First Internet Bancorp (NASDAQ:INBK) Short Interest Down 21.6% in October

First Internet Bancorp (NASDAQ:INBK - Get Free Report) was the recipient of a large decline in short interest in the month of October. As of October 31st, there was short interest totalling 119,200 shares, a decline of 21.6% from the October 15th total of 152,000 shares. Based on an average trading volume of 34,800 shares, the short-interest ratio is currently 3.4 days. Approximately 1.6% of the company's shares are short sold.

Analysts Set New Price Targets

Several research firms have recently issued reports on INBK. Keefe, Bruyette & Woods raised their price objective on First Internet Bancorp from $36.00 to $42.00 and gave the stock a "market perform" rating in a report on Friday, July 26th. Craig Hallum raised their price target on First Internet Bancorp from $40.00 to $45.00 and gave the stock a "buy" rating in a research note on Friday, July 26th. Hovde Group upped their price objective on shares of First Internet Bancorp from $38.00 to $44.00 and gave the company an "outperform" rating in a research note on Friday, July 26th. Finally, Piper Sandler raised their target price on shares of First Internet Bancorp from $30.00 to $40.50 and gave the stock a "neutral" rating in a research report on Monday, July 29th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $42.88.

First Internet Bancorp Trading Down 0.8 %

INBK stock traded down $0.31 during trading on Friday, reaching $40.24. 35,683 shares of the stock traded hands, compared to its average volume of 51,192. The firm has a market capitalization of $348.88 million, a PE ratio of 15.79 and a beta of 0.66. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.98. The business's 50 day moving average price is $35.48 and its 200-day moving average price is $32.92. First Internet Bancorp has a 52-week low of $17.50 and a 52-week high of $42.89.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last issued its earnings results on Wednesday, October 23rd. The bank reported $0.80 EPS for the quarter, missing analysts' consensus estimates of $0.81 by ($0.01). First Internet Bancorp had a net margin of 6.92% and a return on equity of 6.06%. The business had revenue of $87.02 million during the quarter, compared to analysts' expectations of $32.50 million. During the same period in the prior year, the business posted $0.39 EPS. As a group, sell-side analysts forecast that First Internet Bancorp will post 3.07 earnings per share for the current year.

First Internet Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.60%. First Internet Bancorp's dividend payout ratio is currently 9.45%.

Hedge Funds Weigh In On First Internet Bancorp

A number of institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new stake in First Internet Bancorp during the 3rd quarter valued at approximately $145,000. MetLife Investment Management LLC boosted its stake in shares of First Internet Bancorp by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 4,737 shares of the bank's stock valued at $162,000 after buying an additional 2,669 shares during the last quarter. XTX Topco Ltd acquired a new stake in shares of First Internet Bancorp during the third quarter worth approximately $201,000. Jane Street Group LLC bought a new stake in shares of First Internet Bancorp in the third quarter worth $203,000. Finally, Rhumbline Advisers raised its holdings 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 in the last quarter. Institutional investors and hedge funds 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.