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

First Internet Bancorp (NASDAQ:INBK) was the recipient of a large increase in short interest during the month of March. As of March 13th, there was short interest totaling 153,446 shares, an increase of 26.5% from the February 26th total of 121,277 shares. Based on an average daily volume of 50,422 shares, the short-interest ratio is currently 3.0 days. Approximately 1.9% of the shares of the company are short sold.

First Internet Bancorp Stock Up 1.8%

Shares of INBK stock traded up $0.36 during trading on Wednesday, hitting $20.52. 906 shares of the company were exchanged, compared to its average volume of 54,466. The business’s 50-day simple moving average is $20.83 and its 200 day simple moving average is $20.79. First Internet Bancorp has a twelve month low of $17.05 and a twelve month high of $28.51. The firm has a market capitalization of $178.89 million, a price-to-earnings ratio of -5.09 and a beta of 0.83. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.86 and a current ratio of 0.88.

First Internet Bancorp (NASDAQ:INBK) last issued its earnings results on Thursday, January 29th. The bank reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. The firm had revenue of $42.11 million for the quarter, compared to the consensus estimate of $32.80 million. First Internet Bancorp had a negative return on equity of 1.54% and a negative net margin of 10.05%. As a group, analysts forecast that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

First Internet Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be issued a $0.06 dividend. The ex-dividend date is Tuesday, March 31st. This represents a $0.24 dividend on an annualized basis and a yield of 1.2%. First Internet Bancorp’s dividend payout ratio is currently -5.96%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Zacks Research upgraded First Internet Bancorp from a “strong sell” rating to a “hold” rating in a research report on Monday. Weiss Ratings restated a “sell (d)” rating on shares of First Internet Bancorp in a research report on Friday. Wall Street Zen raised First Internet Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, March 14th. Hovde Group boosted their price target on First Internet Bancorp from $26.00 to $29.00 and gave the stock an “outperform” rating in a research report on Friday, January 30th. Finally, Keefe, Bruyette & Woods decreased their price target on First Internet Bancorp from $25.00 to $23.00 and set a “market perform” rating for the company in a research note on Friday, January 30th. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, First Internet Bancorp currently has an average rating of “Hold” and a consensus price target of $25.17.

Institutional Trading of First Internet Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Fourthstone LLC increased its holdings in shares of First Internet Bancorp by 254.9% during the 2nd quarter. Fourthstone LLC now owns 145,141 shares of the bank’s stock valued at $3,904,000 after acquiring an additional 104,241 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in First Internet Bancorp by 202.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,789 shares of the bank’s stock worth $48,000 after purchasing an additional 1,198 shares during the last quarter. Aegis Financial Corp bought a new stake in First Internet Bancorp during the fourth quarter worth approximately $5,224,000. Heartland Advisors Inc. grew its holdings in First Internet Bancorp by 1.7% during the fourth quarter. Heartland Advisors Inc. now owns 288,595 shares of the bank’s stock valued at $6,023,000 after purchasing an additional 4,745 shares during the last quarter. Finally, GSA Capital Partners LLP raised its position in shares of First Internet Bancorp by 1.5% in the fourth quarter. GSA Capital Partners LLP now owns 48,200 shares of the bank’s stock valued at $1,006,000 after purchasing an additional 691 shares during the period. Institutional investors and hedge funds own 65.46% of the company’s stock.

About First Internet Bancorp

First Internet Bancorp is the bank holding company for First Internet Bank of Indiana, a pioneer in digital banking in the United States. Established with a focus on online-only operations, the company offers fully integrated, web-based financial solutions without the overhead of physical branches. Headquartered in Indianapolis, Indiana, First Internet Bancorp leverages technology to deliver streamlined banking services to customers across the country.

The company’s core offerings include a range of deposit products such as checking accounts, savings accounts, money market accounts, certificates of deposit (CDs) and individual retirement accounts (IRAs).