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

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

Institutional Trading of First Internet Bancorp

A number of large investors have recently bought and sold shares of INBK. Acadian Asset Management LLC raised its position in First Internet Bancorp by 263.2% during the 1st quarter. Acadian Asset Management LLC now owns 97,600 shares of the bank’s stock worth $3,389,000 after buying an additional 70,725 shares during the last quarter. Bank of New York Mellon Corp raised its position in First Internet Bancorp by 149.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 38,972 shares of the bank’s stock worth $1,053,000 after buying an additional 23,376 shares during the last quarter. Thrivent Financial for Lutherans raised its position in First Internet Bancorp by 189.9% during the 2nd quarter. Thrivent Financial for Lutherans now owns 23,576 shares of the bank’s stock worth $637,000 after buying an additional 15,444 shares during the last quarter. Rhumbline Advisers raised its position in 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 buying an additional 9,067 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in First Internet Bancorp by 9.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 489,663 shares of the bank’s stock worth $13,230,000 after buying an additional 42,227 shares during the last quarter. Institutional investors and hedge funds own 65.46% of the company’s stock.

First Internet Bancorp Stock Down 0.8 %

Shares of First Internet Bancorp stock traded down $0.31 during trading hours on Friday, hitting $40.24. The company had a trading volume of 35,686 shares, compared to its average volume of 33,885. The company’s 50-day moving average is $35.61 and its two-hundred day moving average is $33.00. First Internet Bancorp has a twelve month low of $17.50 and a twelve month 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 company has a market cap of $348.88 million, a P/E ratio of 15.84 and a beta of 0.66.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings results 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). The business had revenue of $87.02 million for the quarter, compared to analyst estimates of $32.50 million. First Internet Bancorp had a return on equity of 6.06% and a net margin of 6.92%. During the same quarter in the prior year, the company earned $0.39 EPS. Analysts anticipate that First Internet Bancorp will post 3.07 earnings per share for the current fiscal year.

First Internet Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.60%. The ex-dividend date was Monday, September 30th. First Internet Bancorp’s dividend payout ratio is currently 9.45%.

Analyst Upgrades and Downgrades

INBK has been the topic of a number of analyst reports. Piper Sandler raised their price objective on shares of 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 raised their target price on First Internet Bancorp from $38.00 to $44.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Craig Hallum raised their target price on First Internet Bancorp from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of 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. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, First Internet Bancorp currently has an average rating of “Hold” and an average target price of $42.88.

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.