Short Interest in First Internet Bancorp (NASDAQ:INBK) Grows By 338.9%

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

First Internet Bancorp Trading Down 0.5 %

Shares of NASDAQ INBK traded down $0.18 during midday trading on Thursday, hitting $35.91. The stock had a trading volume of 42,844 shares, compared to its average volume of 59,487. The company’s 50-day simple moving average is $29.55 and its 200 day simple moving average is $30.62. The firm has a market cap of $310.84 million, a P/E ratio of 18.90 and a beta of 0.68. First Internet Bancorp has a fifty-two week low of $14.11 and a fifty-two week high of $37.69. The company has a debt-to-equity ratio of 1.85, a current ratio of 1.02 and a quick ratio of 1.02.

First Internet Bancorp (NASDAQ:INBK) last released its earnings results on Wednesday, July 24th. The bank reported $0.72 EPS for the quarter, meeting the consensus estimate of $0.72. The company had revenue of $81.99 million during the quarter, compared to analysts’ expectations of $30.55 million. First Internet Bancorp had a return on equity of 4.64% and a net margin of 5.84%. During the same period last year, the firm earned $0.44 EPS. Research analysts anticipate that First Internet Bancorp will post 3.1 EPS for the current year.

First Internet Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were paid a $0.06 dividend. The ex-dividend date was Friday, June 28th. This represents a $0.24 annualized dividend and a dividend yield of 0.67%. First Internet Bancorp’s dividend payout ratio (DPR) is currently 12.63%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Keefe, Bruyette & Woods restated a “market perform” rating and set a $36.00 price target (up from $34.00) on shares of First Internet Bancorp in a research note on Friday, April 26th. Piper Sandler cut their target price on First Internet Bancorp from $35.00 to $34.00 and set a “neutral” rating for the company in a research report on Monday, April 29th. Finally, Hovde Group cut their target price on First Internet Bancorp from $38.50 to $38.00 and set an “outperform” rating for the company in a research report on Friday, April 26th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, First Internet Bancorp presently has an average rating of “Hold” and a consensus price target of $35.75.

Institutional Investors Weigh In On First Internet Bancorp

A number of institutional investors have recently made changes to their positions in the stock. Valeo Financial Advisors LLC grew its stake in shares of First Internet Bancorp by 2.6% during the second quarter. Valeo Financial Advisors LLC now owns 23,967 shares of the bank’s stock worth $648,000 after purchasing an additional 606 shares during the period. Ancora Advisors LLC grew its stake in shares of First Internet Bancorp by 7.0% during the first 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 during the period. Acadian Asset Management LLC grew its stake in shares of First Internet Bancorp by 263.2% during the first 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 during the period. Foundry Partners LLC grew its stake in shares of First Internet Bancorp by 56.6% during the first 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 during the period. Finally, Quadrature Capital Ltd grew its stake in shares of First Internet Bancorp by 33.0% during the fourth quarter. Quadrature Capital Ltd now owns 47,209 shares of the bank’s stock worth $1,142,000 after purchasing an additional 11,707 shares during the period. 65.46% of the stock is owned by institutional investors and hedge funds.

About First Internet Bancorp

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.