Connor Clark & Lunn Investment Management Ltd. Cuts Holdings in First Internet Bancorp $INBK

Connor Clark & Lunn Investment Management Ltd. lowered its stake in First Internet Bancorp (NASDAQ:INBK) by 34.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,203 shares of the bank’s stock after selling 9,926 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.22% of First Internet Bancorp worth $517,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also made changes to their positions in INBK. Ancora Advisors LLC raised its holdings in First Internet Bancorp by 7.9% in the first quarter. Ancora Advisors LLC now owns 141,103 shares of the bank’s stock valued at $3,779,000 after acquiring an additional 10,336 shares in the last quarter. Victory Capital Management Inc. grew its holdings in First Internet Bancorp by 8.7% during the 1st quarter. Victory Capital Management Inc. now owns 28,250 shares of the bank’s stock worth $757,000 after acquiring an additional 2,272 shares in the last quarter. Hsbc Holdings PLC increased its position in shares of First Internet Bancorp by 7.0% in the 1st quarter. Hsbc Holdings PLC now owns 11,579 shares of the bank’s stock valued at $302,000 after purchasing an additional 758 shares during the last quarter. Nuveen LLC purchased a new stake in shares of First Internet Bancorp in the 1st quarter valued at approximately $725,000. Finally, Heartland Advisors Inc. raised its holdings in shares of First Internet Bancorp by 20.2% in the 1st quarter. Heartland Advisors Inc. now owns 240,400 shares of the bank’s stock valued at $6,438,000 after purchasing an additional 40,400 shares in the last quarter. 65.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other First Internet Bancorp news, Director John K. Keach, Jr. acquired 2,000 shares of the stock in a transaction on Tuesday, October 28th. The shares were bought at an average cost of $19.34 per share, with a total value of $38,680.00. Following the transaction, the director owned 37,046 shares of the company’s stock, valued at approximately $716,469.64. This trade represents a 5.71% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO David B. Becker bought 5,000 shares of First Internet Bancorp stock in a transaction dated Wednesday, October 29th. The stock was acquired at an average cost of $18.67 per share, with a total value of $93,350.00. Following the completion of the acquisition, the chief executive officer directly owned 419,194 shares of the company’s stock, valued at approximately $7,826,351.98. The trade was a 1.21% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired a total of 10,110 shares of company stock worth $187,863 in the last 90 days. Company insiders own 8.00% of the company’s stock.

First Internet Bancorp Stock Down 2.2%

Shares of NASDAQ INBK opened at $17.48 on Thursday. The stock has a market cap of $152.18 million, a PE ratio of -4.60 and a beta of 0.93. The company has a quick ratio of 0.90, a current ratio of 0.93 and a debt-to-equity ratio of 0.95. First Internet Bancorp has a 52-week low of $17.05 and a 52-week high of $43.26. The business has a 50-day moving average price of $20.97 and a 200 day moving average price of $23.31.

First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings results on Wednesday, October 22nd. The bank reported ($1.43) EPS for the quarter, missing the consensus estimate of $0.66 by ($2.09). The firm had revenue of $43.53 million for the quarter, compared to analyst estimates of $33.48 million. First Internet Bancorp had a negative return on equity of 2.00% and a negative net margin of 9.35%. Equities research analysts forecast that First Internet Bancorp will post 4.11 earnings per share for the current year.

First Internet Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were given a $0.06 dividend. The ex-dividend date was Tuesday, September 30th. This represents a $0.24 annualized dividend and a yield of 1.4%. First Internet Bancorp’s dividend payout ratio is -6.32%.

Analyst Upgrades and Downgrades

INBK has been the subject of a number of analyst reports. Wall Street Zen downgraded shares of First Internet Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, August 2nd. Hovde Group decreased their price target on First Internet Bancorp from $29.00 to $26.00 and set an “outperform” rating for the company in a report on Friday, October 24th. Zacks Research cut First Internet Bancorp from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 28th. Piper Sandler cut their target price on First Internet Bancorp from $25.50 to $22.00 and set a “neutral” rating on the stock in a research report on Monday, October 27th. Finally, Keefe, Bruyette & Woods decreased their target price on First Internet Bancorp from $27.00 to $25.00 and set a “market perform” rating for the company in a research note on Friday, October 24th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, First Internet Bancorp has a consensus rating of “Reduce” and an average target price of $24.33.

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, and Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.