First Internet Bancorp (NASDAQ:INBK) Shares Cross Below Two Hundred Day Moving Average of $29.63

First Internet Bancorp (NASDAQ:INBK - Get Free Report)'s stock price crossed below its two hundred day moving average during trading on Friday . The stock has a two hundred 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.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on INBK shares. 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 note on Monday, April 29th. Keefe, Bruyette & Woods restated a "market perform" rating and issued a $36.00 price objective (up from $34.00) on shares of First Internet Bancorp in a research note on Friday, April 26th. Finally, Hovde Group reduced their price objective on First Internet Bancorp from $38.50 to $38.00 and set an "outperform" rating for the company in a research note on Friday, April 26th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $35.75.

First Internet Bancorp Stock Performance

The stock has a market capitalization of $233.99 million, a price-to-earnings ratio of 14.22 and a beta of 0.69. The firm has a fifty day moving average of $29.62 and a 200 day moving average of $29.68. The company has a debt-to-equity ratio of 1.85, a current ratio of 1.02 and a quick ratio of 1.02.

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

First Internet Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.89%. The ex-dividend date is Friday, June 28th. First Internet Bancorp's payout ratio is currently 12.63%.

Institutional Trading of First Internet Bancorp

Several institutional investors have recently bought and sold shares of INBK. Public Employees Retirement System of Ohio grew its holdings in First Internet Bancorp by 27.5% in 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. grew its holdings in First Internet Bancorp by 101,984.6% in 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 grew its holdings in First Internet Bancorp by 44.4% in 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 acquired a new stake in First Internet Bancorp in the third quarter valued at approximately $1,031,000. Finally, Acuitas Investments LLC acquired a new stake in shares of First Internet Bancorp in the fourth quarter worth approximately $1,940,000. 65.46% of the stock is owned by institutional investors and hedge funds.

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.