Donaldson Capital Management LLC Sells 1,001 Shares of First Internet Bancorp (NASDAQ:INBK)

Donaldson Capital Management LLC decreased its holdings in shares of First Internet Bancorp (NASDAQ:INBK) by 7.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,250 shares of the bank’s stock after selling 1,001 shares during the period. Donaldson Capital Management LLC owned 0.14% of First Internet Bancorp worth $296,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of INBK. Sapient Capital LLC bought a new position in shares of First Internet Bancorp in the 4th quarter worth approximately $3,094,000. GSA Capital Partners LLP bought a new position in shares of First Internet Bancorp in the 3rd quarter worth approximately $1,031,000. Patriot Financial Partners GP LP raised its position in shares of First Internet Bancorp by 1.9% in the 3rd quarter. Patriot Financial Partners GP LP now owns 155,482 shares of the bank’s stock worth $2,520,000 after acquiring an additional 2,958 shares in the last quarter. Citigroup Inc. raised its position in shares of First Internet Bancorp by 101,984.6% in the 3rd quarter. Citigroup Inc. now owns 26,542 shares of the bank’s stock worth $430,000 after acquiring an additional 26,516 shares in the last quarter. Finally, Denali Advisors LLC grew its stake in shares of First Internet Bancorp by 98.0% in the 3rd quarter. Denali Advisors LLC now owns 40,000 shares of the bank’s stock worth $648,000 after buying an additional 19,800 shares during the last quarter. Institutional investors own 65.46% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on INBK shares. StockNews.com upgraded First Internet Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, January 5th. Craig Hallum upgraded First Internet Bancorp from a “hold” rating to a “buy” rating and upped their price target for the stock from $19.00 to $35.00 in a research note on Monday, December 18th. Finally, Keefe, Bruyette & Woods upped their price target on First Internet Bancorp from $29.00 to $34.00 and gave the stock a “market perform” rating in a research note on Friday, January 26th. Three research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $29.00.

First Internet Bancorp Stock Performance

First Internet Bancorp stock traded down $0.16 during trading on Tuesday, reaching $30.90. The company had a trading volume of 6,260 shares, compared to its average volume of 51,963. First Internet Bancorp has a 52 week low of $9.68 and a 52 week high of $35.72. The firm’s 50-day simple moving average is $32.28 and its 200 day simple moving average is $25.33. The firm has a market capitalization of $267.59 million, a price-to-earnings ratio of 26.55 and a beta of 0.72. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.98.

First Internet Bancorp (NASDAQ:INBK) last announced its earnings results on Wednesday, January 24th. The bank reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.24. First Internet Bancorp had a return on equity of 4.56% and a net margin of 3.81%. The company had revenue of $27.21 million for the quarter, compared to analysts’ expectations of $24.50 million. Sell-side analysts forecast that First Internet Bancorp will post 3.01 earnings per share for the current fiscal year.

First Internet Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were issued a $0.06 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.24 dividend on an annualized basis and a yield of 0.78%. First Internet Bancorp’s dividend payout ratio is currently 20.51%.

First Internet Bancorp Company 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, Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.