First Internet Bancorp (NASDAQ:INBK) Short Interest Down 15.4% in April

First Internet Bancorp (NASDAQ:INBK - Get Free Report) saw a significant drop in short interest in the month of April. As of April 15th, there was short interest totalling 43,800 shares, a drop of 15.4% from the March 31st total of 51,800 shares. Based on an average trading volume of 46,000 shares, the days-to-cover ratio is currently 1.0 days. Currently, 0.6% of the company's shares are sold short.

First Internet Bancorp Stock Up 5.8 %

NASDAQ:INBK traded up $1.26 during trading hours on Thursday, reaching $23.04. 13,261 shares of the company traded hands, compared to its average volume of 46,952. First Internet Bancorp has a 1 year low of $19.54 and a 1 year high of $43.26. The stock has a market capitalization of $200.38 million, a P/E ratio of 7.97 and a beta of 0.66. The business's 50-day moving average price is $25.03 and its two-hundred day moving average price is $32.42. 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 released its quarterly earnings data on Wednesday, April 23rd. The bank reported $0.11 earnings per share for the quarter, missing analysts' consensus estimates of $0.75 by ($0.64). First Internet Bancorp had a net margin of 7.45% and a return on equity of 5.86%. The firm had revenue of $76.83 million for the quarter, compared to the consensus estimate of $26.73 million. Analysts predict that First Internet Bancorp will post 4.11 earnings per share for the current year.

First Internet Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.24 annualized dividend and a dividend yield of 1.04%. First Internet Bancorp's payout ratio is 9.96%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on INBK. Piper Sandler dropped their target price on shares of 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. Hovde Group reduced their target price on First Internet Bancorp from $39.00 to $28.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. Keefe, Bruyette & Woods lowered their target price 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. Finally, StockNews.com cut First Internet Bancorp from a "buy" rating to a "hold" rating in a research note on Thursday, March 27th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $31.75.

Institutional Trading of First Internet Bancorp

Several large investors have recently modified their holdings of the company. R Squared Ltd bought a new position in shares of First Internet Bancorp in the 4th quarter worth approximately $33,000. Wells Fargo & Company MN grew its holdings in First Internet Bancorp by 35.0% during the fourth quarter. Wells Fargo & Company MN now owns 4,381 shares of the bank's stock valued at $158,000 after purchasing an additional 1,137 shares during the period. SG Americas Securities LLC grew its stake 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 acquiring an additional 953 shares during the period. Jane Street Group LLC purchased a new stake in First Internet Bancorp in the 3rd quarter worth approximately $203,000. Finally, GAMMA Investing LLC raised its stake in First Internet Bancorp by 52,791.7% during the 1st quarter. GAMMA Investing LLC now owns 6,347 shares of the bank's stock worth $170,000 after acquiring an additional 6,335 shares during the period. 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.