Short Interest in First Internet Bancorp (NASDAQ:INBK) Grows By 338.9%

First Internet Bancorp (NASDAQ:INBK) was the target of a large increase in short interest in July. As of July 15th, there was short interest totalling 152,300 shares, an increase of 338.9% from the June 30th total of 34,700 shares. Based on an average trading volume of 67,200 shares, the days-to-cover ratio is presently 2.3 days. Currently, 2.1% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

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

Institutional Investors Weigh In On First Internet Bancorp

Several large investors have recently modified their holdings of the stock. Valeo Financial Advisors LLC increased its stake 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 purchasing an additional 606 shares during the last quarter. Public Employees Retirement System of Ohio grew its stake in First Internet Bancorp by 27.5% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 12,018 shares of the bank’s stock valued at $195,000 after buying an additional 2,592 shares in the last quarter. Quadrature Capital Ltd grew its stake in First Internet Bancorp by 33.0% in the 4th quarter. Quadrature Capital Ltd now owns 47,209 shares of the bank’s stock valued at $1,142,000 after buying an additional 11,707 shares in the last quarter. Ancora Advisors LLC grew its stake in First Internet Bancorp by 7.0% in the 1st quarter. Ancora Advisors LLC now owns 216,712 shares of the bank’s stock valued at $7,529,000 after buying an additional 14,190 shares in the last quarter. Finally, Foundry Partners LLC grew its stake in First Internet Bancorp by 56.6% in the 1st quarter. Foundry Partners LLC now owns 97,245 shares of the bank’s stock valued at $3,378,000 after buying an additional 35,140 shares in the last quarter. Hedge funds and other institutional investors own 65.46% of the company’s stock.

First Internet Bancorp Stock Performance

Shares of First Internet Bancorp stock traded down $0.18 during mid-day trading on Thursday, hitting $35.91. 42,844 shares of the stock were exchanged, compared to its average volume of 59,487. First Internet Bancorp has a 12 month low of $14.11 and a 12 month high of $37.69. The company has a 50-day simple moving average of $29.55 and a 200 day simple moving average of $30.62. The company has a debt-to-equity ratio of 1.85, a quick ratio of 1.02 and a current ratio of 1.02. The company has a market capitalization of $310.84 million, a P/E ratio of 18.90 and a beta of 0.68.

First Internet Bancorp (NASDAQ:INBK) last posted its earnings results on Wednesday, July 24th. The bank reported $0.72 EPS for the quarter, hitting the consensus estimate of $0.72. First Internet Bancorp had a net margin of 5.84% and a return on equity of 4.64%. The firm had revenue of $81.99 million for the quarter, compared to analysts’ expectations of $30.55 million. During the same quarter last year, the firm earned $0.44 EPS. Sell-side analysts anticipate that First Internet Bancorp will post 3.1 earnings per share for the current fiscal year.

First Internet Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were paid a dividend of $0.06 per share. The ex-dividend date was Friday, June 28th. This represents a $0.24 annualized dividend and a dividend yield of 0.67%. First Internet Bancorp’s payout ratio is currently 12.63%.

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.