Jacobs Levy Equity Management Inc. Sells 21,271 Shares of First Internet Bancorp (NASDAQ:INBK)

Jacobs Levy Equity Management Inc. reduced its stake in First Internet Bancorp (NASDAQ:INBK) by 16.6% during the 1st quarter, HoldingsChannel reports. The fund owned 106,503 shares of the bank’s stock after selling 21,271 shares during the quarter. Jacobs Levy Equity Management Inc.’s holdings in First Internet Bancorp were worth $3,700,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Sapient Capital LLC bought a new stake in shares of First Internet Bancorp in the fourth quarter valued at about $3,094,000. Foundry Partners LLC grew its holdings in shares of First Internet Bancorp by 56.6% during 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 in the last quarter. Acadian Asset Management LLC raised its position in First Internet Bancorp by 263.2% in the 1st quarter. Acadian Asset Management LLC now owns 97,600 shares of the bank’s stock valued at $3,389,000 after buying an additional 70,725 shares during the last quarter. Acuitas Investments LLC bought a new stake in First Internet Bancorp in the 4th quarter valued at approximately $1,940,000. Finally, Quadrature Capital Ltd boosted its position in First Internet Bancorp by 33.0% during the 4th quarter. Quadrature Capital Ltd now owns 47,209 shares of the bank’s stock worth $1,142,000 after acquiring an additional 11,707 shares during the last quarter. 65.46% of the stock is owned by institutional investors and hedge funds.

First Internet Bancorp Stock Performance

INBK stock traded up $0.14 during trading hours on Wednesday, reaching $38.21. The stock had a trading volume of 15,193 shares, compared to its average volume of 59,262. The stock has a 50-day simple moving average of $29.93 and a 200 day simple moving average of $30.97. First Internet Bancorp has a fifty-two week low of $14.11 and a fifty-two week high of $39.46. The stock has a market capitalization of $330.90 million, a PE ratio of 20.04 and a beta of 0.68. The company has a debt-to-equity ratio of 1.85, a current ratio of 1.02 and a quick ratio of 1.02.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings results on Wednesday, July 24th. The bank reported $0.72 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.72. First Internet Bancorp had a return on equity of 5.27% and a net margin of 6.12%. The firm had revenue of $81.99 million for the quarter, compared to the consensus estimate of $30.55 million. During the same quarter in the previous year, the business earned $0.44 earnings per share. Analysts predict that First Internet Bancorp will post 3.1 EPS 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. Investors of record on Friday, June 28th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.63%. The ex-dividend date was Friday, June 28th. First Internet Bancorp’s dividend payout ratio (DPR) is presently 12.63%.

Analyst Ratings Changes

A number of analysts have recently commented on INBK shares. Keefe, Bruyette & Woods boosted their price objective on shares of First Internet Bancorp from $36.00 to $42.00 and gave the stock a “market perform” rating in a research report on Friday, July 26th. Piper Sandler lifted their price target on shares of First Internet Bancorp from $30.00 to $40.50 and gave the company a “neutral” rating in a research note on Monday. Hovde Group increased their price objective on shares of First Internet Bancorp from $38.00 to $44.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Finally, Craig Hallum upped their target price on First Internet Bancorp from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $42.88.

First Internet Bancorp Company 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.