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

First Internet Bancorp (NASDAQ:INBK) saw a significant increase in short interest in March. As of March 13th, there was short interest totaling 153,446 shares, an increase of 26.5% from the February 26th total of 121,277 shares. Currently, 1.9% of the company’s stock are short sold. Based on an average trading volume of 50,422 shares, the short-interest ratio is presently 3.0 days.

First Internet Bancorp Stock Performance

Shares of NASDAQ:INBK traded up $0.18 on Monday, hitting $20.06. 13,844 shares of the company were exchanged, compared to its average volume of 54,263. First Internet Bancorp has a 1-year low of $17.05 and a 1-year high of $28.51. The stock’s 50 day moving average price is $20.88 and its 200 day moving average price is $20.85. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 0.99. The firm has a market capitalization of $174.86 million, a P/E ratio of -4.98 and a beta of 0.83.

First Internet Bancorp (NASDAQ:INBK) last released its earnings results on Thursday, January 29th. The bank reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.05. The firm had revenue of $42.11 million for the quarter, compared to the consensus estimate of $32.80 million. First Internet Bancorp had a negative return on equity of 1.54% and a negative net margin of 10.05%. Sell-side analysts predict that First Internet Bancorp will post 4.11 EPS for the current year.

First Internet Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be issued a $0.06 dividend. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.2%. First Internet Bancorp’s dividend payout ratio is currently -5.96%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on INBK shares. Wall Street Zen raised First Internet Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, March 14th. Keefe, Bruyette & Woods reduced their target price on First Internet Bancorp from $25.00 to $23.00 and set a “market perform” rating on the stock in a research report on Friday, January 30th. Weiss Ratings reiterated a “sell (d)” rating on shares of First Internet Bancorp in a research note on Friday. Piper Sandler lowered their price target on First Internet Bancorp from $24.00 to $23.50 and set a “neutral” rating for the company in a report on Friday, January 30th. Finally, Hovde Group boosted their price target on First Internet Bancorp from $26.00 to $29.00 and gave the stock an “outperform” rating in a research note on Friday, January 30th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus target price of $25.17.

Institutional Investors Weigh In On First Internet Bancorp

Institutional investors and hedge funds have recently modified their holdings of the company. Royal Bank of Canada increased its holdings in First Internet Bancorp by 78.5% in the 1st quarter. Royal Bank of Canada now owns 13,789 shares of the bank’s stock worth $369,000 after buying an additional 6,064 shares during the period. Empowered Funds LLC lifted its stake in First Internet Bancorp by 81.4% during the 1st quarter. Empowered Funds LLC now owns 13,135 shares of the bank’s stock valued at $352,000 after acquiring an additional 5,893 shares during the period. Jane Street Group LLC purchased a new stake in shares of First Internet Bancorp in the 1st quarter valued at $297,000. American Century Companies Inc. increased its stake in shares of First Internet Bancorp by 7.8% in the second quarter. American Century Companies Inc. now owns 144,829 shares of the bank’s stock worth $3,896,000 after acquiring an additional 10,494 shares during the period. Finally, Hsbc Holdings PLC increased its stake in shares of First Internet Bancorp by 127.4% in the second quarter. Hsbc Holdings PLC now owns 26,330 shares of the bank’s stock worth $716,000 after acquiring an additional 14,751 shares during the period. Institutional investors and hedge funds own 65.46% of the company’s stock.

About First Internet Bancorp

First Internet Bancorp is the bank holding company for First Internet Bank of Indiana, a pioneer in digital banking in the United States. Established with a focus on online-only operations, the company offers fully integrated, web-based financial solutions without the overhead of physical branches. Headquartered in Indianapolis, Indiana, First Internet Bancorp leverages technology to deliver streamlined banking services to customers across the country.

The company’s core offerings include a range of deposit products such as checking accounts, savings accounts, money market accounts, certificates of deposit (CDs) and individual retirement accounts (IRAs).