Short Interest in First Internet Bancorp (NASDAQ:INBK) Rises By 5.7%

First Internet Bancorp (NASDAQ:INBK) was the recipient of a large increase in short interest in August. As of August 31st, there was short interest totalling 154,400 shares, an increase of 5.7% from the August 15th total of 146,100 shares. Based on an average daily volume of 63,200 shares, the days-to-cover ratio is presently 2.4 days. Currently, 2.1% of the shares of the stock are sold short.

First Internet Bancorp Price Performance

INBK stock traded up $0.20 during trading on Wednesday, hitting $35.60. The company had a trading volume of 19,523 shares, compared to its average volume of 54,109. The company has a fifty day moving average price of $34.46 and a two-hundred day moving average price of $31.91. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 1.83. First Internet Bancorp has a fifty-two week low of $14.11 and a fifty-two week high of $39.46. The company has a market cap of $308.15 million, a P/E ratio of 18.63 and a beta of 0.66.

First Internet Bancorp (NASDAQ:INBK) last posted its quarterly earnings results on Wednesday, July 24th. The bank reported $0.72 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.72. The business had revenue of $81.99 million for the quarter, compared to analyst estimates of $30.55 million. First Internet Bancorp had a return on equity of 5.23% and a net margin of 6.12%. During the same period last year, the company earned $0.44 EPS. Equities research analysts expect that First Internet Bancorp will post 3 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On First Internet Bancorp

A number of institutional investors have recently added to or reduced their stakes in INBK. Dimensional Fund Advisors LP boosted its stake in First Internet Bancorp by 9.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 489,663 shares of the bank’s stock valued at $13,230,000 after purchasing an additional 42,227 shares during the period. Ancora Advisors LLC grew its position in First Internet Bancorp by 7.0% in the first quarter. Ancora Advisors LLC now owns 216,712 shares of the bank’s stock valued at $7,529,000 after acquiring an additional 14,190 shares during the last quarter. Acadian Asset Management LLC boosted its position in First Internet Bancorp by 50.9% in the second quarter. Acadian Asset Management LLC now owns 147,275 shares of the bank’s stock valued at $3,978,000 after buying an additional 49,675 shares in the last quarter. Foundry Partners LLC boosted its holdings in shares of First Internet Bancorp by 15.0% during the 2nd quarter. Foundry Partners LLC now owns 111,850 shares of the bank’s stock valued at $3,022,000 after acquiring an additional 14,605 shares in the last quarter. Finally, American Century Companies Inc. grew its holdings in shares of First Internet Bancorp by 3.4% during the second quarter. American Century Companies Inc. now owns 86,239 shares of the bank’s stock worth $2,330,000 after purchasing an additional 2,857 shares during the last quarter. 65.46% of the stock is currently owned by institutional investors and hedge funds.

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.