First Internet Bancorp (NASDAQ:INBK) Short Interest Update

First Internet Bancorp (NASDAQ:INBK - Get Free Report) was the recipient of a large drop in short interest in February. As of February 28th, there was short interest totalling 28,600 shares, a drop of 32.1% from the February 13th total of 42,100 shares. Approximately 0.4% of the shares of the stock are sold short. Based on an average daily volume of 31,900 shares, the days-to-cover ratio is presently 0.9 days.

Hedge Funds Weigh In On First Internet Bancorp

Hedge funds have recently modified their holdings of the business. Raymond James Financial Inc. bought a new position in First Internet Bancorp during the 4th quarter worth $1,780,000. Patriot Financial Partners GP LP raised its position in shares of First Internet Bancorp by 14.7% during the fourth quarter. Patriot Financial Partners GP LP now owns 373,482 shares of the bank's stock worth $13,442,000 after acquiring an additional 48,000 shares during the last quarter. Rhino Investment Partners Inc bought a new position in shares of First Internet Bancorp during the fourth quarter worth about $965,000. Rangeley Capital LLC bought a new stake in First Internet Bancorp in the fourth quarter valued at approximately $738,000. Finally, American Century Companies Inc. boosted 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 valued at $4,125,000 after acquiring an additional 19,019 shares during the last quarter. Institutional investors and hedge funds own 65.46% of the company's stock.

First Internet Bancorp Price Performance

INBK stock traded up $0.80 during midday trading on Wednesday, reaching $28.00. 25,514 shares of the stock were exchanged, compared to its average volume of 44,029. First Internet Bancorp has a 52 week low of $24.18 and a 52 week high of $43.26. The company has a fifty day moving average price of $31.64 and a 200 day moving average price of $35.14. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.98. The stock has a market capitalization of $243.52 million, a PE ratio of 9.69 and a beta of 0.72.

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First Internet Bancorp (NASDAQ:INBK - Get Free Report) last released its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.92 by ($0.51). First Internet Bancorp had a return on equity of 5.86% and a net margin of 7.45%. As a group, analysts expect that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

First Internet Bancorp Dividend Announcement

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 paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.86%. The ex-dividend date is Monday, March 31st. First Internet Bancorp's payout ratio is currently 8.30%.

Analyst Upgrades and Downgrades

INBK has been the subject of a number of research analyst reports. Piper Sandler lowered their price target on First Internet Bancorp from $42.50 to $38.00 and set a "neutral" rating for the company in a report on Monday, January 27th. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $40.00 target price (down previously from $45.00) on shares of First Internet Bancorp in a report on Friday, January 24th. Finally, StockNews.com raised shares of First Internet Bancorp from a "hold" rating to a "buy" rating in a report on Wednesday. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target 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.