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

First Internet Bancorp (NASDAQ:INBK - Get Free Report) was the recipient of a large drop in short interest in the month of May. As of May 15th, there was short interest totalling 76,300 shares, a drop of 19.3% from the April 30th total of 94,500 shares. Currently, 1.1% of the company's stock are sold short. Based on an average trading volume of 57,000 shares, the days-to-cover ratio is presently 1.3 days.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Raymond James Financial Inc. acquired a new stake in First Internet Bancorp in the fourth quarter valued at approximately $1,780,000. Patriot Financial Partners GP LP increased its holdings in shares of First Internet Bancorp by 14.7% during the fourth quarter. Patriot Financial Partners GP LP now owns 373,482 shares of the bank's stock worth $13,442,000 after buying an additional 48,000 shares in the last quarter. Heartland Advisors Inc. lifted its stake in shares of First Internet Bancorp by 20.2% in the 1st quarter. Heartland Advisors Inc. now owns 240,400 shares of the bank's stock valued at $6,438,000 after acquiring an additional 40,400 shares during the last quarter. Nuveen LLC acquired a new stake in shares of First Internet Bancorp during the 1st quarter valued at $725,000. Finally, Rhino Investment Partners Inc acquired a new stake in shares of First Internet Bancorp during the 4th quarter valued at $965,000. 65.46% of the stock is owned by institutional investors.

Analysts Set New Price Targets

INBK has been the subject of several recent analyst reports. Keefe, Bruyette & Woods decreased their price target on First Internet Bancorp from $35.00 to $30.00 and set a "market perform" rating for the company in a research note on Tuesday, April 29th. Wall Street Zen lowered First Internet Bancorp from a "buy" rating to a "hold" rating in a report on Thursday, March 27th. Piper Sandler decreased their target price on First Internet Bancorp from $32.00 to $24.00 and set a "neutral" rating for the company in a research report on Monday, April 28th. Finally, Hovde Group dropped their price target on shares of First Internet Bancorp from $39.00 to $28.00 and set an "outperform" rating on the stock in a research report on Friday, April 25th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $31.75.

First Internet Bancorp Stock Up 1.0%

NASDAQ INBK traded up $0.23 during trading hours on Tuesday, hitting $23.73. 34,632 shares of the company traded hands, compared to its average volume of 47,782. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.98 and a current ratio of 0.99. The business's 50-day moving average is $23.77 and its 200-day moving average is $30.69. The stock has a market capitalization of $206.38 million, a price-to-earnings ratio of 8.21 and a beta of 0.66. First Internet Bancorp has a twelve month low of $19.54 and a twelve month high of $43.26.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The bank reported $0.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.75 by ($0.64). The company had revenue of $76.83 million for the quarter, compared to analyst estimates of $26.73 million. First Internet Bancorp had a return on equity of 5.86% and a net margin of 7.45%. Sell-side analysts anticipate that First Internet Bancorp will post 4.11 earnings per share for the current year.

First Internet Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.01%. The ex-dividend date of this dividend was Monday, March 31st. First Internet Bancorp's payout ratio is presently 9.96%.

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.