Bridgeway Capital Management LLC Purchases 6,342 Shares of First Internet Bancorp (NASDAQ:INBK)

Bridgeway Capital Management LLC grew its holdings in First Internet Bancorp (NASDAQ:INBK) by 27.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 29,242 shares of the bank’s stock after purchasing an additional 6,342 shares during the quarter. Bridgeway Capital Management LLC owned approximately 0.34% of First Internet Bancorp worth $1,052,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. R Squared Ltd bought a new position in First Internet Bancorp in the fourth quarter valued at approximately $33,000. Wells Fargo & Company MN lifted its stake in shares of First Internet Bancorp by 35.0% in the 4th 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 during the period. SG Americas Securities LLC boosted its position in shares of First Internet Bancorp by 22.5% in the 4th quarter. SG Americas Securities LLC now owns 5,181 shares of the bank’s stock worth $186,000 after purchasing an additional 953 shares during the last quarter. Jane Street Group LLC acquired a new stake in shares of First Internet Bancorp during the third quarter worth $203,000. Finally, Empowered Funds LLC bought a new stake in First Internet Bancorp in the fourth quarter valued at about $261,000. Institutional investors and hedge funds own 65.46% of the company’s stock.

Analyst Ratings Changes

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

First Internet Bancorp Price Performance

NASDAQ INBK opened at $23.23 on Friday. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.98 and a current ratio of 0.99. First Internet Bancorp has a 52-week low of $19.54 and a 52-week high of $43.26. The business has a 50 day simple moving average of $24.77 and a 200 day simple moving average of $32.21. The stock has a market cap of $202.03 million, a price-to-earnings ratio of 8.04 and a beta of 0.66.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings data on Wednesday, April 23rd. The bank reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.64). The company had revenue of $76.83 million for the quarter, compared to analyst estimates of $26.73 million. First Internet Bancorp had a return on equity of 5.86% and a net margin of 7.45%. 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 disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.03%. First Internet Bancorp’s payout ratio is presently 9.96%.

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.