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

First Internet Bancorp (NASDAQ:INBK - Get Free Report) 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 days-to-cover ratio is presently 2.4 days. Currently, 1.1% of the shares of the stock are short sold.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP grew its holdings in shares of First Internet Bancorp by 9.4% during the second quarter. Dimensional Fund Advisors LP now owns 489,663 shares of the bank's stock worth $13,230,000 after buying an additional 42,227 shares in the last quarter. Geode Capital Management LLC grew its stake in First Internet Bancorp by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 201,641 shares of the bank's stock worth $6,909,000 after acquiring an additional 3,967 shares during the period. Acadian Asset Management LLC raised its holdings in First Internet Bancorp by 50.9% in the 2nd quarter. Acadian Asset Management LLC now owns 147,275 shares of the bank's stock valued at $3,978,000 after acquiring an additional 49,675 shares during the last quarter. Foundry Partners LLC lifted its stake in shares of First Internet Bancorp by 8.9% during the 3rd quarter. Foundry Partners LLC now owns 121,827 shares of the bank's stock worth $4,174,000 after purchasing an additional 9,977 shares during the period. Finally, State Street Corp boosted its holdings in shares of First Internet Bancorp by 8.9% during the third quarter. State Street Corp now owns 106,282 shares of the bank's stock worth $3,648,000 after purchasing an additional 8,701 shares during the last quarter. Institutional investors and hedge funds own 65.46% of the company's stock.

First Internet Bancorp Price Performance

INBK traded down $0.46 during midday trading on Monday, reaching $36.11. 40,094 shares of the company's stock were exchanged, compared to its average volume of 48,273. The business's 50-day moving average price is $39.04 and its 200 day moving average price is $35.12. The stock has a market capitalization of $313.00 million, a PE ratio of 14.22 and a beta of 0.70. First Internet Bancorp has a 1-year low of $23.05 and a 1-year high of $43.26. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.98.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last posted its earnings results on Wednesday, October 23rd. The bank reported $0.80 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.81 by ($0.01). The company had revenue of $87.02 million during the quarter, compared to analysts' expectations 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 period in the previous year, the company posted $0.39 EPS. As a group, equities analysts anticipate that First Internet Bancorp will post 3.07 EPS 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. Investors of record on Tuesday, December 31st will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.66%. The ex-dividend date of this dividend is Tuesday, December 31st. First Internet Bancorp's dividend payout ratio is presently 9.45%.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods raised their price objective on First Internet Bancorp from $41.00 to $45.00 and gave the company 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. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $43.63.

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.

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