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 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 trading volume of 34,000 shares, the short-interest ratio is currently 2.4 days. Approximately 1.1% of the company’s shares are short sold.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC acquired a new stake in shares of First Internet Bancorp in the third quarter valued at about $145,000. MetLife Investment Management LLC grew its position in 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 purchased a new stake in shares of First Internet Bancorp during the third quarter valued at approximately $201,000. Jane Street Group LLC purchased a new stake in shares of First Internet Bancorp during the third quarter valued at approximately $203,000. Finally, Rhumbline Advisers lifted its position in shares of First Internet Bancorp by 2,179.6% during the second quarter. Rhumbline Advisers now owns 9,483 shares of the bank’s stock worth $256,000 after purchasing an additional 9,067 shares in the last quarter. Institutional investors and hedge funds own 65.46% of the company’s stock.

First Internet Bancorp Trading Down 1.3 %

Shares of NASDAQ:INBK traded down $0.46 during trading on Monday, reaching $36.11. 40,094 shares of the stock were exchanged, compared to its average volume of 48,273. The firm’s 50-day moving average price is $39.04 and its 200 day moving average price is $35.12. The firm has a market cap of $313.00 million, a price-to-earnings ratio of 14.22 and a beta of 0.70. First Internet Bancorp has a 12-month low of $23.05 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.

First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings data 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). 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 analysts’ expectations of $32.50 million. During the same quarter in the prior year, the firm earned $0.39 earnings per share. On average, sell-side analysts anticipate that First Internet Bancorp will post 3.07 earnings per share for the current fiscal year.

First Internet Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.66%. The ex-dividend date is Tuesday, December 31st. First Internet Bancorp’s dividend payout ratio (DPR) is presently 9.45%.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods lifted their price target on shares of 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 given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $43.63.

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.