First Internet Bancorp (NASDAQ:INBK – Get Free Report) was the recipient of a significant growth in short interest during the month of March. As of March 31st, there was short interest totalling 91,900 shares, a growth of 7.9% from the March 15th total of 85,200 shares. Based on an average daily trading volume, of 51,700 shares, the days-to-cover ratio is presently 1.8 days. Approximately 1.2% of the shares of the company are short sold.
Analysts Set New Price Targets
Several research firms have commented on INBK. Keefe, Bruyette & Woods upped their price target on shares of First Internet Bancorp from $29.00 to $34.00 and gave the company a “market perform” rating in a report on Friday, January 26th. Craig Hallum raised shares of First Internet Bancorp from a “hold” rating to a “buy” rating and upped their price target for the company from $19.00 to $35.00 in a report on Monday, December 18th. Finally, StockNews.com raised shares of First Internet Bancorp from a “sell” rating to a “hold” rating in a report on Friday, January 5th. Three equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $29.00.
Get Our Latest Analysis on INBK
Hedge Funds Weigh In On First Internet Bancorp
First Internet Bancorp Trading Down 1.2 %
Shares of INBK stock opened at $31.06 on Tuesday. The stock has a 50 day simple moving average of $32.28 and a 200-day simple moving average of $25.33. First Internet Bancorp has a 1-year low of $9.68 and a 1-year high of $35.72. The company has a market cap of $268.98 million, a price-to-earnings ratio of 26.55 and a beta of 0.72. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.04 and a quick ratio of 1.04.
First Internet Bancorp (NASDAQ:INBK – Get Free Report) last announced its earnings results on Wednesday, January 24th. The bank reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.24. The business had revenue of $27.21 million for the quarter, compared to analyst estimates of $24.50 million. First Internet Bancorp had a net margin of 3.81% and a return on equity of 4.56%. On average, equities research analysts expect that First Internet Bancorp will post 3.01 EPS for the current fiscal year.
First Internet Bancorp Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.77%. First Internet Bancorp’s payout ratio is currently 20.51%.
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, Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.
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