First Internet Bancorp (NASDAQ:INBK) Short Interest Update

First Internet Bancorp (NASDAQ:INBK) was the target of 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 daily trading volume, of 52,000 shares, the days-to-cover ratio is currently 1.3 days. Approximately 0.9% of the shares of the stock are short sold.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on INBK. Keefe, Bruyette & Woods restated a “market perform” rating and set a $36.00 price objective (up from $34.00) on shares of First Internet Bancorp in a research report on Friday, April 26th. Piper Sandler dropped their price objective on First Internet Bancorp from $35.00 to $34.00 and set a “neutral” rating for the company in a research report on Monday, April 29th. Finally, Hovde Group dropped their price objective on First Internet Bancorp from $38.50 to $38.00 and set an “outperform” rating for the company in a research report on Friday, April 26th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $35.75.

Institutional Investors Weigh In On First Internet Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in INBK. Sapient Capital LLC acquired a new stake in shares of First Internet Bancorp in the fourth quarter valued at about $3,495,000. Acuitas Investments LLC acquired a new stake in First Internet Bancorp during the fourth quarter worth approximately $1,940,000. Acadian Asset Management LLC grew its stake in First Internet Bancorp by 263.2% during the first 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 period. GSA Capital Partners LLP acquired a new stake in First Internet Bancorp during the third quarter worth approximately $1,031,000. Finally, Foundry Partners LLC grew 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 during the period. Institutional investors and hedge funds own 65.46% of the company’s stock.

First Internet Bancorp Price Performance

INBK traded up $0.02 on Wednesday, reaching $27.98. The stock had a trading volume of 24,903 shares, compared to its average volume of 60,033. First Internet Bancorp has a fifty-two week low of $14.11 and a fifty-two week high of $35.72. The firm has a 50-day moving average of $29.32 and a 200-day moving average of $29.76. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.85. The company has a market capitalization of $242.31 million, a price-to-earnings ratio of 14.73 and a beta of 0.68.

First Internet Bancorp (NASDAQ:INBK) last issued its earnings results on Wednesday, April 24th. The bank reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.04. First Internet Bancorp had a return on equity of 4.64% and a net margin of 5.84%. The business had revenue of $29.08 million during the quarter, compared to analysts’ expectations of $28.60 million. As a group, sell-side analysts anticipate that First Internet Bancorp will post 3.1 EPS for the current year.

First Internet Bancorp Announces Dividend

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