First Internet Bancorp (NASDAQ:INBK) Short Interest Up 7.9% in March

First Internet Bancorp (NASDAQ:INBK) was the recipient of a significant increase in short interest in March. As of March 31st, there was short interest totalling 91,900 shares, an increase of 7.9% from the March 15th total of 85,200 shares. Based on an average daily volume of 51,700 shares, the days-to-cover ratio is currently 1.8 days. Currently, 1.2% of the shares of the company are short sold.

Analysts Set New Price Targets

Several research firms recently commented on INBK. StockNews.com upgraded First Internet Bancorp from a “sell” rating to a “hold” rating in a report on Friday, January 5th. Keefe, Bruyette & Woods lifted their price objective on shares of First Internet Bancorp from $29.00 to $34.00 and gave the company a “market perform” rating in a research report on Friday, January 26th. Three research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $29.00.

First Internet Bancorp Trading Up 0.1 %

Shares of INBK opened at $31.08 on Wednesday. The stock has a market capitalization of $269.15 million, a PE ratio of 26.56 and a beta of 0.72. The company’s fifty day moving average is $32.28 and its 200 day moving average is $25.43. The company has a debt-to-equity ratio of 1.98, a quick ratio of 1.04 and a current ratio of 1.04. First Internet Bancorp has a fifty-two week low of $9.68 and a fifty-two week high of $35.72.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings data on Wednesday, January 24th. The bank reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.24. The company had revenue of $27.21 million for the quarter, compared to analysts’ expectations of $24.50 million. First Internet Bancorp had a return on equity of 4.56% and a net margin of 3.81%. Sell-side analysts expect that First Internet Bancorp will post 3.01 earnings per share for the current fiscal year.

First Internet Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.77%. The ex-dividend date was Wednesday, March 27th. First Internet Bancorp’s dividend payout ratio is presently 20.51%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Tower Research Capital LLC TRC increased its stake in shares of First Internet Bancorp by 148.9% during the third quarter. Tower Research Capital LLC TRC now owns 1,267 shares of the bank’s stock valued at $42,000 after buying an additional 758 shares during the period. Russell Investments Group Ltd. purchased a new position in shares of First Internet Bancorp during the 1st quarter valued at approximately $38,000. Barclays PLC raised its holdings in First Internet Bancorp by 521.7% in the 4th quarter. Barclays PLC now owns 2,325 shares of the bank’s stock valued at $56,000 after buying an additional 1,951 shares during the period. UBS Group AG increased its stake in shares of First Internet Bancorp by 5,450.0% during the fourth quarter. UBS Group AG now owns 2,442 shares of the bank’s stock worth $59,000 after buying an additional 2,398 shares during the period. Finally, BNP Paribas Arbitrage SNC raised its holdings in First Internet Bancorp by 61.4% in the third quarter. BNP Paribas Arbitrage SNC now owns 3,124 shares of the bank’s stock valued at $106,000 after acquiring an additional 1,189 shares in the last quarter. 65.46% of the stock is currently owned by hedge funds and other institutional investors.

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, Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.