Short Interest in First Internet Bancorp (NASDAQ:INBK) Decreases By 5.7%

First Internet Bancorp (NASDAQ:INBK) was the target of a large drop in short interest during the month of August. As of August 15th, there was short interest totalling 146,100 shares, a drop of 5.7% from the July 31st total of 154,900 shares. Based on an average daily volume of 64,900 shares, the short-interest ratio is currently 2.3 days. Currently, 2.0% of the shares of the company are short sold.

Wall Street Analyst Weigh In

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

Institutional Trading of First Internet Bancorp

A number of institutional investors have recently modified their holdings of the stock. Rhumbline Advisers raised its stake in First Internet Bancorp by 2,179.6% in the second quarter. Rhumbline Advisers now owns 9,483 shares of the bank’s stock valued at $256,000 after purchasing an additional 9,067 shares in the last quarter. Thrivent Financial for Lutherans raised its position in shares of First Internet Bancorp by 189.9% in the 2nd quarter. Thrivent Financial for Lutherans now owns 23,576 shares of the bank’s stock valued at $637,000 after buying an additional 15,444 shares in the last quarter. Valeo Financial Advisors LLC lifted its holdings in shares of First Internet Bancorp by 2.6% during the 2nd quarter. Valeo Financial Advisors LLC now owns 23,967 shares of the bank’s stock worth $648,000 after acquiring an additional 606 shares during the period. Renaissance Technologies LLC boosted its position in shares of First Internet Bancorp by 219.0% during the 2nd quarter. Renaissance Technologies LLC now owns 25,200 shares of the bank’s stock worth $681,000 after acquiring an additional 17,300 shares in the last quarter. Finally, Victory Capital Management Inc. increased its stake in First Internet Bancorp by 9.6% in the second quarter. Victory Capital Management Inc. now owns 28,500 shares of the bank’s stock valued at $770,000 after acquiring an additional 2,500 shares during the last quarter. 65.46% of the stock is currently owned by institutional investors.

First Internet Bancorp Stock Up 1.3 %

INBK stock opened at $36.29 on Monday. First Internet Bancorp has a fifty-two week low of $14.11 and a fifty-two week high of $39.46. The company has a debt-to-equity ratio of 1.83, a current ratio of 1.02 and a quick ratio of 1.01. The stock has a market capitalization of $314.63 million, a price-to-earnings ratio of 19.10 and a beta of 0.68. The business’s fifty day moving average price is $32.67 and its two-hundred day moving average price is $31.71.

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 analysts’ consensus estimates of $0.72. First Internet Bancorp had a net margin of 6.12% and a return on equity of 5.23%. The firm had revenue of $81.99 million for the quarter, compared to analyst estimates of $30.55 million. During the same quarter in the prior year, the business posted $0.44 EPS. On average, equities analysts anticipate that First Internet Bancorp will post 3.02 earnings per share for the current year.

First Internet Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $0.24 dividend on an annualized basis and a yield of 0.66%. First Internet Bancorp’s dividend payout ratio (DPR) is presently 12.63%.

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.