First Internet Bancorp (NASDAQ:INBK) Share Price Crosses Below 200-Day Moving Average of $29.63

First Internet Bancorp (NASDAQ:INBK)’s share price crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $29.63 and traded as low as $26.11. First Internet Bancorp shares last traded at $27.02, with a volume of 1,209,857 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $36.00 price objective (up previously from $34.00) on shares of First Internet Bancorp in a research report on Friday, April 26th. Piper Sandler reduced their price objective on First Internet Bancorp from $35.00 to $34.00 and set a “neutral” rating for the company in a research report on Monday, April 29th. Finally, Hovde Group cut their price target on First Internet Bancorp from $38.50 to $38.00 and set an “outperform” rating for the company in a report on Friday, April 26th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $35.75.

First Internet Bancorp Stock Performance

The stock has a market cap of $233.99 million, a P/E ratio of 14.22 and a beta of 0.69. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.85. The business has a 50 day moving average price of $29.62 and a two-hundred day moving average price of $29.68.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings results on Wednesday, April 24th. The bank reported $0.59 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.04. First Internet Bancorp had a return on equity of 4.64% and a net margin of 5.84%. The company had revenue of $29.08 million during the quarter, compared to analyst estimates of $28.60 million. On average, sell-side analysts forecast that First Internet Bancorp will post 3.1 earnings per share for the current fiscal year.

First Internet Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.89%. The ex-dividend date is Friday, June 28th. First Internet Bancorp’s payout ratio is presently 12.63%.

Hedge Funds Weigh In On First Internet Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in INBK. Public Employees Retirement System of Ohio raised its position in First Internet Bancorp by 27.5% during the third quarter. Public Employees Retirement System of Ohio now owns 12,018 shares of the bank’s stock valued at $195,000 after purchasing an additional 2,592 shares during the period. Citigroup Inc. raised its position in First Internet Bancorp by 101,984.6% during the third quarter. Citigroup Inc. now owns 26,542 shares of the bank’s stock valued at $430,000 after purchasing an additional 26,516 shares during the period. Quadrature Capital Ltd raised its position in First Internet Bancorp by 44.4% during the third quarter. Quadrature Capital Ltd now owns 35,502 shares of the bank’s stock valued at $569,000 after purchasing an additional 10,916 shares during the period. GSA Capital Partners LLP purchased a new stake in First Internet Bancorp during the third quarter valued at approximately $1,031,000. Finally, Acuitas Investments LLC purchased a new stake in First Internet Bancorp during the fourth quarter valued at approximately $1,940,000. 65.46% of the stock is owned by institutional investors.

First Internet Bancorp Company Profile

First Internet Bancorp operates as the bank holding company for First Internet Bank of Indiana that provides commercial, small business, consumer, and municipal banking products and services to individuals and commercial customers in the United States. The company accepts non-interest bearing and interest-bearing demand deposit, commercial deposit, savings, money market, and Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.