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

First Internet Bancorp (NASDAQ:INBK) saw a significant drop in short interest during the month of November. As of November 30th, there was short interest totalling 89,300 shares, a drop of 19.5% from the November 15th total of 110,900 shares. Currently, 1.2% of the shares of the company are short sold. Based on an average daily volume of 34,200 shares, the days-to-cover ratio is presently 2.6 days.

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On First Internet Bancorp

Several hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC purchased a new position in First Internet Bancorp during the 3rd quarter worth $145,000. MetLife Investment Management LLC boosted its holdings in shares of First Internet Bancorp by 129.1% in the third quarter. MetLife Investment Management LLC now owns 4,737 shares of the bank’s stock valued at $162,000 after acquiring an additional 2,669 shares in the last quarter. XTX Topco Ltd acquired a new position in shares of First Internet Bancorp during the third quarter worth about $201,000. Jane Street Group LLC purchased a new position in First Internet Bancorp during the third quarter worth about $203,000. Finally, Rhumbline Advisers lifted its position 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 during the period. 65.46% of the stock is owned by institutional investors and hedge funds.

First Internet Bancorp Stock Performance

First Internet Bancorp stock traded down $0.17 during midday trading on Monday, hitting $40.95. 44,749 shares of the company’s stock were exchanged, compared to its average volume of 49,007. The firm’s 50 day simple moving average is $38.56 and its 200 day simple moving average is $34.38. First Internet Bancorp has a 12-month low of $23.04 and a 12-month high of $43.26. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.98 and a current ratio of 0.99. The stock has a market cap of $354.95 million, a price-to-earnings ratio of 16.19 and a beta of 0.70.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.81 by ($0.01). The company had revenue of $87.02 million during the quarter, compared to analyst estimates of $32.50 million. First Internet Bancorp had a net margin of 6.92% and a return on equity of 6.06%. During the same quarter last year, the firm earned $0.39 EPS. Equities research 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. Stockholders of record on Monday, September 30th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend 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 (DPR) 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.