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

First Internet Bancorp (NASDAQ:INBK - Get Free Report) was the recipient 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 short-interest ratio is presently 1.2 days. Approximately 0.5% of the company's stock are short sold.

First Internet Bancorp Stock Down 3.4 %

Shares of NASDAQ:INBK traded down $0.84 during trading on Friday, hitting $23.76. The company's stock had a trading volume of 48,255 shares, compared to its average volume of 44,132. The company has a market capitalization of $206.64 million, a PE ratio of 8.22 and a beta of 0.52. First Internet Bancorp has a fifty-two week low of $22.30 and a fifty-two week high of $43.26. 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 stock's 50-day moving average price is $29.71 and its two-hundred day moving average price is $34.44.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last announced its earnings results on Wednesday, January 22nd. The bank reported $0.41 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.92 by ($0.51). First Internet Bancorp had a net margin of 7.45% and a return on equity of 5.86%. As a group, sell-side analysts expect that First Internet Bancorp will post 4.11 EPS 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. Stockholders of record on Monday, March 31st will be paid a $0.06 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.01%. First Internet Bancorp's dividend payout ratio (DPR) is presently 8.30%.

Analyst Ratings Changes

A number of research analysts have commented on INBK shares. Keefe, Bruyette & Woods restated a "market perform" rating and set a $40.00 price objective (down previously from $45.00) on shares of First Internet Bancorp in a research note on Friday, January 24th. 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 research report on Monday, January 27th. StockNews.com downgraded shares of First Internet Bancorp from a "buy" rating to a "hold" rating in a research report on Thursday, March 27th. Finally, 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 research report on Wednesday. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, First Internet Bancorp presently has a consensus rating of "Hold" and a consensus price target of $40.50.

Hedge Funds Weigh In On First Internet Bancorp

A number of hedge funds have recently bought and sold shares of INBK. Deutsche Bank AG lifted its holdings in First Internet Bancorp by 4.5% during the 4th quarter. Deutsche Bank AG now owns 7,789 shares of the bank's stock worth $280,000 after buying an additional 335 shares during the last quarter. Sei Investments Co. raised its position in shares of First Internet Bancorp by 2.8% during the 4th quarter. Sei Investments Co. now owns 13,045 shares of the bank's stock valued at $470,000 after acquiring an additional 360 shares in the last quarter. Ancora Advisors LLC lifted its stake in First Internet Bancorp by 0.5% during the fourth quarter. Ancora Advisors LLC now owns 130,767 shares of the bank's stock worth $4,706,000 after purchasing an additional 700 shares during the last quarter. Bank of America Corp DE boosted its holdings in First Internet Bancorp by 3.5% in the fourth quarter. Bank of America Corp DE now owns 20,800 shares of the bank's stock worth $749,000 after purchasing an additional 707 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in First Internet Bancorp by 3.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 23,505 shares of the bank's stock valued at $846,000 after purchasing an additional 841 shares during the last quarter. 65.46% of the stock is currently owned by institutional investors and hedge funds.

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.