First Internet Bancorp (NASDAQ:INBK) Short Interest Update

First Internet Bancorp (NASDAQ:INBK – Get Rating) was the target of a significant increase in short interest in February. As of February 15th, there was short interest totalling 105,700 shares, an increase of 38.2% from the January 31st total of 76,500 shares. Currently, 1.2% of the shares of the stock are sold short. Based on an average daily trading volume, of 48,600 shares, the days-to-cover ratio is currently 2.2 days.

In related news, Director Jerry L. Williams sold 1,702 shares of the business’s stock in a transaction dated Tuesday, February 8th. The stock was sold at an average price of $50.00, for a total transaction of $85,100.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 7.20% of the stock is owned by insiders.

Hedge funds have recently modified their holdings of the company. Citigroup Inc. increased its position in shares of First Internet Bancorp by 139.7% during the third quarter. Citigroup Inc. now owns 1,062 shares of the bank’s stock worth $33,000 after purchasing an additional 619 shares in the last quarter. Dorsey Wright & Associates acquired a new position in shares of First Internet Bancorp during the fourth quarter worth $57,000. Denali Advisors LLC acquired a new position in shares of First Internet Bancorp during the fourth quarter worth $66,000. Metropolitan Life Insurance Co NY acquired a new position in shares of First Internet Bancorp during the third quarter worth $80,000. Finally, BNP Paribas Arbitrage SA grew its holdings in shares of First Internet Bancorp by 73.3% during the third quarter. BNP Paribas Arbitrage SA now owns 2,563 shares of the bank’s stock valued at $80,000 after buying an additional 1,084 shares during the last quarter. 68.31% of the stock is currently owned by institutional investors and hedge funds.

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Shares of INBK traded down $2.87 during midday trading on Friday, reaching $44.83. The stock had a trading volume of 83,300 shares, compared to its average volume of 37,937. The company has a market capitalization of $441.58 million, a price-to-earnings ratio of 9.30 and a beta of 0.72. First Internet Bancorp has a 12-month low of $28.05 and a 12-month high of $53.56. The company has a current ratio of 1.03, a quick ratio of 1.02 and a debt-to-equity ratio of 1.67. The company’s 50-day moving average is $49.55 and its 200 day moving average is $41.04.

First Internet Bancorp (NASDAQ:INBK – Get Rating) last issued its quarterly earnings data on Wednesday, January 19th. The bank reported $1.30 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.03. The company had revenue of $31.20 million during the quarter, compared to the consensus estimate of $30.45 million. First Internet Bancorp had a net margin of 28.86% and a return on equity of 13.21%. During the same quarter in the previous year, the firm posted $1.12 earnings per share. Research analysts forecast that First Internet Bancorp will post 5.74 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 18th. Stockholders of record on Friday, December 31st were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.54%. The ex-dividend date of this dividend was Thursday, December 30th. First Internet Bancorp’s payout ratio is presently 4.98%.

INBK has been the subject of several recent analyst reports. Piper Sandler boosted their target price on First Internet Bancorp from $50.00 to $61.00 and gave the stock an “overweight” rating in a research report on Thursday, December 9th. Zacks Investment Research upgraded First Internet Bancorp from a “hold” rating to a “strong-buy” rating and set a $55.00 target price for the company in a research report on Wednesday, January 5th.

About First Internet Bancorp (Get Rating)

First Internet Bancorp engages in the provision of online commercial and retail banking products and services. It offers first-lien residential mortgage loans, consumer loans and credit cards & CRE loans in Indiana and other parts of the midwest in the form of office, retail, industrial, and multifamily loans, with credit tenant lease financing.

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