Hotchkis & Wiley Capital Management LLC Sells 8,020 Shares of First Internet Bancorp (NASDAQ:INBK)

Hotchkis & Wiley Capital Management LLC reduced its position in First Internet Bancorp (NASDAQ:INBK) by 4.0% in the 3rd quarter, Holdings Channel reports. The firm owned 194,555 shares of the bank’s stock after selling 8,020 shares during the quarter. Hotchkis & Wiley Capital Management LLC’s holdings in First Internet Bancorp were worth $6,665,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of INBK. Acadian Asset Management LLC lifted its position in 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 purchasing an additional 49,675 shares during the period. Dimensional Fund Advisors LP lifted its position in First Internet Bancorp by 9.4% in the second quarter. Dimensional Fund Advisors LP now owns 489,663 shares of the bank’s stock worth $13,230,000 after purchasing an additional 42,227 shares during the period. Bank of New York Mellon Corp lifted its position in First Internet Bancorp by 149.9% in the second quarter. Bank of New York Mellon Corp now owns 38,972 shares of the bank’s stock worth $1,053,000 after purchasing an additional 23,376 shares during the period. Renaissance Technologies LLC lifted its position in First Internet Bancorp by 219.0% in the second quarter. Renaissance Technologies LLC now owns 25,200 shares of the bank’s stock worth $681,000 after purchasing an additional 17,300 shares during the period. Finally, Thrivent Financial for Lutherans lifted its position in First Internet Bancorp by 189.9% in the second quarter. Thrivent Financial for Lutherans now owns 23,576 shares of the bank’s stock worth $637,000 after purchasing an additional 15,444 shares during the period. 65.46% of the stock is owned by institutional investors.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods raised their target price on First Internet Bancorp from $41.00 to $45.00 and gave the stock a “market perform” rating in a research report on Wednesday. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $43.63.

First Internet Bancorp Stock Performance

First Internet Bancorp stock opened at $41.24 on Friday. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.98. The stock has a fifty day moving average price of $37.52 and a two-hundred day moving average price of $33.88. First Internet Bancorp has a 52-week low of $21.96 and a 52-week high of $43.26. The firm has a market capitalization of $357.47 million, a P/E ratio of 16.24 and a beta of 0.70.

First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.81 by ($0.01). First Internet Bancorp had a return on equity of 6.06% and a net margin of 6.92%. The company had revenue of $87.02 million for the quarter, compared to analyst estimates of $32.50 million. During the same quarter in the prior year, the company earned $0.39 earnings per share. As a group, analysts anticipate that First Internet Bancorp will post 3.07 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a $0.06 dividend. 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 0.58%. First Internet Bancorp’s dividend payout ratio (DPR) is presently 9.45%.

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.