First Internet Bancorp (NASDAQ:INBK) Short Interest Up 33.9% in March

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

Institutional Trading of First Internet Bancorp

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

First Internet Bancorp Stock Up 0.7 %

NASDAQ:INBK traded up $0.19 during trading hours on Tuesday, reaching $26.97. 30,888 shares of the stock were exchanged, compared to its average volume of 44,052. The stock has a market cap of $234.56 million, a PE ratio of 9.33 and a beta of 0.72. First Internet Bancorp has a twelve month low of $24.18 and a twelve month high of $43.26. The firm has a 50 day moving average of $30.42 and a 200 day moving average of $34.69. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.98.

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

First Internet Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.89%. The ex-dividend date of this dividend is Monday, March 31st. First Internet Bancorp’s payout ratio is 8.30%.

Analyst Upgrades and Downgrades

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

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.