First Internet Bancorp (NASDAQ:INBK) Short Interest Update

First Internet Bancorp (NASDAQ:INBK) saw a large 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 stock are short sold. Based on an average trading volume of 31,900 shares, the short-interest ratio is presently 0.9 days.

Institutional Trading of First Internet Bancorp

Institutional investors have recently modified their holdings of the company. R Squared Ltd bought a new position in First Internet Bancorp in the fourth quarter worth about $33,000. Wells Fargo & Company MN increased its position in shares of First Internet Bancorp by 35.0% during the fourth quarter. Wells Fargo & Company MN now owns 4,381 shares of the bank’s stock valued at $158,000 after acquiring an additional 1,137 shares in the last quarter. MetLife Investment Management LLC increased its position in shares of First Internet Bancorp by 129.1% during the third quarter. MetLife Investment Management LLC now owns 4,737 shares of the bank’s stock valued at $162,000 after acquiring an additional 2,669 shares in the last quarter. SG Americas Securities LLC increased its position in shares of First Internet Bancorp by 22.5% during the fourth quarter. SG Americas Securities LLC now owns 5,181 shares of the bank’s stock valued at $186,000 after acquiring an additional 953 shares in the last quarter. Finally, XTX Topco Ltd bought a new stake in shares of First Internet Bancorp during the third quarter valued at approximately $201,000. 65.46% of the stock is currently owned by hedge funds and other institutional investors.

First Internet Bancorp Price Performance

Shares of First Internet Bancorp stock traded up $0.96 during trading on Friday, hitting $27.16. The stock had a trading volume of 21,398 shares, compared to its average volume of 32,878. First Internet Bancorp has a 12 month low of $24.18 and a 12 month high of $43.26. The business’s 50-day moving average is $31.92 and its 200 day moving average is $35.26. The firm has a market cap of $236.21 million, a price-to-earnings ratio of 9.40 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 posted 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%. As a group, sell-side analysts anticipate that First Internet Bancorp will post 4.11 earnings per share for the current year.

First Internet Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a dividend of $0.06 per share. The ex-dividend date was Tuesday, December 31st. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.88%. First Internet Bancorp’s dividend payout ratio is currently 8.30%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. StockNews.com downgraded First Internet Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday. Piper Sandler decreased their price objective 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. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and issued a $40.00 price objective (down from $45.00) on shares of First Internet Bancorp in a report on Friday, January 24th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, First Internet Bancorp currently has a consensus rating of “Hold” 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.