Short Interest in First Internet Bancorp (NASDAQ:INBK) Drops By 32.1%

First Internet Bancorp (NASDAQ:INBK) was the recipient of a significant decline in short interest in 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. Based on an average daily volume of 31,900 shares, the days-to-cover ratio is presently 0.9 days. Approximately 0.4% of the shares of the company are sold short.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. R Squared Ltd bought a new position in First Internet Bancorp during the 4th quarter worth approximately $33,000. Wells Fargo & Company MN raised its position in shares of First Internet Bancorp by 35.0% in the 4th quarter. Wells Fargo & Company MN now owns 4,381 shares of the bank’s stock worth $158,000 after acquiring an additional 1,137 shares in the last quarter. MetLife Investment Management LLC lifted its stake in shares of First Internet Bancorp by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 4,737 shares of the bank’s stock valued at $162,000 after purchasing an additional 2,669 shares during the period. SG Americas Securities LLC boosted its position in shares of First Internet Bancorp by 22.5% during the 4th quarter. SG Americas Securities LLC now owns 5,181 shares of the bank’s stock valued at $186,000 after purchasing an additional 953 shares in the last quarter. Finally, XTX Topco Ltd acquired a new stake in First Internet Bancorp during the third quarter worth approximately $201,000. 65.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have weighed in on INBK. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $40.00 price target (down from $45.00) on shares of First Internet Bancorp in a report on Friday, January 24th. StockNews.com downgraded shares of First Internet Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, March 11th. Finally, Piper Sandler cut 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 data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $41.75.

First Internet Bancorp Price Performance

INBK stock traded up $0.05 during trading on Monday, reaching $27.21. 14,853 shares of the company were exchanged, compared to its average volume of 44,159. The company has a market capitalization of $236.65 million, a price-to-earnings ratio of 9.42 and a beta of 0.72. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.98. The company has a 50-day moving average of $31.77 and a two-hundred day moving average of $35.20. First Internet Bancorp has a twelve month low of $24.18 and a twelve month high of $43.26.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.41 EPS for the quarter, missing analysts’ consensus estimates 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, equities analysts predict that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

First Internet Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a $0.06 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $0.24 dividend on an annualized basis and a yield of 0.88%. First Internet Bancorp’s 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.