First Internet Bancorp (NASDAQ:INBK) Stock Position Lowered by Victory Capital Management Inc.

Victory Capital Management Inc. trimmed its stake in First Internet Bancorp (NASDAQ:INBK) by 2.6% during the third quarter, HoldingsChannel.com reports. The fund owned 27,750 shares of the bank’s stock after selling 750 shares during the period. Victory Capital Management Inc.’s holdings in First Internet Bancorp were worth $951,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Dimensional Fund Advisors LP grew its holdings in shares of First Internet Bancorp by 9.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 489,663 shares of the bank’s stock worth $13,230,000 after acquiring an additional 42,227 shares during the last quarter. Acadian Asset Management LLC grew its holdings in shares of First Internet Bancorp by 50.9% during the second quarter. Acadian Asset Management LLC now owns 147,275 shares of the bank’s stock valued at $3,978,000 after buying an additional 49,675 shares in 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 in the last quarter. American Century Companies Inc. grew its holdings in shares of First Internet Bancorp by 3.4% during the second quarter. American Century Companies Inc. now owns 86,239 shares of the bank’s stock valued at $2,330,000 after buying an additional 2,857 shares in the last quarter. Finally, ClariVest Asset Management LLC grew its holdings in shares of First Internet Bancorp by 2.9% during the second quarter. ClariVest Asset Management LLC now owns 50,243 shares of the bank’s stock valued at $1,358,000 after buying an additional 1,404 shares in the last quarter. 65.46% of the stock is currently owned by institutional investors and hedge funds.

First Internet Bancorp Stock Performance

Shares of INBK stock opened at $41.91 on Thursday. First Internet Bancorp has a 1-year low of $19.49 and a 1-year high of $43.26. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.61. The company has a market capitalization of $363.36 million, a price-to-earnings ratio of 16.50 and a beta of 0.66. The stock’s fifty day simple moving average is $36.69 and its 200-day simple moving average is $33.49.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.80 earnings per share for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.01). First Internet Bancorp had a net margin of 6.92% and a return on equity of 6.06%. The business had revenue of $87.02 million for the quarter, compared to analysts’ expectations of $32.50 million. During the same quarter in the prior year, the firm posted $0.39 EPS. On average, sell-side analysts predict that First Internet Bancorp will post 3.07 earnings per share for the current fiscal year.

First Internet Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.57%. First Internet Bancorp’s dividend payout ratio is 9.45%.

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.