First Internet Bancorp (NASDAQ:INBK) Sees Significant Increase in Short Interest

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

Institutional Trading of First Internet Bancorp

Hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC acquired a new stake in First Internet Bancorp during the third quarter valued at $145,000. Rhumbline Advisers boosted its stake in shares of First Internet Bancorp by 2,179.6% during the 2nd quarter. Rhumbline Advisers now owns 9,483 shares of the bank’s stock worth $256,000 after acquiring an additional 9,067 shares in the last quarter. Thrivent Financial for Lutherans grew its position in shares of First Internet Bancorp by 189.9% during the 2nd quarter. Thrivent Financial for Lutherans now owns 23,576 shares of the bank’s stock valued at $637,000 after acquiring an additional 15,444 shares during the period. Valeo Financial Advisors LLC increased its stake in shares of First Internet Bancorp by 2.6% in the 2nd quarter. Valeo Financial Advisors LLC now owns 23,967 shares of the bank’s stock valued at $648,000 after purchasing an additional 606 shares in the last quarter. Finally, Renaissance Technologies LLC raised its holdings in First Internet Bancorp by 219.0% in the 2nd quarter. Renaissance Technologies LLC now owns 25,200 shares of the bank’s stock worth $681,000 after purchasing an additional 17,300 shares during the period. Hedge funds and other institutional investors own 65.46% of the company’s stock.

First Internet Bancorp Stock Performance

INBK stock traded down $0.56 during trading on Thursday, reaching $34.97. The company had a trading volume of 33,040 shares, compared to its average volume of 51,908. The company has a market cap of $303.12 million, a price-to-earnings ratio of 13.77 and a beta of 0.66. First Internet Bancorp has a twelve month low of $15.60 and a twelve month high of $39.46. The company has a debt-to-equity ratio of 1.83, a quick ratio of 1.01 and a current ratio of 1.02. The firm has a 50-day simple moving average of $34.86 and a 200-day simple moving average of $32.42.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.80 earnings per share for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.01). First Internet Bancorp had a net margin of 6.12% and a return on equity of 5.23%. The firm had revenue of $87.02 million during the quarter, compared to analyst estimates of $32.50 million. During the same period in the prior year, the company posted $0.39 earnings per share. As a group, sell-side analysts expect that First Internet Bancorp will post 3 earnings per share for the current year.

First Internet Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.69%. The ex-dividend date of this dividend was Monday, September 30th. First Internet Bancorp’s dividend payout ratio is currently 9.45%.

Wall Street Analyst Weigh In

INBK has been the topic of a number of research reports. Keefe, Bruyette & Woods raised their target price on shares of 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. Hovde Group lifted their target price on First Internet Bancorp from $38.00 to $44.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Piper Sandler increased their price target on First Internet Bancorp from $30.00 to $40.50 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Finally, Craig Hallum lifted their price objective on First Internet Bancorp from $40.00 to $45.00 and gave the company a “buy” rating in a report on Friday, July 26th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, First Internet Bancorp has a consensus rating of “Hold” and an average price target of $42.88.

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.