First Internet Bancorp (NASDAQ:INBK) Share Price Passes Below Two Hundred Day Moving Average on Disappointing Earnings

First Internet Bancorp (NASDAQ:INBK) shares passed below its 200-day moving average during trading on Wednesday following a weaker than expected earnings announcement. The stock has a 200-day moving average of $23.96 and traded as low as $21.51. First Internet Bancorp shares last traded at $21.91, with a volume of 61,113 shares trading hands.

The bank reported ($1.43) EPS for the quarter, missing analysts’ consensus estimates of $0.66 by ($2.09). First Internet Bancorp had a net margin of 4.36% and a return on equity of 3.03%. The firm had revenue of $43.53 million during the quarter, compared to the consensus estimate of $33.48 million.

First Internet Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $0.24 annualized dividend and a dividend yield of 1.1%. First Internet Bancorp’s dividend payout ratio (DPR) is 13.64%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on INBK. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $27.00 target price (down from $30.00) on shares of First Internet Bancorp in a research note on Monday, July 28th. Wall Street Zen downgraded shares of First Internet Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, August 2nd. Piper Sandler decreased their target price on shares of First Internet Bancorp from $27.00 to $26.00 and set a “neutral” rating on the stock in a research note on Monday, July 28th. Zacks Research raised shares of First Internet Bancorp from a “strong sell” rating to a “hold” rating in a research note on Thursday, September 25th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of First Internet Bancorp in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, First Internet Bancorp has an average rating of “Hold” and a consensus target price of $27.33.

Institutional Trading of First Internet Bancorp

Hedge funds have recently added to or reduced their stakes in the business. Ancora Advisors LLC lifted its stake in First Internet Bancorp by 7.9% in the first quarter. Ancora Advisors LLC now owns 141,103 shares of the bank’s stock worth $3,779,000 after acquiring an additional 10,336 shares during the period. Victory Capital Management Inc. lifted its position in shares of First Internet Bancorp by 8.7% during the first quarter. Victory Capital Management Inc. now owns 28,250 shares of the bank’s stock valued at $757,000 after buying an additional 2,272 shares during the last quarter. Hsbc Holdings PLC lifted its position in shares of 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 buying an additional 758 shares during the last quarter. Nuveen LLC purchased a new stake in shares of First Internet Bancorp during the first quarter valued at about $725,000. Finally, Heartland Advisors Inc. lifted its position in shares of First Internet Bancorp by 20.2% during the first quarter. Heartland Advisors Inc. now owns 240,400 shares of the bank’s stock valued at $6,438,000 after buying an additional 40,400 shares during the last quarter. 65.46% of the stock is owned by hedge funds and other institutional investors.

First Internet Bancorp Trading Up 1.2%

The firm has a market capitalization of $190.84 million, a PE ratio of 12.45 and a beta of 0.79. The company’s 50-day simple moving average is $23.43 and its 200 day simple moving average is $23.96. The company has a quick ratio of 0.90, a current ratio of 0.93 and a debt-to-equity ratio of 0.95.

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.