First Internet Bancorp (NASDAQ:INBK) Short Interest Up 11.3% in October

First Internet Bancorp (NASDAQ:INBK) saw a large growth in short interest in October. As of October 15th, there was short interest totalling 152,000 shares, a growth of 11.3% from the September 30th total of 136,600 shares. Based on an average daily volume of 37,000 shares, the short-interest ratio is currently 4.1 days. Currently, 2.1% of the shares of the company are sold short.

Analyst Ratings Changes

INBK has been the topic of several research reports. Keefe, Bruyette & Woods upped their target price on First Internet Bancorp from $36.00 to $42.00 and gave the company a “market perform” rating in a research report on Friday, July 26th. Craig Hallum increased their price objective on First Internet Bancorp from $40.00 to $45.00 and gave the company a “buy” rating in a report on Friday, July 26th. Piper Sandler lifted their target price 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, Hovde Group increased their price target on shares of First Internet Bancorp from $38.00 to $44.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $42.88.

First Internet Bancorp Stock Performance

Shares of INBK traded down $0.56 during mid-day trading on Thursday, reaching $34.97. The company had a trading volume of 33,040 shares, compared to its average volume of 51,908. First Internet Bancorp has a 52-week low of $15.60 and a 52-week high of $39.46. The stock has a market capitalization of $303.12 million, a P/E ratio of 13.77 and a beta of 0.66. The stock has a 50 day moving average of $34.86 and a two-hundred day moving average of $32.42. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 1.83.

First Internet Bancorp (NASDAQ:INBK) last posted its earnings results on Wednesday, October 23rd. The bank reported $0.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.81 by ($0.01). The firm had revenue of $87.02 million for the quarter, compared to analysts’ expectations of $32.50 million. First Internet Bancorp had a return on equity of 5.23% and a net margin of 6.12%. During the same period in the previous year, the company earned $0.39 earnings per share. On average, analysts expect that First Internet Bancorp will post 3 earnings per share for the current year.

First Internet Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $0.06 per share. The ex-dividend date was Monday, September 30th. This represents a $0.24 annualized dividend and a yield of 0.69%. First Internet Bancorp’s dividend payout ratio (DPR) is presently 9.45%.

Institutional Investors Weigh In On First Internet Bancorp

A number of hedge funds have recently modified their holdings of INBK. Dimensional Fund Advisors LP lifted its stake in First Internet Bancorp by 9.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 489,663 shares of the bank’s stock worth $13,230,000 after purchasing an additional 42,227 shares in the last quarter. Ancora Advisors LLC lifted its position in First Internet Bancorp by 7.0% during the first quarter. Ancora Advisors LLC now owns 216,712 shares of the bank’s stock worth $7,529,000 after buying an additional 14,190 shares in the last quarter. Acadian Asset Management LLC grew its holdings in First Internet Bancorp by 50.9% in the 2nd quarter. Acadian Asset Management LLC now owns 147,275 shares of the bank’s stock valued at $3,978,000 after buying an additional 49,675 shares in the last quarter. Foundry Partners LLC grew its holdings in First Internet Bancorp by 15.0% in the 2nd quarter. Foundry Partners LLC now owns 111,850 shares of the bank’s stock valued at $3,022,000 after buying an additional 14,605 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in shares of First Internet Bancorp by 3.4% in the 2nd quarter. American Century Companies Inc. now owns 86,239 shares of the bank’s stock worth $2,330,000 after acquiring an additional 2,857 shares during the last quarter. 65.46% of the stock is currently owned by institutional investors and hedge funds.

First Internet Bancorp Company Profile

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.