First Internet Bancorp (NASDAQ:INBK) Short Interest Update

First Internet Bancorp (NASDAQ:INBK) was the target of a significant decrease in short interest during the month of February. As of February 28th, there was short interest totalling 28,600 shares, a decrease of 32.1% from the February 13th total of 42,100 shares. Currently, 0.4% of the shares of the company are short sold. Based on an average daily trading volume, of 31,900 shares, the short-interest ratio is currently 0.9 days.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on INBK. StockNews.com downgraded First Internet Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, March 11th. Piper Sandler decreased their price objective 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. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and issued a $40.00 target price (down from $45.00) on shares of First Internet Bancorp in a research note on Friday, January 24th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, First Internet Bancorp presently has a consensus rating of “Hold” and an average target price of $41.75.

First Internet Bancorp Price Performance

INBK stock traded up $0.05 during trading on Monday, hitting $27.21. The company had a trading volume of 14,853 shares, compared to its average volume of 44,159. The company has a fifty day moving average price of $31.77 and a two-hundred day moving average price of $35.20. First Internet Bancorp has a fifty-two week low of $24.18 and a fifty-two week high of $43.26. The company has a market cap of $236.65 million, a P/E ratio of 9.42 and a beta of 0.72. 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 (NASDAQ:INBK) last issued its quarterly earnings data 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%. Equities research analysts expect 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 was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a $0.06 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $0.24 annualized dividend and a yield of 0.88%. First Internet Bancorp’s payout ratio is 8.30%.

Institutional Trading of First Internet Bancorp

Several large investors have recently made changes to their positions in INBK. Connor Clark & Lunn Investment Management Ltd. acquired a new position in First Internet Bancorp during the 3rd quarter worth about $469,000. Jane Street Group LLC bought a new stake in First Internet Bancorp in the third quarter valued at about $203,000. First Merchants Corp bought a new position in First Internet Bancorp during the 4th quarter worth approximately $402,000. JPMorgan Chase & Co. grew its holdings in shares of First Internet Bancorp by 37.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 17,086 shares of the bank’s stock valued at $585,000 after buying an additional 4,675 shares during the period. Finally, Barclays PLC increased its holdings in shares of First Internet Bancorp by 20.5% in the third quarter. Barclays PLC now owns 20,286 shares of the bank’s stock worth $696,000 after acquiring an additional 3,447 shares in the last quarter. 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.