First Internet Bancorp (NASDAQ:INBK) Short Interest Update

First Internet Bancorp (NASDAQ:INBK) saw a large growth in short interest in March. As of March 15th, there was short interest totalling 38,300 shares, a growth of 33.9% from the February 28th total of 28,600 shares. Based on an average daily trading volume, of 31,600 shares, the short-interest ratio is presently 1.2 days. Approximately 0.5% of the shares of the stock are sold short.

Institutional Investors Weigh In On First Internet Bancorp

Several institutional investors and hedge funds have recently modified their holdings of INBK. R Squared Ltd bought a new position in First Internet Bancorp during the fourth quarter valued at about $33,000. Wells Fargo & Company MN increased its holdings in shares of First Internet Bancorp by 35.0% during the 4th quarter. Wells Fargo & Company MN now owns 4,381 shares of the bank’s stock valued at $158,000 after acquiring an additional 1,137 shares during the last quarter. MetLife Investment Management LLC raised its stake in shares of First Internet Bancorp by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 4,737 shares of the bank’s stock valued at $162,000 after acquiring an additional 2,669 shares in the last quarter. SG Americas Securities LLC lifted its holdings in First Internet Bancorp by 22.5% in the 4th quarter. SG Americas Securities LLC now owns 5,181 shares of the bank’s stock worth $186,000 after purchasing an additional 953 shares during the last quarter. Finally, XTX Topco Ltd bought a new stake in First Internet Bancorp during the third quarter worth approximately $201,000. Institutional investors and hedge funds own 65.46% of the company’s stock.

First Internet Bancorp Stock Up 3.1 %

NASDAQ INBK traded up $0.81 on Monday, reaching $26.78. The stock had a trading volume of 191,182 shares, compared to its average volume of 44,076. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.61. First Internet Bancorp has a 1 year low of $24.18 and a 1 year high of $43.26. The business has a 50 day moving average price of $30.59 and a 200 day moving average price of $34.74. The company has a market capitalization of $232.91 million, a price-to-earnings ratio of 9.27 and a beta of 0.72.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.41 EPS for the quarter, missing the consensus estimate of $0.92 by ($0.51). First Internet Bancorp had a net margin of 7.45% and a return on equity of 5.86%. On average, analysts forecast that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.06 per share. The ex-dividend date is Monday, March 31st. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.90%. First Internet Bancorp’s dividend payout ratio is currently 8.30%.

Analyst Ratings Changes

INBK has been the topic of a number of research analyst reports. Piper Sandler lowered their target price on First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating on the stock in a report on Monday, January 27th. StockNews.com lowered shares of First Internet Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $40.00 target price (down previously from $45.00) on shares of First Internet Bancorp in a research report on Friday, January 24th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $41.75.

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.