First Internet Bancorp (NASDAQ:INBK) Sees Large Growth in Short Interest

First Internet Bancorp (NASDAQ:INBK) was the target of a significant growth in short interest in 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. Currently, 0.5% of the shares of the company are sold short. Based on an average daily volume of 31,600 shares, the short-interest ratio is currently 1.2 days.

Hedge Funds Weigh In On First Internet Bancorp

A number of hedge funds have recently bought and sold shares of INBK. R Squared Ltd bought a new stake in First Internet Bancorp in the 4th quarter valued at about $33,000. Wells Fargo & Company MN boosted its stake in shares of First Internet Bancorp by 35.0% in the fourth quarter. Wells Fargo & Company MN now owns 4,381 shares of the bank’s stock valued at $158,000 after buying an additional 1,137 shares during the period. MetLife Investment Management LLC grew its position in First Internet Bancorp by 129.1% during the third quarter. MetLife Investment Management LLC now owns 4,737 shares of the bank’s stock worth $162,000 after buying an additional 2,669 shares in the last quarter. SG Americas Securities LLC grew its position in First Internet Bancorp by 22.5% during the fourth quarter. SG Americas Securities LLC now owns 5,181 shares of the bank’s stock worth $186,000 after buying an additional 953 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in First Internet Bancorp during the 3rd quarter worth $201,000. 65.46% of the stock is owned by institutional investors.

First Internet Bancorp Stock Performance

Shares of NASDAQ:INBK traded up $0.19 during trading on Tuesday, reaching $26.97. 30,888 shares of the stock were exchanged, compared to its average volume of 44,052. First Internet Bancorp has a 12 month low of $24.18 and a 12 month high of $43.26. The stock has a 50-day moving average price of $30.42 and a 200-day moving average price of $34.69. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.61. The firm has a market cap of $234.56 million, a PE ratio of 9.33 and a beta of 0.72.

First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.41 earnings per share (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%. Research analysts expect that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $0.06 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.24 annualized dividend and a dividend yield of 0.89%. First Internet Bancorp’s dividend payout ratio (DPR) is presently 8.30%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on INBK. Piper Sandler dropped their price objective 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. StockNews.com cut First Internet Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, March 27th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $40.00 price objective (down from $45.00) on shares of First Internet Bancorp in a research 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. Based on data from MarketBeat.com, First Internet Bancorp has an average rating of “Hold” and an average target price 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.