Short Interest in First Internet Bancorp (NASDAQ:INBK) Rises By 11.3%

First Internet Bancorp (NASDAQ:INBK) was the target of a significant increase in short interest in the month of October. As of October 15th, there was short interest totalling 152,000 shares, an increase of 11.3% from the September 30th total of 136,600 shares. Based on an average trading volume of 37,000 shares, the days-to-cover ratio is currently 4.1 days. Approximately 2.1% of the company’s shares are short sold.

Analyst Upgrades and Downgrades

Several brokerages recently commented on INBK. Hovde Group upped their price target on shares of First Internet Bancorp from $38.00 to $44.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Piper Sandler upped their price objective on First Internet Bancorp from $30.00 to $40.50 and gave the company a “neutral” rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods lifted their target price on First Internet Bancorp from $36.00 to $42.00 and gave the stock a “market perform” rating in a research report on Friday, July 26th. Finally, Craig Hallum boosted their target price on shares of First Internet Bancorp from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $42.88.

First Internet Bancorp Stock Down 1.6 %

Shares of INBK stock traded down $0.56 during mid-day trading on Thursday, hitting $34.97. The stock had a trading volume of 33,040 shares, compared to its average volume of 51,908. The firm has a market capitalization of $303.12 million, a P/E ratio of 13.77 and a beta of 0.66. The company has a debt-to-equity ratio of 1.83, a current ratio of 1.02 and a quick ratio of 1.01. First Internet Bancorp has a 12-month low of $15.60 and a 12-month high of $39.46. The firm’s 50-day moving average is $34.86 and its two-hundred day moving average is $32.42.

First Internet Bancorp (NASDAQ:INBK) last issued its earnings results 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 5.23% and a net margin of 6.12%. The business had revenue of $87.02 million for the quarter, compared to the consensus estimate of $32.50 million. During the same quarter in the previous year, the company earned $0.39 earnings per share. On average, analysts predict that First Internet Bancorp will post 3 earnings per share for the current fiscal year.

First Internet Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.69%. The ex-dividend date of this dividend was Monday, September 30th. First Internet Bancorp’s dividend payout ratio (DPR) is 9.45%.

Institutional Trading of First Internet Bancorp

A number of hedge funds have recently bought and sold shares of the stock. Valeo Financial Advisors LLC boosted its holdings in shares of First Internet Bancorp by 1.3% in the 3rd quarter. Valeo Financial Advisors LLC now owns 24,278 shares of the bank’s stock valued at $832,000 after buying an additional 311 shares in the last quarter. SG Americas Securities LLC purchased a new position in First Internet Bancorp in the third quarter worth $145,000. Thrivent Financial for Lutherans increased its position in shares of First Internet Bancorp by 189.9% during 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 in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of First Internet Bancorp by 219.0% during the 2nd quarter. Renaissance Technologies LLC now owns 25,200 shares of the bank’s stock valued at $681,000 after purchasing an additional 17,300 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of First Internet Bancorp by 9.4% in the 2nd 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 in the last quarter. Hedge funds and other institutional investors own 65.46% of the company’s stock.

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.