First Internet Bancorp (NASDAQ:INBK) Short Interest Update

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 150,400 shares, an increase of 27.2% from the June 30th total of 118,200 shares. Approximately 1.6% of the shares of the company are sold short. Based on an average daily trading volume, of 48,500 shares, the short-interest ratio is currently 3.1 days.

INBK has been the subject of a number of analyst reports. Janney Montgomery Scott raised First Internet Bancorp from a “neutral” rating to a “buy” rating in a research note on Friday, July 24th. Piper Sandler dropped their price objective on First Internet Bancorp from $21.00 to $20.00 and set an “overweight” rating for the company in a research note on Friday, July 24th. ValuEngine downgraded First Internet Bancorp from a “sell” rating to a “strong sell” rating in a research note on Wednesday, June 17th. Zacks Investment Research raised First Internet Bancorp from a “hold” rating to a “strong-buy” rating and set a $17.00 price objective for the company in a research note on Wednesday. Finally, Craig Hallum dropped their price objective on First Internet Bancorp from $33.00 to $30.00 and set a “buy” rating for the company in a research note on Friday, April 24th. Two investment analysts have rated the stock with a sell rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $24.00.

Several hedge funds have recently bought and sold shares of the company. Citigroup Inc. boosted its holdings in shares of First Internet Bancorp by 38.6% during the fourth quarter. Citigroup Inc. now owns 1,991 shares of the bank’s stock worth $47,000 after purchasing an additional 554 shares during the last quarter. Nwam LLC boosted its holdings in shares of First Internet Bancorp by 7.7% during the first quarter. Nwam LLC now owns 10,527 shares of the bank’s stock worth $172,861,000 after purchasing an additional 750 shares during the last quarter. Strs Ohio boosted its holdings in shares of First Internet Bancorp by 3.6% during the first quarter. Strs Ohio now owns 25,800 shares of the bank’s stock worth $423,000 after purchasing an additional 900 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of First Internet Bancorp by 1.8% during the fourth quarter. Geode Capital Management LLC now owns 131,967 shares of the bank’s stock worth $3,128,000 after purchasing an additional 2,335 shares during the last quarter. Finally, Donaldson Capital Management LLC boosted its holdings in shares of First Internet Bancorp by 24.3% during the first quarter. Donaldson Capital Management LLC now owns 12,781 shares of the bank’s stock worth $210,000 after purchasing an additional 2,501 shares during the last quarter. Institutional investors and hedge funds own 69.83% of the company’s stock.

NASDAQ:INBK traded up $0.44 during trading hours on Friday, reaching $14.65. 87,454 shares of the company traded hands, compared to its average volume of 45,970. The firm’s 50-day moving average is $15.85 and its 200-day moving average is $18.63. The stock has a market cap of $143.60 million, a P/E ratio of 6.18 and a beta of 0.83. The company has a debt-to-equity ratio of 1.92, a current ratio of 1.00 and a quick ratio of 0.99. First Internet Bancorp has a 1-year low of $10.47 and a 1-year high of $28.50.

First Internet Bancorp (NASDAQ:INBK) last announced its earnings results on Thursday, July 23rd. The bank reported $0.40 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.07. The firm had revenue of $19.40 million for the quarter, compared to analysts’ expectations of $20.32 million. First Internet Bancorp had a return on equity of 7.75% and a net margin of 13.90%. As a group, research analysts predict that First Internet Bancorp will post 1.92 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.64%. The ex-dividend date was Monday, June 29th. First Internet Bancorp’s dividend payout ratio (DPR) is 9.56%.

First Internet Bancorp Company Profile

First Internet Bancorp operates as a bank holding company for First Internet Bank of Indiana that provides commercial and retail banking products and services in the United States. The company offers savings and money market accounts, non-interest bearing and interest-bearing demand deposits, brokered deposit accounts, and certificates of deposit.

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