First Internet Bancorp (NASDAQ:INBK) Short Interest Update

First Internet Bancorp (NASDAQ:INBK) saw a large decrease in short interest during the month of June. As of June 15th, there was short interest totalling 68,900 shares, a decrease of 10.1% from the May 31st total of 76,600 shares. Based on an average trading volume of 52,000 shares, the short-interest ratio is currently 1.3 days. Currently, 0.9% of the shares of the stock are sold short.

Hedge Funds Weigh In On First Internet Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ancora Advisors LLC lifted its position in shares of First Internet Bancorp by 7.0% during the 1st 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 last quarter. Acadian Asset Management LLC lifted its position 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 purchasing an additional 70,725 shares during the last quarter. Foundry Partners LLC lifted its position in shares of First Internet Bancorp by 56.6% during the 1st 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 last quarter. Quadrature Capital Ltd lifted 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 during the last quarter. Finally, Sapient Capital LLC purchased a new stake in shares of First Internet Bancorp during the 4th quarter worth $3,495,000. Hedge funds and other institutional investors own 65.46% of the company’s stock.

Wall Street Analysts Forecast Growth

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

First Internet Bancorp Trading Up 0.1 %

Shares of NASDAQ:INBK traded up $0.02 during mid-day trading on Wednesday, reaching $27.98. 24,903 shares of the company were exchanged, compared to its average volume of 60,033. The company has a debt-to-equity ratio of 1.85, a current ratio of 1.02 and a quick ratio of 1.02. The firm has a market cap of $242.31 million, a price-to-earnings ratio of 14.73 and a beta of 0.68. The firm’s 50-day simple moving average is $29.32 and its 200 day simple moving average is $29.76. First Internet Bancorp has a 1 year low of $14.11 and a 1 year high of $35.72.

First Internet Bancorp (NASDAQ:INBK) last posted its quarterly earnings data on Wednesday, April 24th. The bank reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.04. First Internet Bancorp had a net margin of 5.84% and a return on equity of 4.64%. The firm had revenue of $29.08 million during the quarter, compared to analysts’ expectations of $28.60 million. Equities research analysts forecast that First Internet Bancorp will post 3.1 EPS for the current year.

First Internet Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be given a $0.06 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $0.24 annualized dividend and a yield of 0.86%. First Internet Bancorp’s dividend payout ratio is presently 12.63%.

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.