First Internet Bancorp (NASDAQ:INBK) Stock Price Crosses Above 50-Day Moving Average – Here’s What Happened

First Internet Bancorp (NASDAQ:INBK) shares passed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $19.63 and traded as high as $21.78. First Internet Bancorp shares last traded at $21.11, with a volume of 55,097 shares changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on INBK shares. Keefe, Bruyette & Woods dropped their price objective 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. Hovde Group lowered their target price on First Internet Bancorp from $29.00 to $26.00 and set an “outperform” rating for the company in a report on Friday, October 24th. Piper Sandler cut their price target on First Internet Bancorp from $25.50 to $22.00 and set a “neutral” rating on the stock in a report on Monday, October 27th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of First Internet Bancorp in a research report on Monday, December 29th. Finally, Zacks Research raised First Internet Bancorp from a “strong sell” rating to a “hold” rating in a research report on Thursday, December 25th. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $24.33.

First Internet Bancorp Stock Performance

The company has a market capitalization of $183.87 million, a price-to-earnings ratio of -5.56 and a beta of 0.81. The stock’s 50 day moving average price is $19.63 and its 200 day moving average price is $22.55. The company has a current ratio of 0.91, a quick ratio of 0.88 and a debt-to-equity ratio of 1.01.

First Internet Bancorp (NASDAQ:INBK) last released its 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 return on equity of 2.05% and a negative net margin of 9.35%.The company had revenue of $43.53 million for the quarter, compared to the consensus estimate of $33.48 million. Analysts expect that First Internet Bancorp will post 4.11 earnings per share for the current year.

First Internet Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Wednesday, December 31st. First Internet Bancorp’s dividend payout ratio is presently -6.32%.

Insider Activity at First Internet Bancorp

In other news, COO Nicole S. Lorch acquired 2,000 shares of the firm’s stock in a transaction dated Monday, November 17th. The stock was bought at an average price of $17.96 per share, with a total value of $35,920.00. Following the transaction, the chief operating officer directly owned 70,206 shares in the company, valued at approximately $1,260,899.76. The trade was a 2.93% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO David B. Becker acquired 5,000 shares of the stock in a transaction dated Wednesday, October 29th. The shares were purchased at an average price of $18.67 per share, for a total transaction of $93,350.00. Following the completion of the purchase, the chief executive officer directly owned 419,194 shares in the company, valued at $7,826,351.98. The trade was a 1.21% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders bought 10,110 shares of company stock valued at $187,863. 8.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On First Internet Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of INBK. Patriot Financial Partners GP II L.P. bought a new stake in First Internet Bancorp in the third quarter valued at approximately $4,696,000. CSM Advisors LLC acquired a new position in shares of First Internet Bancorp during the 2nd quarter worth approximately $3,923,000. Fourthstone LLC raised its stake in First Internet Bancorp by 254.9% in the 2nd quarter. Fourthstone LLC now owns 145,141 shares of the bank’s stock valued at $3,904,000 after acquiring an additional 104,241 shares during the period. Creative Planning acquired a new stake in First Internet Bancorp during the 2nd quarter valued at $1,691,000. Finally, Russell Investments Group Ltd. lifted its holdings in First Internet Bancorp by 59.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 90,470 shares of the bank’s stock valued at $2,029,000 after purchasing an additional 33,622 shares during the last quarter. 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).