First Internet Bancorp (NASDAQ:INBK) Shares Cross Below 200 Day Moving Average – Time to Sell?

First Internet Bancorp (NASDAQ:INBK) passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $22.72 and traded as low as $20.38. First Internet Bancorp shares last traded at $20.5350, with a volume of 66,715 shares trading hands.

Wall Street Analysts Forecast Growth

INBK has been the subject of several research reports. Zacks Research lowered First Internet Bancorp from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 28th. Weiss Ratings restated a “sell (d)” rating on shares of First Internet Bancorp in a research note on Monday. Hovde Group decreased their price objective on shares of First Internet Bancorp from $29.00 to $26.00 and set an “outperform” rating for the company in a report on Friday, October 24th. Keefe, Bruyette & Woods dropped their target price on shares of First Internet Bancorp from $27.00 to $25.00 and set a “market perform” rating on the stock in a report on Friday, October 24th. Finally, Piper Sandler reduced their price target on shares of First Internet Bancorp from $25.50 to $22.00 and set a “neutral” rating on the stock in a research report on Monday, October 27th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus target price of $24.33.

First Internet Bancorp Price Performance

The company has a debt-to-equity ratio of 1.01, a current ratio of 0.91 and a quick ratio of 0.88. The stock has a market capitalization of $178.86 million, a price-to-earnings ratio of -5.40 and a beta of 0.85. The company has a 50-day simple moving average of $19.64 and a two-hundred day simple moving average of $22.72.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings results on Wednesday, October 22nd. The bank reported ($1.43) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.66 by ($2.09). First Internet Bancorp had a negative net margin of 9.35% and a negative return on equity of 2.05%. The firm had revenue of $43.53 million for the quarter, compared to analyst estimates of $33.48 million. On average, equities research analysts predict that First Internet Bancorp will post 4.11 earnings per share for the current year.

First Internet Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be given a $0.06 dividend. The ex-dividend date is Wednesday, December 31st. This represents a $0.24 annualized dividend and a yield of 1.2%. First Internet Bancorp’s dividend payout ratio is -6.32%.

Insider Buying and Selling at First Internet Bancorp

In other First Internet Bancorp news, COO Nicole S. Lorch acquired 2,000 shares of the firm’s stock in a transaction that occurred on Monday, November 17th. The stock was acquired at an average cost of $17.96 per share, with a total value of $35,920.00. Following the acquisition, the chief operating officer directly owned 70,206 shares of the company’s stock, valued at $1,260,899.76. This represents a 2.93% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John K. Keach, Jr. bought 2,000 shares of the stock in a transaction that occurred on Tuesday, October 28th. The stock was acquired at an average price of $19.34 per share, for a total transaction of $38,680.00. Following the completion of the transaction, the director owned 37,046 shares in the company, valued at $716,469.64. This trade represents a 5.71% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have bought 10,110 shares of company stock worth $187,863. 8.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. AlphaQuest LLC lifted its holdings in First Internet Bancorp by 239.4% in the first quarter. AlphaQuest LLC now owns 1,361 shares of the bank’s stock worth $36,000 after purchasing an additional 960 shares during the period. Tower Research Capital LLC TRC raised its position in shares of First Internet Bancorp by 202.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,789 shares of the bank’s stock worth $48,000 after buying an additional 1,198 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in shares of First Internet Bancorp by 92.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 9,261 shares of the bank’s stock worth $208,000 after acquiring an additional 4,439 shares during the period. Teton Advisors LLC acquired a new stake in shares of First Internet Bancorp in the 3rd quarter worth approximately $224,000. Finally, Jump Financial LLC bought a new position in shares of First Internet Bancorp in the second quarter valued at approximately $236,000. Institutional investors own 65.46% of the company’s stock.

First Internet Bancorp Company Profile

First Internet Bancorp is the bank holding company for First Internet Bank of Indiana, a pioneer in digital banking in the United States. Established with a focus on online-only operations, the company offers fully integrated, web-based financial solutions without the overhead of physical branches. Headquartered in Indianapolis, Indiana, First Internet Bancorp leverages technology to deliver streamlined banking services to customers across the country.

The company’s core offerings include a range of deposit products such as checking accounts, savings accounts, money market accounts, certificates of deposit (CDs) and individual retirement accounts (IRAs).