Gator Capital Management LLC Grows Stock Holdings in First Internet Bancorp $INBK

Gator Capital Management LLC increased its stake in shares of First Internet Bancorp (NASDAQ:INBK) by 62.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 75,555 shares of the bank’s stock after acquiring an additional 29,122 shares during the quarter. Gator Capital Management LLC’s holdings in First Internet Bancorp were worth $1,577,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of INBK. Royal Bank of Canada raised its stake in First Internet Bancorp by 78.5% during the 1st quarter. Royal Bank of Canada now owns 13,789 shares of the bank’s stock worth $369,000 after acquiring an additional 6,064 shares in the last quarter. Empowered Funds LLC boosted its holdings in First Internet Bancorp by 81.4% during the first quarter. Empowered Funds LLC now owns 13,135 shares of the bank’s stock worth $352,000 after buying an additional 5,893 shares in the last quarter. Jane Street Group LLC purchased a new stake in First Internet Bancorp during the first quarter worth about $297,000. First Trust Advisors LP lifted its holdings in shares of First Internet Bancorp by 4.9% in the second quarter. First Trust Advisors LP now owns 31,683 shares of the bank’s stock valued at $852,000 after purchasing an additional 1,474 shares in the last quarter. Finally, Jump Financial LLC purchased a new stake in shares of First Internet Bancorp in the second quarter valued at about $236,000. 65.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

INBK has been the topic of several recent research reports. Wall Street Zen raised shares of First Internet Bancorp from a “hold” rating to a “buy” rating in a report on Saturday, June 6th. Weiss Ratings reissued a “sell (d)” rating on shares of First Internet Bancorp in a research report on Friday, March 27th. 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 research report on Friday, May 1st. 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 research report on Friday, May 1st. Finally, Zacks Research raised shares of First Internet Bancorp from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. One analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $25.67.

First Internet Bancorp Trading Up 2.3%

NASDAQ INBK opened at $26.17 on Friday. First Internet Bancorp has a 12 month low of $17.05 and a 12 month high of $28.51. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.88 and a quick ratio of 0.87. The company has a market capitalization of $228.20 million, a price-to-earnings ratio of -6.80 and a beta of 0.85. The company’s fifty day moving average price is $23.77 and its two-hundred day moving average price is $21.84.

First Internet Bancorp (NASDAQ:INBK) last issued its 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 for the quarter, compared to analysts’ expectations of $45.67 million. As a group, research analysts predict that First Internet Bancorp will post 1.98 earnings per share for the current fiscal year.

First Internet Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Tuesday, March 31st. First Internet Bancorp’s dividend payout ratio (DPR) is presently -6.23%.

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).