Bay Pond Partners Open Position in First Internet Bancorp (INBK)

Bay Pond Partners, managed by Nick Adams, is bullish on First Internet Bancorp (NASDAQ:INBK). In a recent filing with the Securities and Exchange Commission, the fund has reported a new position in the bank holding company. Bay Pond Partners holds 215,600 shares which, at a current price of $23.70, represent a position worth $5.1 million. The fund’s holding accounts for 5.08% of the company’s common stock.

According to our database, Driehaus Capital is the only hedge fund we track that has a stake in First Internet Bancorp (NASDAQ:INBK). During the third quarter of 2013, Richard Driehaus has increased his fund’s holding of the stock by 354%. Driehaus currently owns 71,659 shares reportedly worth $1.9 million.

From the start of the year, First Internet Bancorp (NASDAQ:INBK) has been in an uptrend, reaching a high of $36 per share in August. A correction followed and took the stock to the region of $20-$25 per share. The company has a market cap of $67.8 million and pays a dividend of $0.33, which represents a yield of 1.40%. The stock has a trailing Price to Earnings (P/E) ratio of 12.61 and a beta of 0.16, making it a fairly stable one.

For the three months ended September 30, 2013, First Internet Bancorp posted revenues of $5.17 million and Earnings Per diluted Share (EPS) of $0.25. David Becker, Chairman and Chief Executive Officer, commented:

Our goal is to continue to grow commercial loans and deposits while also growing our national retail business. As expected, our mortgage banking unit was not immune to the increase in interest rates which caused a reduction in our mortgage originations and spreads over the last three months. We have made significant progress in shifting our focus to purchase loans versus refinancings.

Disclosure: none

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