First Internet Bancorp (NASDAQ:INBK) Stock Crosses Below 200-Day Moving Average – Here’s What Happened

Shares of First Internet Bancorp (NASDAQ:INBK) crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $21.28 and traded as low as $19.29. First Internet Bancorp shares last traded at $19.66, with a volume of 67,025 shares trading hands.

Analysts Set New Price Targets

Several research analysts have issued reports on INBK shares. Wall Street Zen cut First Internet Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, March 4th. Piper Sandler cut their target price on First Internet Bancorp from $24.00 to $23.50 and set a “neutral” rating on the stock in a research report on Friday, January 30th. Keefe, Bruyette & Woods decreased their price target on First Internet Bancorp from $25.00 to $23.00 and set a “market perform” rating for the company in a research report on Friday, January 30th. Hovde Group boosted their price objective on First Internet Bancorp from $26.00 to $29.00 and gave the stock an “outperform” rating in a report on Friday, January 30th. Finally, Zacks Research lowered shares of First Internet Bancorp from a “hold” rating to a “strong sell” rating in a research note on Friday, January 30th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, First Internet Bancorp presently has an average rating of “Reduce” and an average target price of $25.17.

First Internet Bancorp Stock Up 0.1%

The firm has a 50-day moving average of $21.19 and a two-hundred day moving average of $21.28. The stock has a market capitalization of $171.16 million, a price-to-earnings ratio of -4.88 and a beta of 0.83. The company has a quick ratio of 0.88, a current ratio of 0.91 and a debt-to-equity ratio of 1.01.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings data on Thursday, January 29th. The bank reported $0.64 EPS for the quarter, topping analysts’ consensus estimates 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%. As a group, sell-side analysts anticipate that First Internet Bancorp will post 4.11 earnings per share for the current year.

First Internet Bancorp Announces Dividend

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

Institutional Trading of First Internet Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of the company. Creative Planning bought a new stake in shares of First Internet Bancorp in the 2nd quarter valued at approximately $1,691,000. Fourthstone LLC lifted its stake in First Internet Bancorp by 254.9% in the second 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 last quarter. Hsbc Holdings PLC grew its position in First Internet Bancorp by 127.4% in the second quarter. Hsbc Holdings PLC now owns 26,330 shares of the bank’s stock worth $716,000 after acquiring an additional 14,751 shares in the last quarter. American Century Companies Inc. increased its stake in shares of First Internet Bancorp by 7.8% during the 2nd quarter. American Century Companies Inc. now owns 144,829 shares of the bank’s stock worth $3,896,000 after purchasing an additional 10,494 shares during the last quarter. Finally, Sowell Financial Services LLC raised its holdings in shares of First Internet Bancorp by 13.2% during the 4th quarter. Sowell Financial Services LLC now owns 11,122 shares of the bank’s stock valued at $232,000 after purchasing an additional 1,301 shares in the last quarter. 65.46% of the stock is currently owned by hedge funds and other institutional investors.

About First Internet Bancorp

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).