First Internet Bancorp (NASDAQ:INBK) Short Interest Update

First Internet Bancorp (NASDAQ:INBK) saw a significant decrease in short interest in the month of November. As of November 30th, there was short interest totalling 89,300 shares, a decrease of 19.5% from the November 15th total of 110,900 shares. Based on an average trading volume of 34,200 shares, the days-to-cover ratio is currently 2.6 days. Currently, 1.2% of the shares of the company are short sold.

First Internet Bancorp Stock Performance

Shares of First Internet Bancorp stock traded up $0.25 on Friday, hitting $41.12. 29,131 shares of the company’s stock were exchanged, compared to its average volume of 49,025. First Internet Bancorp has a 1 year low of $23.04 and a 1 year high of $43.26. The company has a 50-day simple moving average of $38.56 and a 200-day simple moving average of $34.31. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.98 and a current ratio of 0.99. The stock has a market capitalization of $356.43 million, a PE ratio of 16.19 and a beta of 0.70.

First Internet Bancorp (NASDAQ:INBK) last announced its earnings results on Wednesday, October 23rd. The bank reported $0.80 EPS for the quarter, missing analysts’ consensus estimates 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 period in the prior year, the business posted $0.39 earnings per share. As a group, equities analysts anticipate that First Internet Bancorp will post 3.07 EPS for the current year.

First Internet Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.58%. First Internet Bancorp’s payout ratio is currently 9.45%.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods raised their target price on First Internet Bancorp from $41.00 to $45.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, First Internet Bancorp presently has an average rating of “Hold” and a consensus target price of $43.63.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Franklin Resources Inc. raised its stake in First Internet Bancorp by 3.1% during the 3rd quarter. Franklin Resources Inc. now owns 99,620 shares of the bank’s stock worth $3,539,000 after acquiring an additional 2,981 shares during the period. Barclays PLC boosted its position in shares of First Internet Bancorp by 20.5% in the third quarter. Barclays PLC now owns 20,286 shares of the bank’s stock worth $696,000 after purchasing an additional 3,447 shares during the period. Geode Capital Management LLC increased its stake in shares of First Internet Bancorp by 2.0% in the third quarter. Geode Capital Management LLC now owns 201,641 shares of the bank’s stock worth $6,909,000 after purchasing an additional 3,967 shares in the last quarter. XTX Topco Ltd bought a new stake in shares of First Internet Bancorp during the 3rd quarter valued at $201,000. Finally, Jane Street Group LLC purchased a new position in shares of First Internet Bancorp during the 3rd quarter valued at $203,000. 65.46% of the stock is currently owned by institutional investors.

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.