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

First Internet Bancorp (NASDAQ:INBK)’s stock price crossed below its 200-day moving average during trading on Monday . The stock has a 200-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 changing hands.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on INBK shares. Hovde Group upped their price target on shares of First Internet Bancorp from $26.00 to $29.00 and gave the stock an “outperform” rating in a research report on Friday, January 30th. Zacks Research lowered shares of First Internet Bancorp from a “hold” rating to a “strong sell” rating in a research report on Friday, January 30th. Weiss Ratings reissued a “sell (d)” rating on shares of First Internet Bancorp in a research note on Monday, December 29th. Keefe, Bruyette & Woods dropped their price objective on shares of 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. Finally, Wall Street Zen raised First Internet Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus target price of $25.17.

First Internet Bancorp Stock Down 2.5%

The firm’s 50-day simple moving average is $21.42 and its 200 day simple moving average is $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 company 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 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 business had revenue of $42.11 million during the quarter, compared to analysts’ expectations 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, research analysts forecast that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

First Internet Bancorp Dividend Announcement

The business also recently declared 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 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 is -5.96%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in First Internet Bancorp by 1.3% during the third quarter. Vanguard Group Inc. now owns 435,025 shares of the bank’s stock valued at $9,758,000 after purchasing an additional 5,632 shares during the period. Heartland Advisors Inc. raised its holdings in First Internet Bancorp by 1.7% in the fourth quarter. Heartland Advisors Inc. now owns 288,595 shares of the bank’s stock worth $6,023,000 after purchasing an additional 4,745 shares during the period. Aegis Financial Corp bought a new position in shares of First Internet Bancorp during the fourth quarter worth $5,224,000. Patriot Financial Partners GP II L.P. acquired a new position in shares of First Internet Bancorp in the 3rd quarter valued at $4,696,000. Finally, CSM Advisors LLC grew its holdings in shares of First Internet Bancorp by 35.9% in the 4th quarter. CSM Advisors LLC now owns 191,854 shares of the bank’s stock valued at $4,005,000 after buying an additional 50,695 shares during the period. Institutional investors own 65.46% of the company’s stock.

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).