Simcoe Capital LLC Purchases New Position in First Internet Bancorp $INBK

Simcoe Capital LLC purchased a new stake in First Internet Bancorp (NASDAQ:INBK) during the fourth quarter, HoldingsChannel.com reports. The firm purchased 92,715 shares of the bank’s stock, valued at approximately $1,935,000. First Internet Bancorp makes up about 1.8% of Simcoe Capital LLC’s holdings, making the stock its 29th largest position.

Other institutional investors and hedge funds have also bought and sold shares of the company. Tower Research Capital LLC TRC grew its stake in First Internet Bancorp by 202.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,789 shares of the bank’s stock valued at $48,000 after buying an additional 1,198 shares during the last quarter. GAMMA Investing LLC grew its stake in First Internet Bancorp by 1,123.5% in the 4th quarter. GAMMA Investing LLC now owns 3,181 shares of the bank’s stock valued at $66,000 after buying an additional 2,921 shares during the last quarter. Jump Financial LLC acquired a new position in First Internet Bancorp in the 2nd quarter valued at about $236,000. BNP Paribas Financial Markets grew its stake in First Internet Bancorp by 92.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 9,261 shares of the bank’s stock valued at $208,000 after buying an additional 4,439 shares during the last quarter. Finally, Teton Advisors LLC acquired a new position in First Internet Bancorp in the 3rd quarter valued at about $224,000. Institutional investors and hedge funds own 65.46% of the company’s stock.

First Internet Bancorp Stock Performance

Shares of First Internet Bancorp stock opened at $24.47 on Wednesday. The company has a 50 day moving average of $21.83 and a 200-day moving average of $20.90. First Internet Bancorp has a 1-year low of $17.05 and a 1-year high of $28.51. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 0.96. The company has a market cap of $213.38 million, a PE ratio of -6.36 and a beta of 0.85.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings results on Thursday, April 30th. The bank reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.21. First Internet Bancorp had a negative net margin of 9.60% and a negative return on equity of 1.14%. The company had revenue of $43.12 million during the quarter, compared to the consensus estimate of $45.67 million. As a group, equities research analysts forecast that First Internet Bancorp will post 1.98 earnings per share for the current fiscal year.

First Internet Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Tuesday, March 31st. First Internet Bancorp’s dividend payout ratio is -6.23%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on INBK. Weiss Ratings reiterated a “sell (d)” rating on shares of First Internet Bancorp in a research note on Friday, March 27th. Wall Street Zen raised shares of First Internet Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, March 14th. Keefe, Bruyette & Woods boosted their price objective on shares of First Internet Bancorp from $23.00 to $24.00 and gave the company a “market perform” rating in a report on Friday, May 1st. Zacks Research raised shares of First Internet Bancorp from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. Finally, Piper Sandler boosted their price objective on shares of First Internet Bancorp from $23.50 to $24.00 and gave the company a “neutral” rating in a report on Friday, May 1st. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $25.67.

First Internet Bancorp Profile

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).