First Internet Bancorp (NASDAQ:INBK) Short Interest Update

First Internet Bancorp (NASDAQ:INBK) was the recipient of a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 119,200 shares, a decline of 21.6% from the October 15th total of 152,000 shares. Currently, 1.6% of the shares of the company are short sold. Based on an average trading volume of 34,800 shares, the days-to-cover ratio is currently 3.4 days.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Keefe, Bruyette & Woods upped their price objective on First Internet Bancorp from $36.00 to $42.00 and gave the company a “market perform” rating in a research note 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 note on Monday, July 29th. Hovde Group lifted their price objective on First Internet Bancorp from $38.00 to $44.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Finally, Craig Hallum upped their price objective on shares of 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 assigned a buy rating to the company’s stock. According to MarketBeat.com, First Internet Bancorp currently has a consensus rating of “Hold” and a consensus price target of $42.88.

First Internet Bancorp Stock Performance

Shares of First Internet Bancorp stock traded down $0.31 during trading hours on Friday, reaching $40.24. The company had a trading volume of 35,686 shares, compared to its average volume of 33,885. The firm has a market cap of $348.88 million, a PE ratio of 15.84 and a beta of 0.66. First Internet Bancorp has a one year low of $17.50 and a one year high of $42.89. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.98. The business has a fifty day simple moving average of $35.61 and a 200 day simple moving average of $33.00.

First Internet Bancorp (NASDAQ:INBK) last issued its earnings results on Wednesday, October 23rd. The bank reported $0.80 EPS for the quarter, missing the consensus estimate of $0.81 by ($0.01). First Internet Bancorp had a return on equity of 6.06% and a net margin of 6.92%. The company had revenue of $87.02 million during the quarter, compared to the consensus estimate of $32.50 million. During the same quarter in the prior year, the business earned $0.39 EPS. On average, analysts anticipate that First Internet Bancorp will post 3.07 earnings per share for the current fiscal year.

First Internet Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors 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 0.60%. The ex-dividend date of this dividend was Monday, September 30th. First Internet Bancorp’s payout ratio is 9.45%.

Institutional Investors Weigh In On First Internet Bancorp

Several hedge funds have recently bought and sold shares of INBK. SG Americas Securities LLC bought a new stake in First Internet Bancorp in the third quarter worth $145,000. MetLife Investment Management LLC boosted its stake in shares of First Internet Bancorp by 129.1% during the third quarter. MetLife Investment Management LLC now owns 4,737 shares of the bank’s stock valued at $162,000 after purchasing an additional 2,669 shares during the period. XTX Topco Ltd purchased a new position in shares of First Internet Bancorp in the third quarter valued at about $201,000. Jane Street Group LLC bought a new position in First Internet Bancorp during the 3rd quarter valued at approximately $203,000. Finally, Rhumbline Advisers raised its holdings in shares of First Internet Bancorp by 2,179.6% during the second quarter. Rhumbline Advisers now owns 9,483 shares of the bank’s stock valued at $256,000 after acquiring an additional 9,067 shares in the last quarter. 65.46% of the stock is currently owned by institutional investors.

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.