Jacobs Levy Equity Management Inc. Sells 15,975 Shares of First Internet Bancorp (NASDAQ:INBK)

Jacobs Levy Equity Management Inc. cut its position in First Internet Bancorp (NASDAQ:INBK) by 14.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 97,184 shares of the bank’s stock after selling 15,975 shares during the quarter. Jacobs Levy Equity Management Inc. owned about 1.12% of First Internet Bancorp worth $3,498,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. R Squared Ltd purchased a new position in shares of First Internet Bancorp in the fourth quarter valued at $33,000. Wells Fargo & Company MN grew its position in shares of First Internet Bancorp by 35.0% in the fourth quarter. Wells Fargo & Company MN now owns 4,381 shares of the bank’s stock valued at $158,000 after purchasing an additional 1,137 shares in the last quarter. SG Americas Securities LLC grew its position in shares of First Internet Bancorp by 22.5% in the fourth quarter. SG Americas Securities LLC now owns 5,181 shares of the bank’s stock valued at $186,000 after purchasing an additional 953 shares in the last quarter. Empowered Funds LLC purchased a new position in shares of First Internet Bancorp in the fourth quarter valued at $261,000. Finally, Deutsche Bank AG grew its position in shares of First Internet Bancorp by 4.5% in the fourth quarter. Deutsche Bank AG now owns 7,789 shares of the bank’s stock valued at $280,000 after purchasing an additional 335 shares in the last quarter. 65.46% of the stock is currently owned by institutional investors.

First Internet Bancorp Price Performance

First Internet Bancorp stock opened at $24.96 on Thursday. The business has a 50-day simple moving average of $24.55 and a 200 day simple moving average of $32.01. First Internet Bancorp has a 52 week low of $19.54 and a 52 week high of $43.26. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.61. The stock has a market cap of $217.08 million, a price-to-earnings ratio of 8.64 and a beta of 0.66.

First Internet Bancorp (NASDAQ:INBK) last posted its quarterly earnings data on Wednesday, April 23rd. The bank reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.64). First Internet Bancorp had a return on equity of 5.86% and a net margin of 7.45%. The firm had revenue of $76.83 million during the quarter, compared to analysts’ expectations of $26.73 million. On average, research analysts forecast that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

First Internet Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.96%. The ex-dividend date was Monday, March 31st. First Internet Bancorp’s payout ratio is currently 9.96%.

Wall Street Analyst Weigh In

INBK has been the subject of several recent research reports. Piper Sandler reduced their price target on First Internet Bancorp from $32.00 to $24.00 and set a “neutral” rating for the company in a research report on Monday, April 28th. Keefe, Bruyette & Woods reduced their target price on First Internet Bancorp from $35.00 to $30.00 and set a “market perform” rating for the company in a research report on Tuesday, April 29th. Hovde Group reduced their target price on First Internet Bancorp from $39.00 to $28.00 and set an “outperform” rating for the company in a research report on Friday, April 25th. Finally, StockNews.com cut First Internet Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, March 27th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $31.75.

First Internet Bancorp 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.