First Internet Bancorp (NASDAQ:INBK) Sees Large Increase in Short Interest

First Internet Bancorp (NASDAQ:INBK) was the target of a significant increase in short interest during the month of August. As of August 31st, there was short interest totalling 154,400 shares, an increase of 5.7% from the August 15th total of 146,100 shares. Based on an average daily volume of 63,200 shares, the short-interest ratio is presently 2.4 days. Currently, 2.1% of the company’s shares are sold short.

First Internet Bancorp Price Performance

INBK stock traded up $0.25 during mid-day trading on Tuesday, reaching $35.40. 20,340 shares of the company’s stock were exchanged, compared to its average volume of 54,302. The company has a market cap of $306.42 million, a price-to-earnings ratio of 18.63 and a beta of 0.66. First Internet Bancorp has a 12-month low of $14.11 and a 12-month high of $39.46. The stock’s 50 day moving average is $34.46 and its 200 day moving average is $31.91. The company has a debt-to-equity ratio of 1.83, a current ratio of 1.02 and a quick ratio of 1.01.

First Internet Bancorp (NASDAQ:INBK) last announced its earnings results on Wednesday, July 24th. The bank reported $0.72 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.72. The company had revenue of $81.99 million for the quarter, compared to analysts’ expectations of $30.55 million. First Internet Bancorp had a net margin of 6.12% and a return on equity of 5.23%. During the same quarter in the previous year, the company posted $0.44 EPS. On average, research analysts expect that First Internet Bancorp will post 3 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Foundry Partners LLC lifted its stake 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 grew its position in First Internet Bancorp by 263.2% in the 1st quarter. Acadian Asset Management LLC now owns 97,600 shares of the bank’s stock valued at $3,389,000 after acquiring an additional 70,725 shares in the last quarter. Quadrature Capital Ltd increased its stake in First Internet Bancorp by 33.0% during the fourth 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 period. LSV Asset Management lifted its position in shares of First Internet Bancorp by 2.1% during the second quarter. LSV Asset Management now owns 39,200 shares of the bank’s stock worth $1,059,000 after purchasing an additional 800 shares in the last quarter. Finally, Valeo Financial Advisors LLC boosted its stake in shares of First Internet Bancorp by 2.6% in the second quarter. Valeo Financial Advisors LLC now owns 23,967 shares of the bank’s stock valued at $648,000 after purchasing an additional 606 shares during the period. 65.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Hovde Group increased 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. Craig Hallum upped their price objective on First Internet Bancorp from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Keefe, Bruyette & Woods lifted their target price on First Internet Bancorp from $36.00 to $42.00 and gave the company a “market perform” rating in a research note on Friday, July 26th. Finally, Piper Sandler boosted their target price on shares of First Internet Bancorp from $30.00 to $40.50 and gave the stock a “neutral” rating in a report on Monday, July 29th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, First Internet Bancorp has a consensus rating of “Hold” and an average 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.