First Internet Bancorp (NASDAQ:INBK) Sees Significant Decrease in Short Interest

First Internet Bancorp (NASDAQ:INBK) saw a significant decrease in short interest in the month of December. As of December 15th, there was short interest totalling 83,000 shares, a decrease of 7.1% from the November 30th total of 89,300 shares. Based on an average daily trading volume, of 34,000 shares, the short-interest ratio is currently 2.4 days. Currently, 1.1% of the company’s shares are sold short.

Institutional Investors Weigh In On First Internet Bancorp

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

Analysts Set New Price Targets

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

First Internet Bancorp Stock Performance

Shares of INBK opened at $35.99 on Wednesday. The firm’s fifty day simple moving average is $39.03 and its two-hundred day simple moving average is $35.19. First Internet Bancorp has a 12 month low of $23.05 and a 12 month high of $43.26. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.61. The stock has a market capitalization of $311.96 million, a P/E ratio of 14.17 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 EPS for the quarter, missing the consensus estimate of $0.81 by ($0.01). First Internet Bancorp had a return on equity of 6.06% and a net margin of 6.92%. The business had revenue of $87.02 million for the quarter, compared to analyst estimates of $32.50 million. During the same period in the prior year, the business earned $0.39 EPS. As a group, analysts predict that First Internet Bancorp will post 3.07 EPS for the current year.

First Internet Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.67%. The ex-dividend date is Tuesday, December 31st. First Internet Bancorp’s dividend payout ratio is presently 9.45%.

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.