Heartland Advisors Inc. Takes Position in First Internet Bancorp $INBK

Heartland Advisors Inc. acquired a new position in shares of First Internet Bancorp (NASDAQ:INBK) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 375,900 shares of the bank’s stock, valued at approximately $10,450,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. BlackRock Inc. purchased a new stake in First Internet Bancorp in the second quarter valued at approximately $20,209,000. Aegis Financial Corp bought a new position in shares of First Internet Bancorp in the 4th quarter worth $5,224,000. Patriot Financial Partners GP II L.P. bought a new position in shares of First Internet Bancorp in the 3rd quarter worth $4,696,000. Simcoe Capital LLC purchased a new stake in shares of First Internet Bancorp during the 4th quarter valued at $1,935,000. Finally, GSA Capital Partners LLP purchased a new stake in shares of First Internet Bancorp during the 2nd quarter valued at $1,491,000. 65.46% of the stock is owned by hedge funds and other institutional investors.

First Internet Bancorp Stock Performance

Shares of INBK stock opened at $29.20 on Friday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.87 and a current ratio of 0.88. First Internet Bancorp has a fifty-two week low of $17.05 and a fifty-two week high of $31.09. The company has a market capitalization of $254.92 million, a P/E ratio of -8.11 and a beta of 0.83. The stock has a 50 day moving average price of $27.50 and a two-hundred day moving average price of $24.09.

First Internet Bancorp (NASDAQ:INBK) last posted its quarterly earnings results on Thursday, July 30th. The bank reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.12. The company had revenue of $41.12 million during the quarter, compared to analyst estimates of $43.83 million. First Internet Bancorp had a negative net margin of 9.01% and a negative return on equity of 0.55%. First Internet Bancorp has set its FY 2026 guidance at 2.350-2.450 EPS. Analysts expect that First Internet Bancorp will post 2.36 earnings per share for the current year.

First Internet Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a $0.06 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $0.24 annualized dividend and a dividend yield of 0.8%. First Internet Bancorp’s dividend payout ratio (DPR) is presently -6.67%.

Analysts Set New Price Targets

Several research analysts recently issued reports on INBK shares. Keefe, Bruyette & Woods upped their target price on shares of First Internet Bancorp from $23.00 to $24.00 and gave the stock a “market perform” rating in a research report on Friday, May 1st. Piper Sandler upped their price objective on First Internet Bancorp from $26.00 to $29.50 and gave the stock a “neutral” rating in a report on Friday, July 31st. Benchmark increased their price objective on First Internet Bancorp from $33.00 to $35.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Wall Street Zen raised First Internet Bancorp from a “hold” rating to a “buy” rating in a report on Saturday, June 6th. Finally, Weiss Ratings upgraded shares of First Internet Bancorp from a “sell (d)” rating to a “sell (d+)” rating in a research report on Wednesday, July 8th. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, First Internet Bancorp has a consensus rating of “Hold” and a consensus target price of $29.38.

About First Internet Bancorp

First Internet Bancorp is the bank holding company for First Internet Bank of Indiana, a pioneer in digital banking in the United States. Established with a focus on online-only operations, the company offers fully integrated, web-based financial solutions without the overhead of physical branches. Headquartered in Indianapolis, Indiana, First Internet Bancorp leverages technology to deliver streamlined banking services to customers across the country.

The company’s core offerings include a range of deposit products such as checking accounts, savings accounts, money market accounts, certificates of deposit (CDs) and individual retirement accounts (IRAs).