First Internet Bancorp (NASDAQ:INBK) Short Interest Down 19.3% in May

First Internet Bancorp (NASDAQ:INBK - Get Free Report) was the recipient of a significant drop in short interest during 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 shares of the stock are short sold. Based on an average daily trading volume, of 57,000 shares, the short-interest ratio is presently 1.3 days.

First Internet Bancorp Price Performance

INBK traded down $0.36 during trading hours on Thursday, hitting $22.58. The company's stock had a trading volume of 45,634 shares, compared to its average volume of 47,985. The business's 50-day moving average price is $23.65 and its 200-day moving average price is $30.59. First Internet Bancorp has a 12 month low of $19.54 and a 12 month high of $43.26. The stock has a market cap of $196.38 million, a price-to-earnings ratio of 7.81 and a beta of 0.70. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.61.

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

First Internet Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.06%. The ex-dividend date was Monday, March 31st. First Internet Bancorp's dividend payout ratio is presently 9.96%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on INBK shares. Piper Sandler reduced their price objective on shares of First Internet Bancorp from $32.00 to $24.00 and set a "neutral" rating on the stock in a research report on Monday, April 28th. Keefe, Bruyette & Woods reduced their price objective on shares of First Internet Bancorp from $35.00 to $30.00 and set a "market perform" rating on the stock in a research report on Tuesday, April 29th. Wall Street Zen cut shares of First Internet Bancorp from a "buy" rating to a "hold" rating in a research report on Thursday, March 27th. Finally, Hovde Group reduced their price objective 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 equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $31.75.

Institutional Investors Weigh In On First Internet Bancorp

Several large investors have recently bought and sold shares of the business. Deutsche Bank AG increased its position in First Internet Bancorp by 4.5% in the fourth quarter. Deutsche Bank AG now owns 7,789 shares of the bank's stock worth $280,000 after purchasing an additional 335 shares during the last quarter. Sei Investments Co. increased its position in First Internet Bancorp by 2.8% during the fourth quarter. Sei Investments Co. now owns 13,045 shares of the bank's stock valued at $470,000 after acquiring an additional 360 shares during the last quarter. Ancora Advisors LLC increased its position in First Internet Bancorp by 0.5% during the fourth quarter. Ancora Advisors LLC now owns 130,767 shares of the bank's stock valued at $4,706,000 after acquiring an additional 700 shares during the last quarter. Bank of America Corp DE increased its position in First Internet Bancorp by 3.5% during the fourth quarter. Bank of America Corp DE now owns 20,800 shares of the bank's stock valued at $749,000 after acquiring an additional 707 shares during the last quarter. Finally, Hsbc Holdings PLC increased its position in First Internet Bancorp by 7.0% during the first quarter. Hsbc Holdings PLC now owns 11,579 shares of the bank's stock valued at $302,000 after acquiring an additional 758 shares during the last quarter. Institutional investors own 65.46% of the company's stock.

First Internet Bancorp Company Profile

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.