ClariVest Asset Management LLC Increases Stock Holdings in First Internet Bancorp (NASDAQ:INBK)

ClariVest Asset Management LLC raised its holdings in First Internet Bancorp (NASDAQ:INBK) by 2.9% in the second quarter, HoldingsChannel reports. The institutional investor owned 50,243 shares of the bank’s stock after acquiring an additional 1,404 shares during the quarter. ClariVest Asset Management LLC’s holdings in First Internet Bancorp were worth $1,358,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in INBK. Ancora Advisors LLC increased its holdings in shares of First Internet Bancorp by 7.0% during the first quarter. Ancora Advisors LLC now owns 216,712 shares of the bank’s stock valued at $7,529,000 after acquiring an additional 14,190 shares in the last quarter. Acadian Asset Management LLC raised its holdings in shares of First Internet Bancorp by 50.9% in the second quarter. Acadian Asset Management LLC now owns 147,275 shares of the bank’s stock worth $3,978,000 after buying an additional 49,675 shares during the last quarter. Foundry Partners LLC grew its holdings in shares of First Internet Bancorp by 15.0% during the second quarter. Foundry Partners LLC now owns 111,850 shares of the bank’s stock valued at $3,022,000 after buying an additional 14,605 shares during the last quarter. Quadrature Capital Ltd increased its position in shares of First Internet Bancorp by 33.0% in the 4th quarter. Quadrature Capital Ltd now owns 47,209 shares of the bank’s stock valued at $1,142,000 after acquiring an additional 11,707 shares during the period. Finally, LSV Asset Management raised its stake in First Internet Bancorp by 2.1% in the 2nd quarter. LSV Asset Management now owns 39,200 shares of the bank’s stock worth $1,059,000 after acquiring an additional 800 shares during the last quarter. Institutional investors and hedge funds own 65.46% of the company’s stock.

First Internet Bancorp Trading Down 1.7 %

Shares of NASDAQ:INBK opened at $33.11 on Thursday. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 1.83. First Internet Bancorp has a 12-month low of $14.11 and a 12-month high of $39.46. The business has a 50 day moving average of $33.93 and a two-hundred day moving average of $31.82. The company has a market capitalization of $286.60 million, a PE ratio of 17.43 and a beta of 0.66.

First Internet Bancorp (NASDAQ:INBK) last posted its earnings results on Wednesday, July 24th. The bank reported $0.72 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.72. The firm had revenue of $81.99 million during the quarter, compared to analysts’ expectations of $30.55 million. First Internet Bancorp had a net margin of 6.12% and a return on equity of 5.23%. During the same period in the previous year, the business posted $0.44 EPS. As a group, analysts forecast that First Internet Bancorp will post 3 EPS for the current year.

First Internet Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.72%. The ex-dividend date of this dividend was Friday, June 28th. First Internet Bancorp’s payout ratio is currently 12.63%.

Analysts Set New Price Targets

INBK has been the topic of several research analyst reports. Craig Hallum boosted their price target on First Internet Bancorp from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Keefe, Bruyette & Woods raised their price target 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 upped their price objective on shares of First Internet Bancorp from $30.00 to $40.50 and gave the company a “neutral” rating in a report on Monday, July 29th. Finally, Hovde Group raised their target price on shares of First Internet Bancorp from $38.00 to $44.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $42.88.

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.