S&P 500   3,998.84
DOW   33,947.10
QQQ   287.64
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S&P 500   3,998.84
DOW   33,947.10
QQQ   287.64
All the Cloud Storage You Need Is on Sale for the Holidays
Why is Russia reopening dormant copper mines? (Ad)
Tesla Shares Are Sliding, Here’s Why
Is Big Lots the Next Bed Bath & Beyond Disaster in the Making?
Why is Russia reopening dormant copper mines? (Ad)
Lockheed teams with Israel's Rafael on laser defense
Russian oil price cap, EU ban aim to limit Kremlin war chest
Why is Russia reopening dormant copper mines? (Ad)
World Cup fans find booze at hotels, Qatar's 1 liquor store
3 Signs the Stock Market Outlook is Improving
S&P 500   3,998.84
DOW   33,947.10
QQQ   287.64
All the Cloud Storage You Need Is on Sale for the Holidays
Why is Russia reopening dormant copper mines? (Ad)
Tesla Shares Are Sliding, Here’s Why
Is Big Lots the Next Bed Bath & Beyond Disaster in the Making?
Why is Russia reopening dormant copper mines? (Ad)
Lockheed teams with Israel's Rafael on laser defense
Russian oil price cap, EU ban aim to limit Kremlin war chest
Why is Russia reopening dormant copper mines? (Ad)
World Cup fans find booze at hotels, Qatar's 1 liquor store
3 Signs the Stock Market Outlook is Improving
S&P 500   3,998.84
DOW   33,947.10
QQQ   287.64
All the Cloud Storage You Need Is on Sale for the Holidays
Why is Russia reopening dormant copper mines? (Ad)
Tesla Shares Are Sliding, Here’s Why
Is Big Lots the Next Bed Bath & Beyond Disaster in the Making?
Why is Russia reopening dormant copper mines? (Ad)
Lockheed teams with Israel's Rafael on laser defense
Russian oil price cap, EU ban aim to limit Kremlin war chest
Why is Russia reopening dormant copper mines? (Ad)
World Cup fans find booze at hotels, Qatar's 1 liquor store
3 Signs the Stock Market Outlook is Improving

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

First Internet Bancorp (NASDAQ:INBK - Get Rating) was the target of a significant growth in short interest in October. As of October 31st, there was short interest totalling 135,500 shares, a growth of 13.9% from the October 15th total of 119,000 shares. Currently, 1.6% of the shares of the company are short sold. Based on an average trading volume of 33,900 shares, the short-interest ratio is presently 4.0 days.

First Internet Bancorp Trading Down 0.4 %

NASDAQ INBK traded down $0.11 during trading hours on Wednesday, reaching $24.96. The company's stock had a trading volume of 24,748 shares, compared to its average volume of 39,790. The firm has a fifty day simple moving average of $30.52 and a 200-day simple moving average of $34.73. The stock has a market cap of $230.63 million, a P/E ratio of 5.87 and a beta of 0.50. First Internet Bancorp has a 52 week low of $22.01 and a 52 week high of $53.56. The company has a debt-to-equity ratio of 1.92, a current ratio of 1.09 and a quick ratio of 1.08.

First Internet Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 17th. Investors of record on Friday, September 30th were issued a $0.06 dividend. The ex-dividend date was Thursday, September 29th. This represents a $0.24 dividend on an annualized basis and a yield of 0.96%. First Internet Bancorp's dividend payout ratio (DPR) is presently 5.62%.

Analyst Upgrades and Downgrades


A number of equities research analysts have issued reports on the stock. Janney Montgomery Scott downgraded shares of First Internet Bancorp from a "buy" rating to a "neutral" rating and reduced their price objective for the stock from $37.00 to $32.00 in a research note on Thursday, October 20th. Craig Hallum cut shares of First Internet Bancorp from a "buy" rating to a "hold" rating and dropped their target price for the stock from $42.00 to $30.00 in a report on Friday, October 21st. StockNews.com cut shares of First Internet Bancorp from a "buy" rating to a "hold" rating in a report on Wednesday, October 26th. Keefe, Bruyette & Woods cut shares of First Internet Bancorp from an "outperform" rating to a "market perform" rating and dropped their target price for the stock from $42.00 to $30.00 in a report on Friday, October 21st. Finally, Piper Sandler cut shares of First Internet Bancorp from an "overweight" rating to a "neutral" rating and dropped their target price for the stock from $43.00 to $38.00 in a report on Friday, October 7th. Five analysts have rated the stock with a hold rating, According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $32.50.

Insider Activity at First Internet Bancorp

In other news, Director Justin P. Christian acquired 10,475 shares of First Internet Bancorp stock in a transaction on Tuesday, October 25th. The shares were purchased at an average cost of $23.84 per share, for a total transaction of $249,724.00. Following the completion of the purchase, the director now directly owns 10,475 shares of the company's stock, valued at approximately $249,724. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CEO David B. Becker acquired 10,000 shares of First Internet Bancorp stock in a transaction on Monday, October 24th. The shares were purchased at an average cost of $23.60 per share, for a total transaction of $236,000.00. Following the completion of the purchase, the chief executive officer now directly owns 431,365 shares of the company's stock, valued at approximately $10,180,214. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Justin P. Christian acquired 10,475 shares of First Internet Bancorp stock in a transaction on Tuesday, October 25th. The shares were purchased at an average price of $23.84 per share, for a total transaction of $249,724.00. Following the completion of the purchase, the director now directly owns 10,475 shares of the company's stock, valued at $249,724. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 21,475 shares of company stock worth $508,644. Corporate insiders own 8.00% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in INBK. Valeo Financial Advisors LLC raised its holdings in First Internet Bancorp by 4.0% in the 1st quarter. Valeo Financial Advisors LLC now owns 7,908 shares of the bank's stock valued at $340,000 after buying an additional 301 shares during the last quarter. Summit Global Investments bought a new position in First Internet Bancorp during the 1st quarter worth approximately $215,000. Riverwater Partners LLC bought a new position in First Internet Bancorp during the 1st quarter worth approximately $217,000. Prospera Financial Services Inc bought a new position in First Internet Bancorp during the 1st quarter worth approximately $82,000. Finally, Indie Asset Partners LLC bought a new position in First Internet Bancorp during the 1st quarter worth approximately $484,000. Institutional investors own 70.19% of the company's stock.

First Internet Bancorp Company Profile

(Get Rating)

First Internet Bancorp operates as the bank holding company for First Internet Bank of Indiana that provides commercial and retail banking products and services to individuals and commercial customers in the United States. The company accepts non-interest bearing and interest-bearing demand deposit, savings, money market, and brokered deposit accounts, as well as certificates of deposit.

Further Reading

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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