First Internet Bancorp (NASDAQ:INBK) Share Price Passes Below 200-Day Moving Average - Here's What Happened

Key Points

• First Internet Bancorp's share price has fallen below its 200-day moving average, with last traded shares at $22.15, down from a moving average of $26.15.
• Multiple analysts have downgraded their ratings on INBK shares, with Hovde Group dropping its price target to $29.00 and Wall Street Zen changing its rating from "hold" to "sell."
• The bank reported a quarterly EPS of $0.02, significantly missing expectations, although it exceeded revenue forecasts with $33.55 million for the quarter.

First Internet Bancorp (NASDAQ:INBK - Get Free Report)'s stock price crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $26.15 and traded as low as $21.82. First Internet Bancorp shares last traded at $22.15, with a volume of 22,493 shares changing hands.

Analyst Ratings Changes

A number of research firms have recently commented on INBK. Piper Sandler dropped their price target on shares of First Internet Bancorp from $27.00 to $26.00 and set a "neutral" rating on the stock in a research report on Monday, July 28th. Keefe, Bruyette & Woods restated a "market perform" rating and issued a $27.00 target price (down previously from $30.00) on shares of First Internet Bancorp in a research note on Monday, July 28th. Wall Street Zen lowered First Internet Bancorp from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. Finally, Hovde Group reduced their price objective on First Internet Bancorp from $32.00 to $29.00 and set an "outperform" rating on the stock in a research note on Monday, July 28th.

First Internet Bancorp Trading Down 4.7%

The company has a debt-to-equity ratio of 0.95, a current ratio of 0.93 and a quick ratio of 0.90. The company has a market capitalization of $203.80 million, a P/E ratio of 13.29 and a beta of 0.76. The stock's 50 day moving average is $25.00 and its 200-day moving average is $26.05.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The bank reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.33 by ($0.31). First Internet Bancorp had a net margin of 4.36% and a return on equity of 3.03%. The business had revenue of $33.55 million for the quarter, compared to analysts' expectations of $30.08 million. As a group, equities research analysts anticipate that First Internet Bancorp will post 4.11 earnings per share for the current year.

First Internet Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.0%. The ex-dividend date was Monday, June 30th. First Internet Bancorp's payout ratio is 13.64%.

Institutional Investors Weigh In On First Internet Bancorp

A number of hedge funds have recently modified their holdings of the company. AlphaQuest LLC lifted its stake in shares of First Internet Bancorp by 239.4% in the 1st quarter. AlphaQuest LLC now owns 1,361 shares of the bank's stock worth $36,000 after acquiring an additional 960 shares during the period. US Bancorp DE acquired a new position in First Internet Bancorp during the first quarter valued at approximately $38,000. Wells Fargo & Company MN lifted its position in shares of First Internet Bancorp by 35.0% during the fourth quarter. Wells Fargo & Company MN now owns 4,381 shares of the bank's stock worth $158,000 after purchasing an additional 1,137 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of First Internet Bancorp by 52,791.7% in the 1st quarter. GAMMA Investing LLC now owns 6,347 shares of the bank's stock valued at $170,000 after purchasing an additional 6,335 shares in the last quarter. Finally, Jump Financial LLC bought a new position in First Internet Bancorp during the 2nd quarter worth $236,000. Hedge funds and other institutional investors own 65.46% of the company's stock.

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.