First Internet Bancorp (NASDAQ:INBK) Short Interest Down 32.1% in February

First Internet Bancorp (NASDAQ:INBK) saw a large decline in short interest during the month of February. As of February 28th, there was short interest totalling 28,600 shares, a decline of 32.1% from the February 13th total of 42,100 shares. Approximately 0.4% of the shares of the stock are sold short. Based on an average daily volume of 31,900 shares, the short-interest ratio is presently 0.9 days.

Hedge Funds Weigh In On First Internet Bancorp

A number of institutional investors have recently modified their holdings of the business. Thrivent Financial for Lutherans boosted its stake in shares of First Internet Bancorp by 14.7% in the 3rd quarter. Thrivent Financial for Lutherans now owns 27,053 shares of the bank’s stock valued at $926,000 after purchasing an additional 3,477 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of First Internet Bancorp during the third quarter valued at approximately $469,000. Foundry Partners LLC grew its stake in shares of First Internet Bancorp by 8.9% in the 3rd quarter. Foundry Partners LLC now owns 121,827 shares of the bank’s stock worth $4,174,000 after acquiring an additional 9,977 shares in the last quarter. MetLife Investment Management LLC grew its position in First Internet Bancorp by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 4,737 shares of the bank’s stock worth $162,000 after purchasing an additional 2,669 shares in the last quarter. Finally, State Street Corp increased its position in shares of First Internet Bancorp by 8.9% during the third quarter. State Street Corp now owns 106,282 shares of the bank’s stock valued at $3,648,000 after acquiring an additional 8,701 shares during the last quarter. Institutional investors and hedge funds own 65.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on INBK. StockNews.com lowered shares of First Internet Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, March 11th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $40.00 price target (down previously from $45.00) on shares of First Internet Bancorp in a research report on Friday, January 24th. Finally, Piper Sandler decreased their target price on First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating for the company in a research note on Monday, January 27th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, First Internet Bancorp presently has a consensus rating of “Hold” and an average target price of $41.75.

First Internet Bancorp Stock Up 3.7 %

Shares of INBK traded up $0.96 on Friday, hitting $27.16. The company’s stock had a trading volume of 21,398 shares, compared to its average volume of 32,878. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.61. The firm has a market capitalization of $236.21 million, a price-to-earnings ratio of 9.40 and a beta of 0.72. The firm’s fifty day moving average price is $31.92 and its 200-day moving average price is $35.27. First Internet Bancorp has a fifty-two week low of $24.18 and a fifty-two week high of $43.26.

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 return on equity of 5.86% and a net margin of 7.45%. On average, equities research analysts expect that First Internet Bancorp will post 4.11 EPS for the current year.

First Internet Bancorp Announces Dividend

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

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.