Short Interest in First Internet Bancorp (NASDAQ:INBK) Rises By 7.9%

First Internet Bancorp (NASDAQ:INBK) was the target of a significant growth in short interest in March. As of March 31st, there was short interest totalling 91,900 shares, a growth 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 stock are sold short.

Wall Street Analyst Weigh In

A number of equities analysts have commented on INBK shares. StockNews.com raised shares of First Internet Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, January 5th. Keefe, Bruyette & Woods upped their target price on shares of First Internet Bancorp from $29.00 to $34.00 and gave the stock a “market perform” rating in a research report on Friday, January 26th. Finally, Craig Hallum upgraded First Internet Bancorp from a “hold” rating to a “buy” rating and raised their price target for the company from $19.00 to $35.00 in a research report on Monday, December 18th. Three equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $29.00.

Institutional Investors Weigh In On First Internet Bancorp

Several institutional investors have recently bought and sold shares of the stock. Rhumbline Advisers lifted its position in First Internet Bancorp by 3.2% in the second quarter. Rhumbline Advisers now owns 13,149 shares of the bank’s stock valued at $484,000 after purchasing an additional 402 shares during the last quarter. First Trust Advisors LP raised its holdings in First Internet Bancorp by 9.8% during the 1st quarter. First Trust Advisors LP now owns 5,020 shares of the bank’s stock valued at $216,000 after buying an additional 447 shares during the last quarter. Royal Bank of Canada raised its holdings in First Internet Bancorp by 6.4% during the 3rd quarter. Royal Bank of Canada now owns 9,307 shares of the bank’s stock valued at $316,000 after buying an additional 556 shares during the last quarter. Tower Research Capital LLC TRC boosted its position in First Internet Bancorp by 148.9% during the 3rd 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. Finally, Bank of New York Mellon Corp grew its holdings in First Internet Bancorp by 1.2% in the 1st quarter. Bank of New York Mellon Corp now owns 63,464 shares of the bank’s stock worth $2,730,000 after acquiring an additional 762 shares during the last quarter. 65.46% of the stock is currently owned by hedge funds and other institutional investors.

First Internet Bancorp Stock Down 1.2 %

Shares of NASDAQ INBK opened at $31.06 on Tuesday. The stock has a market capitalization of $268.98 million, a P/E ratio of 26.55 and a beta of 0.72. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.04 and a quick ratio of 1.04. First Internet Bancorp has a one year low of $9.68 and a one year high of $35.72. The firm’s 50 day simple moving average is $32.28 and its two-hundred day simple moving average is $25.33.

First Internet Bancorp (NASDAQ:INBK) last released its earnings results on Wednesday, January 24th. The bank reported $0.48 EPS for the quarter, beating the consensus estimate of $0.24 by $0.24. The company had revenue of $27.21 million for the quarter, compared to analyst estimates of $24.50 million. First Internet Bancorp had a net margin of 3.81% and a return on equity of 4.56%. As a group, analysts expect that First Internet Bancorp will post 3.01 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

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

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.