First Internet Bancorp (NASDAQ:INBK) Shares Pass Below 200-Day Moving Average – Here’s Why

First Internet Bancorp (NASDAQ:INBK)’s stock price crossed below its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $29.12 and traded as low as $22.96. First Internet Bancorp shares last traded at $23.32, with a volume of 71,462 shares trading hands.

Analyst Upgrades and Downgrades

INBK has been the subject of a number of analyst reports. 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. Keefe, Bruyette & Woods decreased their target price on shares of First Internet Bancorp from $35.00 to $30.00 and set a “market perform” rating for the company in a research report on Tuesday, April 29th. Hovde Group decreased their price target on shares of First Internet Bancorp from $39.00 to $28.00 and set an “outperform” rating for the company in a report on Friday, April 25th. Finally, Piper Sandler decreased their price target on shares of First Internet Bancorp from $32.00 to $24.00 and set a “neutral” rating for the company in a report on Monday, April 28th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $31.75.

First Internet Bancorp Price Performance

The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 1.29. The company’s fifty day moving average is $23.37 and its two-hundred day moving average is $29.12. The stock has a market cap of $202.88 million, a price-to-earnings ratio of 9.68 and a beta of 0.70.

First Internet Bancorp (NASDAQ:INBK) last posted its quarterly earnings results on Wednesday, April 23rd. The bank reported $0.11 EPS for the quarter, missing the consensus estimate of $0.75 by ($0.64). The business had revenue of $76.83 million during the quarter, compared to analyst estimates of $26.73 million. First Internet Bancorp had a return on equity of 4.64% and a net margin of 6.01%. As a group, research analysts predict that First Internet Bancorp will post 4.11 earnings per share for the current year.

First Internet Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be given a $0.06 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.24 dividend on an annualized basis and a yield of 1.03%. First Internet Bancorp’s dividend payout ratio (DPR) is presently 9.96%.

Institutional Investors Weigh In On First Internet Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Deutsche Bank AG grew its position in First Internet Bancorp by 4.5% during the fourth quarter. Deutsche Bank AG now owns 7,789 shares of the bank’s stock worth $280,000 after buying an additional 335 shares during the period. Sei Investments Co. grew 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 worth $470,000 after buying an additional 360 shares during the period. Ancora Advisors LLC grew 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 worth $4,706,000 after buying an additional 700 shares during the period. Bank of America Corp DE grew 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 worth $749,000 after buying an additional 707 shares during the period. Finally, Hsbc Holdings PLC grew 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 worth $302,000 after buying an additional 758 shares during the period. 65.46% of the stock is owned by hedge funds and other institutional investors.

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.