First Internet Bancorp (NASDAQ:INBK – Get Rating) was the target of a significant hike in short-term interest rates in December. As of December 15th, there was short interest totaling 110,600 shares, an increase of 30.4% from the November 30th total of 84,800 shares. Currently, 1.3% of shares of the stock are shorted. Based on an average daily volume of 42,800 shares, the short interest ratio is currently 2.6 days.
Analysts set new price targets
Several equities analysts have recently commented on INBK stocks. Craig Hallum downgraded shares of First Internet Bancorp from a “buy” rating to a “hold” rating and lowered its price target for the company to $30.00 from $42.00 in a research report on Friday, May 22 October 21. Janney Montgomery Scott downgraded shares of First Internet Bancorp from a “buy” rating to a “neutral” rating and lowered its price target on the stock to $32.00 from $37.00 in a research report Thursday, the 20th of October. TheStreet downgraded shares of First Internet Bancorp from a “b-” rating to a “c” rating in a research report on Wednesday, November 30th. StockNews.com downgraded shares of First Internet Bancorp from a “buy” rating to a “hold” rating in a research report on Wednesday, October 26th. Finally, Keefe, Bruyette & Woods lowered shares of First Internet Bancorp from an “outperform” rating to a “market perform” rating and lowered their price target on the stock to $30.00 from $42.00 in a research note on Friday October 21st. Five research analysts have given the stock a hold rating. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $32.50.
First Internet Bancorp shares down 0.2%
INBK shares fell $0.06 midday Monday to hit $24.28. 665 shares of the company were exchanged compared to an average volume of 40,180. The company has a 50-day moving average of $25.04 and a 200-day moving average of $31.88. First Internet Bancorp has a 12-month low of $22.01 and a 12-month high of $53.56. The stock has a market cap of $224.35 million, a price-to-earnings ratio of 5.69 and a beta of 0.51. The company has a quick ratio of 1.08, a current ratio of 1.09 and a debt-to-equity ratio of 1.92.
First Internet Bancorp (NASDAQ:INBK – Get Rating) last announced its quarterly results on Wednesday, October 19th. The bank reported $0.90 EPS for the quarter, missing the consensus estimate of $1.15 ($0.25). First Internet Bancorp had a return on equity of 11.84% and a net margin of 24.72%. The company had revenue of $28.31 million for the quarter, compared to analyst estimates of $31.65 million. On average, sell-side analysts are forecasting that First Internet Bancorp will post year-to-date earnings per share of 3.98.
Internet Bancorp’s first dividend announcement
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 17th. Investors of record on Friday, December 30 will receive a dividend of $0.06. The ex-dividend date is Thursday December 29th. That equates to a dividend of $0.24 on an annualized basis and a yield of 0.99%. First Internet Bancorp’s payout percentage is currently 5.62%.
Insider activity at First Internet Bancorp
In other news from First Internet Bancorp, Director Justin P. Christian bought 10,475 shares of the company’s stock in a transaction that took place on Tuesday, October 25th. The stock was acquired at an average price of $23.84 per share for a total value of $249,724.00. Upon completion of the purchase, the Director now directly owns 10,475 shares of the Company, valued at $249,724. The purchase was disclosed in a filing with the SEC, which can be accessed at this link. In other news, Director Justin P. Christian acquired 10,475 shares of First Internet Bancorp in a transaction that took place on Tuesday, October 25th. The stock was acquired at an average price of $23.84 per share for a total transaction of $249,724.00. Following the transaction, the director now owns 10,475 shares of the company, valued at $249,724. The purchase was disclosed in a filing with the Securities & Exchange Commission available at this hyperlink. In addition, CEO David B. Becker purchased 10,000 shares of First Internet Bancorp in a transaction that took place on Monday, October 24th. The stock was purchased at an average price of $23.60 per share for a total value of $236,000.00. Following the transaction, the Chief Executive Officer now owns 431,365 shares of the Company, valued at approximately $10,180,214. The disclosure for this purchase can be found here. Insiders have purchased a total of 21,475 shares of the company’s shares for $508,644 over the past ninety days. Insiders own 8.00% of the company’s stock.
Institutional inflows and outflows
A number of hedge funds and other institutional investors have recently bought and sold shares in the company. Victory Capital Management Inc. increased its stake in First Internet Bancorp by 0.9% in the second quarter. Victory Capital Management Inc. now owns 35,300 shares of the bank, valued at $1,300,000, after purchasing an additional 330 shares last quarter. Rhumbline Advisers increased its stake in First Internet Bancorp by 3.2% in the second quarter. Rhumbline Advisers now owns 13,149 shares of the bank, valued at $484,000, after purchasing an additional 402 shares last quarter. First Trust Advisors LP increased its stake in First Internet Bancorp by 9.8% during the first quarter. First Trust Advisors LP now owns 5,020 shares of the bank, valued at $216,000, after purchasing an additional 447 shares last quarter. Hennion & Walsh Asset Management Inc. increased its stake in First Internet Bancorp by 5.7% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 10,175 shares of the bank, valued at $375,000, after purchasing an additional 553 shares last quarter. Finally, the Royal Bank of Canada increased its stake in First Internet Bancorp by 6.4% in the third quarter. The Royal Bank of Canada now owns 9,307 shares of the bank, valued at $316,000, after buying another 556 shares last quarter. 70.72% of the shares are currently owned by institutional investors and hedge funds.
About First Internet Bancorp
(received rating)
First Internet Bancorp acts as the banking holding company for First Internet Bank of Indiana, which provides commercial and consumer banking products and services to residential and commercial customers throughout the United States. The Company accepts interest-free and interest-bearing demand deposits, savings deposits, money market and brokered deposit accounts, and certificates of deposit.
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