Short Interest in First Internet Bancorp (NASDAQ:INBK) Decreases By 9.0%

by · The Markets Daily

First Internet Bancorp (NASDAQ:INBK – Get Free Report) saw a significant drop in short interest in September. As of September 15th, there was short interest totalling 140,500 shares, a drop of 9.0% from the August 31st total of 154,400 shares. Based on an average daily volume of 59,500 shares, the days-to-cover ratio is currently 2.4 days. Currently, 1.9% of the company’s stock are short sold.

First Internet Bancorp Trading Up 3.7 %

Shares of First Internet Bancorp stock opened at $34.26 on Tuesday. The company has a debt-to-equity ratio of 1.83, a quick ratio of 1.01 and a current ratio of 1.02. The company has a market capitalization of $296.55 million, a P/E ratio of 18.03 and a beta of 0.66. First Internet Bancorp has a 1 year low of $14.11 and a 1 year high of $39.46. The company’s fifty day moving average is $34.71 and its two-hundred day moving average is $32.06.

First Internet Bancorp (NASDAQ:INBK – Get Free Report) last released its quarterly earnings results on Wednesday, July 24th. The bank reported $0.72 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.72. The firm had revenue of $81.99 million for the quarter, compared to analyst estimates of $30.55 million. First Internet Bancorp had a return on equity of 5.23% and a net margin of 6.12%. During the same quarter last year, the company posted $0.44 earnings per share. Analysts forecast that First Internet Bancorp will post 3 earnings per share for the current year.

First Internet Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.70%. The ex-dividend date of this dividend is Monday, September 30th. First Internet Bancorp’s dividend payout ratio (DPR) is presently 12.63%.

Analysts Set New Price Targets

Several analysts have recently weighed in on INBK shares. Craig Hallum boosted their price objective on shares of First Internet Bancorp from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Hovde Group upped their price objective on shares of First Internet Bancorp from $38.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Piper Sandler raised their price objective on First Internet Bancorp from $30.00 to $40.50 and gave the stock a “neutral” rating in a report on Monday, July 29th. Finally, Keefe, Bruyette & Woods boosted their target price 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. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $42.88.

Get Our Latest Research Report on First Internet Bancorp

Institutional Investors Weigh In On First Internet Bancorp

Hedge funds have recently modified their holdings of the stock. Foundry Partners LLC raised its holdings in 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 in the last quarter. Acadian Asset Management LLC raised its stake in shares of 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 in the last quarter. Bank of New York Mellon Corp raised its position in First Internet Bancorp by 149.9% in the second quarter. Bank of New York Mellon Corp now owns 38,972 shares of the bank’s stock worth $1,053,000 after acquiring an additional 23,376 shares in the last quarter. Quadrature Capital Ltd boosted its position in shares of First Internet Bancorp by 33.0% during the 4th 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 in the last quarter. Finally, Rhumbline Advisers grew its stake in shares of 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 purchasing an additional 9,067 shares during the period. 65.46% of the stock is owned by institutional investors and hedge funds.

First Internet Bancorp Company Profile

(Get Free Report)

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.

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