Short Interest in First Internet Bancorp (NASDAQ:INBK) Declines By 21.6%

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Acadian Asset Management LLC boosted its holdings in First Internet Bancorp by 263.2% during 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 during the period. Ancora Advisors LLC grew its holdings in shares of First Internet Bancorp by 7.0% in the first 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. Valeo Financial Advisors LLC increased its stake in First Internet Bancorp by 2.6% in the 2nd quarter. Valeo Financial Advisors LLC now owns 23,967 shares of the bank’s stock worth $648,000 after buying an additional 606 shares during the period. Bank of New York Mellon Corp lifted its holdings in First Internet Bancorp by 149.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 38,972 shares of the bank’s stock valued at $1,053,000 after buying an additional 23,376 shares in the last quarter. Finally, Rhumbline Advisers lifted its holdings in First Internet Bancorp by 2,179.6% during the 2nd quarter. Rhumbline Advisers now owns 9,483 shares of the bank’s stock valued at $256,000 after buying an additional 9,067 shares in the last quarter. 65.46% of the stock is owned by hedge funds and other institutional investors.

First Internet Bancorp Price Performance

Shares of First Internet Bancorp stock traded down $0.31 during trading hours on Friday, reaching $40.24. The company’s stock had a trading volume of 35,686 shares, compared to its average volume of 33,885. The firm has a 50 day moving average price of $35.61 and a 200-day moving average price of $33.00. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.98. The stock has a market cap of $348.88 million, a P/E ratio of 15.84 and a beta of 0.66. First Internet Bancorp has a one year low of $17.50 and a one year high of $42.89.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.80 earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.01). The company had revenue of $87.02 million for the quarter, compared to the consensus estimate 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 earned $0.39 earnings per share. On average, analysts predict that First Internet Bancorp will post 3.07 EPS for the current year.

First Internet Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued 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 0.60%. First Internet Bancorp’s payout ratio is presently 9.45%.

Wall Street Analysts Forecast Growth

INBK has been the subject of several analyst reports. Craig Hallum increased their target price on shares of 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 upped their target price on shares of First Internet Bancorp from $36.00 to $42.00 and gave the stock a “market perform” rating in a report on Friday, July 26th. Hovde Group increased their target price on First Internet Bancorp from $38.00 to $44.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Finally, Piper Sandler increased their price objective on shares of First Internet Bancorp from $30.00 to $40.50 and gave the company a “neutral” rating in a report on Monday, July 29th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $42.88.

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.