First Internet Bancorp (NASDAQ:INBK) Stock Price Crosses Below 200-Day Moving Average – Should You Sell?

First Internet Bancorp (NASDAQ:INBK)’s share price passed below its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $21.54 and traded as low as $19.59. First Internet Bancorp shares last traded at $19.89, with a volume of 67,172 shares.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Piper Sandler reduced their price target on shares of First Internet Bancorp from $24.00 to $23.50 and set a “neutral” rating for the company in a report on Friday, January 30th. Keefe, Bruyette & Woods reduced their target price on shares of First Internet Bancorp from $25.00 to $23.00 and set a “market perform” rating for the company in a research note on Friday, January 30th. Hovde Group lifted their target price on First Internet Bancorp from $26.00 to $29.00 and gave the stock an “outperform” rating in a research report on Friday, January 30th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of First Internet Bancorp in a report on Monday, December 29th. Finally, Zacks Research downgraded First Internet Bancorp from a “hold” rating to a “strong sell” rating in a research report on Friday, January 30th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Reduce” and an average target price of $25.17.

First Internet Bancorp Price Performance

The company has a 50-day moving average of $21.42 and a 200 day moving average of $21.54. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.88 and a current ratio of 0.91. The firm has a market cap of $173.24 million, a P/E ratio of -4.94 and a beta of 0.83.

First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings data on Thursday, January 29th. The bank reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.05. The firm had revenue of $42.11 million during the quarter, compared to analyst estimates of $32.80 million. First Internet Bancorp had a negative return on equity of 1.52% and a negative net margin of 10.05%. On average, sell-side analysts anticipate that First Internet Bancorp will post 4.11 EPS for the current year.

First Internet Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Wednesday, December 31st. First Internet Bancorp’s dividend payout ratio (DPR) is currently -5.96%.

Institutional Trading of First Internet Bancorp

Several large investors have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC increased its holdings in shares of First Internet Bancorp by 202.7% during the second 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. GAMMA Investing LLC increased its holdings in First Internet Bancorp by 1,123.5% during the 4th quarter. GAMMA Investing LLC now owns 3,181 shares of the bank’s stock valued at $66,000 after purchasing an additional 2,921 shares in the last quarter. Deutsche Bank AG increased its holdings in First Internet Bancorp by 4,390.4% during the 4th quarter. Deutsche Bank AG now owns 5,164 shares of the bank’s stock valued at $108,000 after purchasing an additional 5,049 shares in the last quarter. Public Employees Retirement System of Ohio raised its position in First Internet Bancorp by 19.9% in the 4th quarter. Public Employees Retirement System of Ohio now owns 6,024 shares of the bank’s stock valued at $126,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its stake in First Internet Bancorp by 62.8% in the fourth quarter. Wells Fargo & Company MN now owns 8,759 shares of the bank’s stock worth $183,000 after purchasing an additional 3,379 shares in the last quarter. 65.46% of the stock is owned by institutional investors.

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).