Sapient Capital LLC Trims Stock Holdings in First Internet Bancorp (NASDAQ:INBK)

Sapient Capital LLC decreased its holdings in shares of First Internet Bancorp (NASDAQ:INBK) by 6.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 90,913 shares of the bank’s stock after selling 5,794 shares during the quarter. Sapient Capital LLC owned about 1.05% of First Internet Bancorp worth $3,277,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the stock. Geode Capital Management LLC raised its stake in shares of First Internet Bancorp by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 201,641 shares of the bank’s stock valued at $6,909,000 after purchasing an additional 3,967 shares during the period. Foundry Partners LLC lifted its holdings in shares of First Internet Bancorp by 8.9% in the third quarter. Foundry Partners LLC now owns 121,827 shares of the bank’s stock worth $4,174,000 after buying an additional 9,977 shares in the last quarter. State Street Corp boosted its position in shares of First Internet Bancorp by 8.9% in the third quarter. State Street Corp now owns 106,282 shares of the bank’s stock valued at $3,648,000 after acquiring an additional 8,701 shares during the period. Franklin Resources Inc. increased its holdings in First Internet Bancorp by 3.1% during the 3rd quarter. Franklin Resources Inc. now owns 99,620 shares of the bank’s stock worth $3,539,000 after acquiring an additional 2,981 shares during the period. Finally, Thrivent Financial for Lutherans lifted its stake in First Internet Bancorp by 14.7% in the 3rd quarter. Thrivent Financial for Lutherans now owns 27,053 shares of the bank’s stock worth $926,000 after purchasing an additional 3,477 shares in the last quarter. Hedge funds and other institutional investors own 65.46% of the company’s stock.

First Internet Bancorp Price Performance

Shares of NASDAQ:INBK opened at $32.75 on Tuesday. The company’s fifty day moving average price is $36.33 and its 200-day moving average price is $36.06. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.98. The firm has a market capitalization of $283.94 million, a price-to-earnings ratio of 11.33 and a beta of 0.73. First Internet Bancorp has a one year low of $24.18 and a one year high of $43.26.

First Internet Bancorp (NASDAQ:INBK) last released its earnings results on Wednesday, January 22nd. The bank reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.51). First Internet Bancorp had a net margin of 7.45% and a return on equity of 5.86%. On average, equities research analysts anticipate that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

First Internet Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were given a $0.06 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $0.24 dividend on an annualized basis and a yield of 0.73%. First Internet Bancorp’s payout ratio is 8.30%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on INBK shares. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $40.00 price target (down previously from $45.00) on shares of First Internet Bancorp in a report on Friday, January 24th. Piper Sandler decreased their target price on First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating on the stock in a research note on Monday, January 27th.

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.