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

First Internet Bancorp (NASDAQ:INBK) was the target of a large decrease in short interest during the month of November. As of November 30th, there was short interest totalling 89,300 shares, a decrease of 19.5% from the November 15th total of 110,900 shares. Based on an average trading volume of 34,200 shares, the short-interest ratio is currently 2.6 days. Currently, 1.2% of the shares of the stock are sold short.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods upped their target price on shares of First Internet Bancorp from $41.00 to $45.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $43.63.

Institutional Investors Weigh In On First Internet Bancorp

A number of institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC bought a new position in shares of First Internet Bancorp in the third quarter worth $145,000. MetLife Investment Management LLC raised its position in shares of First Internet Bancorp by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 4,737 shares of the bank’s stock valued at $162,000 after buying an additional 2,669 shares in the last quarter. XTX Topco Ltd bought a new stake in shares of First Internet Bancorp during the 3rd quarter worth approximately $201,000. Jane Street Group LLC bought a new stake in shares of First Internet Bancorp during the 3rd quarter worth approximately $203,000. Finally, Rhumbline Advisers increased 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 acquiring an additional 9,067 shares during the last quarter. Institutional investors own 65.46% of the company’s stock.

First Internet Bancorp Stock Down 0.6 %

Shares of NASDAQ:INBK traded down $0.26 during midday trading on Monday, reaching $40.86. The company had a trading volume of 4,433 shares, compared to its average volume of 48,831. The business’s 50 day moving average price is $38.56 and its 200 day moving average price is $34.38. First Internet Bancorp has a 1-year low of $23.04 and a 1-year high of $43.26. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.61. The stock has a market cap of $354.17 million, a PE ratio of 16.19 and a beta of 0.70.

First Internet Bancorp (NASDAQ:INBK) last released its earnings results 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). First Internet Bancorp had a net margin of 6.92% and a return on equity of 6.06%. The firm had revenue of $87.02 million during the quarter, compared to the consensus estimate of $32.50 million. During the same period in the prior year, the business posted $0.39 earnings per share. Research analysts forecast that First Internet Bancorp will post 3.07 EPS for the current fiscal year.

First Internet Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.59%. The ex-dividend date of this dividend was Monday, September 30th. First Internet Bancorp’s dividend payout ratio is presently 9.45%.

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.