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

First Internet Bancorp (NASDAQ:INBK) was the recipient of a large increase in short interest in August. As of August 31st, there was short interest totalling 154,400 shares, an increase of 5.7% from the August 15th total of 146,100 shares. Based on an average daily trading volume, of 63,200 shares, the days-to-cover ratio is presently 2.4 days. Currently, 2.1% of the shares of the company are short sold.

First Internet Bancorp Price Performance

INBK stock traded up $0.20 during mid-day trading on Wednesday, hitting $35.60. The company had a trading volume of 19,523 shares, compared to its average volume of 54,109. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 1.83. The company has a market capitalization of $308.15 million, a price-to-earnings ratio of 18.63 and a beta of 0.66. First Internet Bancorp has a 12-month low of $14.11 and a 12-month high of $39.46. The company has a 50-day moving average price of $34.46 and a 200 day moving average price of $31.91.

First Internet Bancorp (NASDAQ:INBK) last released its earnings results on Wednesday, July 24th. The bank reported $0.72 earnings per share for the quarter, hitting the consensus estimate of $0.72. The business had revenue of $81.99 million during the quarter, compared to the consensus estimate of $30.55 million. First Internet Bancorp had a return on equity of 5.23% and a net margin of 6.12%. During the same period last year, the company earned $0.44 earnings per share. On average, research analysts anticipate that First Internet Bancorp will post 3 earnings per share for the current year.

Analyst Upgrades and Downgrades

INBK has been the topic of a number of recent analyst reports. Hovde Group increased their price target on shares of First Internet Bancorp from $38.00 to $44.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Keefe, Bruyette & Woods boosted their price objective on shares of First Internet Bancorp from $36.00 to $42.00 and gave the stock a “market perform” rating in a report on Friday, July 26th. Piper Sandler raised their price target on First Internet Bancorp from $30.00 to $40.50 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Finally, Craig Hallum boosted their price objective on shares of First Internet Bancorp from $40.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $42.88.

Institutional Investors Weigh In On First Internet Bancorp

A number of large investors have recently bought and sold shares of the company. Thrivent Financial for Lutherans raised its position in shares of First Internet Bancorp by 189.9% during the 2nd quarter. Thrivent Financial for Lutherans now owns 23,576 shares of the bank’s stock worth $637,000 after purchasing an additional 15,444 shares during the last quarter. Renaissance Technologies LLC raised its stake in First Internet Bancorp by 219.0% during the second quarter. Renaissance Technologies LLC now owns 25,200 shares of the bank’s stock worth $681,000 after purchasing an additional 17,300 shares during the period. Dimensional Fund Advisors LP raised its position in shares of First Internet Bancorp by 9.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 489,663 shares of the bank’s stock valued at $13,230,000 after buying an additional 42,227 shares during the period. American Century Companies Inc. increased its position in shares of First Internet Bancorp by 3.4% during the 2nd quarter. American Century Companies Inc. now owns 86,239 shares of the bank’s stock worth $2,330,000 after purchasing an additional 2,857 shares during the last quarter. Finally, ClariVest Asset Management LLC raised its stake in shares of First Internet Bancorp by 2.9% in the 2nd quarter. ClariVest Asset Management LLC now owns 50,243 shares of the bank’s stock valued at $1,358,000 after acquiring an additional 1,404 shares during the period. Hedge funds and other institutional investors own 65.46% of the company’s stock.

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.