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

First Internet Bancorp (NASDAQ:INBK) saw a significant 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.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on INBK shares. StockNews.com downgraded First Internet Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, March 27th. Piper Sandler reduced their price target 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. Hovde Group reduced their target price on shares of First Internet Bancorp from $44.00 to $39.00 and set an “outperform” rating on the stock in a report on Wednesday. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $40.00 price target (down previously from $45.00) on shares of First Internet Bancorp in a research note on Friday, January 24th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $40.50.

First Internet Bancorp Trading Down 0.8 %

INBK stock traded down $0.22 during trading on Wednesday, hitting $26.75. The company had a trading volume of 11,519 shares, compared to its average volume of 43,924. 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 one year low of $24.18 and a one year high of $43.26. The business has a 50-day moving average of $30.24 and a 200-day moving average of $34.64. The stock has a market cap of $232.64 million, a PE ratio of 9.26 and a beta of 0.72.

First Internet Bancorp (NASDAQ:INBK) last announced its earnings results on Wednesday, January 22nd. The bank reported $0.41 earnings per share 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%. Research analysts predict that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

First Internet Bancorp Announces Dividend

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

Institutional Investors Weigh In On First Internet Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in the business. Raymond James Financial Inc. acquired a new position in First Internet Bancorp in the fourth quarter valued at approximately $1,780,000. Patriot Financial Partners GP LP increased its stake in shares of First Internet Bancorp by 14.7% in the 4th quarter. Patriot Financial Partners GP LP now owns 373,482 shares of the bank’s stock valued at $13,442,000 after acquiring an additional 48,000 shares in the last quarter. Rhino Investment Partners Inc acquired a new position in shares of First Internet Bancorp during the 4th quarter valued at $965,000. Rangeley Capital LLC bought a new position in First Internet Bancorp during the fourth quarter worth $738,000. Finally, American Century Companies Inc. grew its holdings in First Internet Bancorp by 19.9% in the fourth quarter. American Century Companies Inc. now owns 114,605 shares of the bank’s stock worth $4,125,000 after purchasing an additional 19,019 shares during the period. Institutional investors own 65.46% of the company’s stock.

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.