of First Internet Bancorp (NASDAQ:INBK)

Connors Investor Services Inc. reduced its position in shares of First Internet Bancorp (NASDAQ:INBK) by 24.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,730 shares of the bank’s stock after selling 2,225 shares during the period. Connors Investor Services Inc.’s holdings in First Internet Bancorp were worth $234,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of INBK. Sapient Capital LLC purchased a new stake in shares of First Internet Bancorp during the fourth quarter worth about $3,495,000. Acuitas Investments LLC purchased a new stake in First Internet Bancorp in the fourth quarter worth about $1,940,000. Acadian Asset Management LLC lifted its holdings in First Internet Bancorp by 263.2% in the first quarter. Acadian Asset Management LLC now owns 97,600 shares of the bank’s stock worth $3,389,000 after buying an additional 70,725 shares during the period. Foundry Partners LLC lifted its holdings in First Internet Bancorp by 56.6% in the first quarter. Foundry Partners LLC now owns 97,245 shares of the bank’s stock worth $3,378,000 after buying an additional 35,140 shares during the period. Finally, Citigroup Inc. lifted its holdings in First Internet Bancorp by 101,984.6% in the third 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 period. 65.46% of the stock is currently owned by hedge funds and other institutional investors.

First Internet Bancorp Stock Performance

NASDAQ:INBK remained flat at $35.73 during trading hours on Monday. 26,324 shares of the company’s stock were exchanged, compared to its average volume of 59,349. The company’s 50 day simple moving average is $29.20 and its 200 day simple moving average is $30.37. The stock has a market cap of $309.42 million, a price-to-earnings ratio of 18.81 and a beta of 0.68. First Internet Bancorp has a fifty-two week low of $14.11 and a fifty-two week high of $36.47. The company has a debt-to-equity ratio of 1.85, a quick ratio of 1.02 and a current ratio of 1.02.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings results on Wednesday, April 24th. The bank reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.04. The business had revenue of $29.08 million for the quarter, compared to analysts’ expectations of $28.60 million. First Internet Bancorp had a net margin of 5.84% and a return on equity of 4.64%. On average, analysts forecast that First Internet Bancorp will post 3.1 earnings per share for the current fiscal year.

First Internet Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.67%. The ex-dividend date of this dividend was Friday, June 28th. First Internet Bancorp’s dividend payout ratio is presently 12.63%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Piper Sandler lowered their price objective 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. Hovde Group lowered their price objective on shares of First Internet Bancorp from $38.50 to $38.00 and set an “outperform” rating for the company in a report on Friday, April 26th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and issued a $36.00 price objective (up from $34.00) on shares of First Internet Bancorp in a report on Friday, April 26th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $35.75.

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.