First Internet Bancorp (NASDAQ:INBK) Shares Cross Below 200-Day Moving Average – Here’s Why

First Internet Bancorp (NASDAQ:INBK)’s share price 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 traded.

Analysts Set New Price Targets

INBK has been the topic of several recent analyst reports. Zacks Research lowered First Internet Bancorp from a “hold” rating to a “strong sell” rating in a research note on Friday, January 30th. Wall Street Zen cut First Internet Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, March 4th. 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 on the stock in a research note on Friday, January 30th. Piper Sandler lowered their target price on shares of First Internet Bancorp from $24.00 to $23.50 and set a “neutral” rating on the stock in a report on Friday, January 30th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of First Internet Bancorp in a research report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Reduce” and a consensus target price of $25.17.

First Internet Bancorp Stock Down 1.7%

The firm has a market capitalization of $170.72 million, a price-to-earnings ratio of -4.86 and a beta of 0.83. The firm has a fifty day moving average price of $21.15 and a 200 day moving average price of $21.24. 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 quarterly earnings results on Thursday, January 29th. The bank reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. First Internet Bancorp had a negative return on equity of 1.52% and a negative net margin of 10.05%.The firm had revenue of $42.11 million during the quarter, compared to analysts’ expectations of $32.80 million. Sell-side analysts anticipate that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were paid a $0.06 dividend. The ex-dividend date 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 Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in INBK. Tower Research Capital LLC TRC increased its position in First Internet Bancorp by 202.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,789 shares of the bank’s stock valued at $48,000 after acquiring an additional 1,198 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of First Internet Bancorp by 1,123.5% during the fourth quarter. GAMMA Investing LLC now owns 3,181 shares of the bank’s stock worth $66,000 after purchasing an additional 2,921 shares in the last quarter. Deutsche Bank AG lifted its position in shares of First Internet Bancorp by 4,390.4% during the fourth quarter. Deutsche Bank AG now owns 5,164 shares of the bank’s stock worth $108,000 after purchasing an additional 5,049 shares in the last quarter. Public Employees Retirement System of Ohio grew its stake in shares of First Internet Bancorp by 19.9% during the fourth 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 grew its stake in shares of First Internet Bancorp by 62.8% during the fourth quarter. Wells Fargo & Company MN now owns 8,759 shares of the bank’s stock valued at $183,000 after purchasing an additional 3,379 shares during the last quarter. Institutional investors and hedge funds 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).