First Internet Bancorp (NASDAQ:INBK) Short Interest Update

First Internet Bancorp (NASDAQ:INBK) was the target of a significant increase in short interest during the month of July. As of July 15th, there was short interest totalling 152,300 shares, an increase of 338.9% from the June 30th total of 34,700 shares. Currently, 2.1% of the company’s stock are short sold. Based on an average daily trading volume, of 67,200 shares, the short-interest ratio is currently 2.3 days.

Institutional Trading of First Internet Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Ancora Advisors LLC raised its stake in First Internet Bancorp by 7.0% in the 1st quarter. Ancora Advisors LLC now owns 216,712 shares of the bank’s stock worth $7,529,000 after purchasing an additional 14,190 shares in the last quarter. Sapient Capital LLC acquired a new stake in First Internet Bancorp in the 4th quarter worth about $3,495,000. Acadian Asset Management LLC raised its stake in First Internet Bancorp by 263.2% in the 1st quarter. Acadian Asset Management LLC now owns 97,600 shares of the bank’s stock worth $3,389,000 after purchasing an additional 70,725 shares in the last quarter. Foundry Partners LLC raised its stake in First Internet Bancorp by 56.6% in the 1st quarter. Foundry Partners LLC now owns 97,245 shares of the bank’s stock worth $3,378,000 after purchasing an additional 35,140 shares in the last quarter. Finally, Acuitas Investments LLC acquired a new stake in First Internet Bancorp in the 4th quarter worth about $1,940,000. Institutional investors and hedge funds own 65.46% of the company’s stock.

First Internet Bancorp Stock Performance

INBK stock traded up $3.19 during trading hours on Friday, hitting $39.10. 92,500 shares of the stock were exchanged, compared to its average volume of 59,717. First Internet Bancorp has a 12 month low of $14.11 and a 12 month high of $39.46. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.85. The firm has a market capitalization of $338.61 million, a P/E ratio of 20.64 and a beta of 0.68. The company has a 50-day simple moving average of $29.55 and a two-hundred day simple moving average of $30.62.

First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings results on Wednesday, July 24th. The bank reported $0.72 EPS for the quarter, hitting analysts’ consensus estimates of $0.72. First Internet Bancorp had a net margin of 6.12% and a return on equity of 5.27%. The business had revenue of $81.99 million for the quarter, compared to analyst estimates of $30.55 million. During the same period last year, the firm earned $0.44 earnings per share. On average, analysts forecast that First Internet Bancorp will post 3.1 earnings per share for the current fiscal year.

First Internet Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.61%. The ex-dividend date of this dividend was Friday, June 28th. First Internet Bancorp’s dividend payout ratio (DPR) is 12.63%.

Analysts Set New Price Targets

A number of analysts have commented on INBK shares. Piper Sandler cut their price target on shares of First Internet Bancorp from $35.00 to $34.00 and set a “neutral” rating for the company in a research note on Monday, April 29th. Craig Hallum lifted their price target on First Internet Bancorp from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Friday. Hovde Group boosted their price target on First Internet Bancorp from $38.00 to $44.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, 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 note on Friday. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, First Internet Bancorp presently has an average rating of “Hold” and an average target price of $41.25.

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.