Short Interest in First Internet Bancorp (NASDAQ:INBK) Rises By 96.4%

First Internet Bancorp (NASDAQ:INBKGet Rating) saw a significant growth in short interest in May. As of May 15th, there was short interest totalling 281,900 shares, a growth of 96.4% from the April 30th total of 143,500 shares. Currently, 3.6% of the shares of the company are short sold. Based on an average daily trading volume, of 89,800 shares, the short-interest ratio is currently 3.1 days.

Analysts Set New Price Targets

Several brokerages recently weighed in on INBK. Piper Sandler cut their target price on shares of First Internet Bancorp from $20.00 to $16.50 in a research note on Monday, May 1st. Craig Hallum cut their target price on shares of First Internet Bancorp from $27.00 to $18.00 in a research note on Friday, April 28th. Keefe, Bruyette & Woods cut their target price on shares of First Internet Bancorp from $30.00 to $27.00 and set a “market perform” rating on the stock in a research note on Thursday, April 6th. Finally, StockNews.com initiated coverage on shares of First Internet Bancorp in a research note on Thursday, May 18th. They set a “sell” rating on the stock. One analyst has rated the stock with a sell rating and four have issued a hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $23.38.

Insider Buying and Selling at First Internet Bancorp

In other news, Director Aasif M. Bade acquired 10,000 shares of the business’s stock in a transaction on Wednesday, May 10th. The stock was bought at an average price of $10.76 per share, with a total value of $107,600.00. Following the completion of the acquisition, the director now owns 22,500 shares of the company’s stock, valued at $242,100. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Ann C. Dee acquired 2,000 shares of the firm’s stock in a transaction dated Wednesday, March 29th. The shares were purchased at an average cost of $17.26 per share, for a total transaction of $34,520.00. Following the acquisition, the director now owns 4,850 shares in the company, valued at approximately $83,711. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Aasif M. Bade acquired 10,000 shares of the firm’s stock in a transaction dated Wednesday, May 10th. The stock was bought at an average price of $10.76 per share, for a total transaction of $107,600.00. Following the completion of the acquisition, the director now owns 22,500 shares in the company, valued at approximately $242,100. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 17,000 shares of company stock valued at $204,620. Corporate insiders own 7.10% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of INBK. Fiduciary Trust Co. boosted its stake in First Internet Bancorp by 41.6% during the 3rd quarter. Fiduciary Trust Co. now owns 127,466 shares of the bank’s stock worth $4,316,000 after purchasing an additional 37,427 shares during the period. Seizert Capital Partners LLC acquired a new stake in First Internet Bancorp during the 1st quarter worth $281,000. Column Capital Advisors LLC acquired a new stake in First Internet Bancorp during the 1st quarter worth $50,000. Bailard Inc. acquired a new stake in First Internet Bancorp during the 1st quarter worth $198,000. Finally, Strs Ohio boosted its stake in First Internet Bancorp by 21.4% during the 1st quarter. Strs Ohio now owns 25,500 shares of the bank’s stock worth $424,000 after purchasing an additional 4,500 shares during the period. Institutional investors and hedge funds own 70.72% of the company’s stock.

First Internet Bancorp Stock Down 1.2 %

Shares of NASDAQ:INBK traded down $0.14 during trading hours on Friday, reaching $12.01. The stock had a trading volume of 102,232 shares, compared to its average volume of 72,100. First Internet Bancorp has a 1 year low of $9.68 and a 1 year high of $40.12. The firm’s 50 day moving average is $14.67 and its 200-day moving average is $21.62. The company has a debt-to-equity ratio of 2.02, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a market capitalization of $107.01 million, a price-to-earnings ratio of 4.96 and a beta of 0.47.

First Internet Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 17th. Stockholders of record on Friday, March 31st were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 2.00%. The ex-dividend date was Thursday, March 30th. First Internet Bancorp’s payout ratio is 9.92%.

First Internet Bancorp Company Profile

(Get Rating)

First Internet Bancorp engages in the provision of online commercial and retail banking products and services. It offers first-lien residential mortgage loans, consumer loans and credit cards & CRE loans in Indiana and other parts of the midwest in the form of office, retail, industrial, and multifamily loans, with credit tenant lease financing.

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