Short Interest in First Internet Bancorp (NASDAQ:INBK) Grows By 33.9%

First Internet Bancorp (NASDAQ:INBK) was the recipient of a large growth in short interest during the month of 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 days-to-cover ratio is currently 1.2 days. Currently, 0.5% of the shares of the company are sold short.

Institutional Trading of First Internet Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of INBK. Two Sigma Advisers LP boosted its stake in First Internet Bancorp by 5.2% during the 4th quarter. Two Sigma Advisers LP now owns 26,200 shares of the bank’s stock worth $943,000 after acquiring an additional 1,300 shares during the last quarter. Man Group plc boosted its position in shares of First Internet Bancorp by 28.9% during the fourth quarter. Man Group plc now owns 17,430 shares of the bank’s stock worth $627,000 after purchasing an additional 3,911 shares in the last quarter. Deutsche Bank AG boosted its position in shares of First Internet Bancorp by 4.5% during the fourth quarter. Deutsche Bank AG now owns 7,789 shares of the bank’s stock worth $280,000 after purchasing an additional 335 shares in the last quarter. Bridgeway Capital Management LLC grew its holdings in shares of First Internet Bancorp by 27.7% in the 4th quarter. Bridgeway Capital Management LLC now owns 29,242 shares of the bank’s stock valued at $1,052,000 after buying an additional 6,342 shares during the period. Finally, Bank of America Corp DE increased its position in shares of First Internet Bancorp by 3.5% in the 4th quarter. Bank of America Corp DE now owns 20,800 shares of the bank’s stock valued at $749,000 after buying an additional 707 shares in the last quarter. 65.46% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on INBK shares. StockNews.com cut First Internet Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday. Piper Sandler decreased their price target on 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. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $40.00 price objective (down previously from $45.00) on shares of First Internet Bancorp in a report 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’s stock. 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 Trading Up 3.1 %

First Internet Bancorp stock traded up $0.81 during trading hours on Monday, reaching $26.78. 191,182 shares of the company’s stock traded hands, compared to its average volume of 44,076. First Internet Bancorp has a fifty-two week low of $24.18 and a fifty-two week high of $43.26. The firm’s 50 day moving average is $30.59 and its 200-day moving average is $34.74. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.98 and a current ratio of 0.99. The firm 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 issued its 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 predict that First Internet Bancorp will post 4.11 earnings per share for the current year.

First Internet Bancorp Dividend Announcement

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

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.