First Internet Bancorp (NASDAQ:INBK) Short Interest Update

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

First Internet Bancorp Stock Performance

Shares of INBK stock opened at $40.55 on Friday. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.61. First Internet Bancorp has a 12-month low of $17.50 and a 12-month high of $42.89. The business’s 50 day moving average is $35.37 and its two-hundred day moving average is $32.87. The company has a market capitalization of $351.57 million, a P/E ratio of 15.96 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 EPS for the quarter, missing the consensus estimate of $0.81 by ($0.01). The company had revenue of $87.02 million during the quarter, compared to analysts’ expectations 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 period in the previous year, the firm posted $0.39 EPS. Analysts expect that First Internet Bancorp will post 3.07 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.59%. The ex-dividend date was Monday, September 30th. First Internet Bancorp’s dividend payout ratio is presently 9.45%.

Institutional Investors Weigh In On First Internet Bancorp

Several large investors have recently bought and sold shares of INBK. Valeo Financial Advisors LLC boosted its stake in shares of First Internet Bancorp by 1.3% in the third quarter. Valeo Financial Advisors LLC now owns 24,278 shares of the bank’s stock worth $832,000 after acquiring an additional 311 shares during the last quarter. LSV Asset Management boosted its stake in First Internet Bancorp by 2.1% during the 2nd quarter. LSV Asset Management now owns 39,200 shares of the bank’s stock worth $1,059,000 after purchasing an additional 800 shares during the last quarter. ClariVest Asset Management LLC boosted its stake in First Internet Bancorp by 2.9% during the 2nd quarter. ClariVest Asset Management LLC now owns 50,243 shares of the bank’s stock worth $1,358,000 after purchasing an additional 1,404 shares during the last quarter. Victory Capital Management Inc. grew its holdings in shares of First Internet Bancorp by 9.6% during the second quarter. Victory Capital Management Inc. now owns 28,500 shares of the bank’s stock worth $770,000 after buying an additional 2,500 shares in the last quarter. Finally, MetLife Investment Management LLC raised its position in shares of First Internet Bancorp by 129.1% in the third quarter. MetLife Investment Management LLC now owns 4,737 shares of the bank’s stock valued at $162,000 after buying an additional 2,669 shares during the last quarter. 65.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on INBK shares. Hovde Group boosted their target price on shares of First Internet Bancorp from $38.00 to $44.00 and gave the company an “outperform” rating in a research report 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 report on Friday, July 26th. Keefe, Bruyette & Woods boosted their price target on First Internet Bancorp from $36.00 to $42.00 and gave the company a “market perform” rating in a report on Friday, July 26th. Finally, 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. Three research 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 currently has an average rating of “Hold” and a consensus 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.