First Internet Bancorp (NASDAQ:INBK) Share Price Crosses Below 200-Day Moving Average of $29.63

First Internet Bancorp (NASDAQ:INBKGet Free Report) crossed below its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $29.63 and traded as low as $26.11. First Internet Bancorp shares last traded at $27.02, with a volume of 1,209,857 shares trading hands.

Wall Street Analysts Forecast Growth

INBK has been the subject of a number of research reports. Piper Sandler lowered their price target on First Internet Bancorp from $35.00 to $34.00 and set a “neutral” rating for the company in a report on Monday, April 29th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $36.00 price target (up previously from $34.00) on shares of First Internet Bancorp in a report on Friday, April 26th. Finally, Hovde Group lowered their price target on First Internet Bancorp from $38.50 to $38.00 and set an “outperform” rating for the company in a report on Friday, April 26th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, First Internet Bancorp presently has an average rating of “Hold” and an average price target of $35.75.

Read Our Latest Stock Analysis on First Internet Bancorp

First Internet Bancorp Stock Performance

The business has a fifty day simple moving average of $29.62 and a two-hundred day simple moving average of $29.63. The company has a debt-to-equity ratio of 1.85, a current ratio of 1.02 and a quick ratio of 1.02. The company has a market cap of $233.99 million, a PE ratio of 14.22 and a beta of 0.69.

First Internet Bancorp (NASDAQ:INBKGet Free Report) last posted its earnings results on Wednesday, April 24th. The bank reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.04. The company had revenue of $29.08 million during the quarter, compared to analyst estimates of $28.60 million. First Internet Bancorp had a return on equity of 4.64% and a net margin of 5.84%. Research analysts anticipate that First Internet Bancorp will post 3.1 earnings per share for the current year.

First Internet Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be issued a dividend of $0.06 per share. The ex-dividend date is Friday, June 28th. This represents a $0.24 dividend on an annualized basis and a yield of 0.89%. First Internet Bancorp’s dividend payout ratio is currently 12.63%.

Institutional Trading of First Internet Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the business. Public Employees Retirement System of Ohio lifted its holdings in shares of First Internet Bancorp by 27.5% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 12,018 shares of the bank’s stock valued at $195,000 after purchasing an additional 2,592 shares during the last quarter. Citigroup Inc. lifted its holdings in shares of First Internet Bancorp by 101,984.6% during the 3rd quarter. Citigroup Inc. now owns 26,542 shares of the bank’s stock valued at $430,000 after purchasing an additional 26,516 shares during the last quarter. Quadrature Capital Ltd lifted its holdings in shares of First Internet Bancorp by 44.4% during the 3rd quarter. Quadrature Capital Ltd now owns 35,502 shares of the bank’s stock valued at $569,000 after purchasing an additional 10,916 shares during the last quarter. GSA Capital Partners LLP purchased a new stake in shares of First Internet Bancorp during the 3rd quarter valued at $1,031,000. Finally, Acuitas Investments LLC purchased a new stake in shares of First Internet Bancorp during the 4th quarter valued at $1,940,000. Hedge funds and other institutional investors own 65.46% of the company’s stock.

About First Internet Bancorp

(Get Free Report)

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.

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