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

Key Points

• First Internet Bancorp shares fell below their 200-day moving average, closing at $22.31 after hitting a low of $22.23.
• Analysts have cut price targets for the stock, with a consensus rating of "Hold" and an average target price of $27.33.
• The company reported a net loss with earnings per share (EPS) of $0.02, missing estimates of $0.33, but their revenue exceeded expectations at $33.55 million.

Shares of First Internet Bancorp (NASDAQ:INBK - Get Free Report) crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $24.33 and traded as low as $22.23. First Internet Bancorp shares last traded at $22.31, with a volume of 38,491 shares changing hands.

Analysts Set New Price Targets

INBK has been the subject of several analyst reports. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $27.00 price target (down from $30.00) on shares of First Internet Bancorp in a report on Monday, July 28th. Hovde Group decreased their target price 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. Zacks Research raised shares of First Internet Bancorp from a "strong sell" rating to a "hold" rating in a research note on Thursday, September 25th. Wall Street Zen cut shares of First Internet Bancorp from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Finally, Piper Sandler decreased 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 report on Monday, July 28th. One analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, First Internet Bancorp presently has a consensus rating of "Hold" and an average target price of $27.33.

First Internet Bancorp Trading Down 0.4%

The firm has a market cap of $194.32 million, a PE ratio of 12.68 and a beta of 0.79. The firm has a fifty day simple moving average of $23.58 and a two-hundred day simple moving average of $24.33. The company has a current ratio of 0.93, a quick ratio of 0.90 and a debt-to-equity ratio of 0.95.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The bank reported $0.02 EPS for the quarter, missing the consensus estimate of $0.33 by ($0.31). The company had revenue of $33.55 million during the quarter, compared to the consensus estimate of $30.08 million. First Internet Bancorp had a return on equity of 3.03% and a net margin of 4.36%. Equities analysts forecast that First Internet Bancorp will post 4.11 EPS for the current year.

First Internet Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be issued a dividend of $0.06 per share. The ex-dividend date is Tuesday, September 30th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.1%. First Internet Bancorp's dividend payout ratio is 13.64%.

Hedge Funds Weigh In On First Internet Bancorp

A number of institutional investors have recently added to or reduced their stakes in INBK. CSM Advisors LLC bought a new position in shares of First Internet Bancorp in the second quarter worth approximately $3,923,000. Fourthstone LLC lifted its position in First Internet Bancorp by 254.9% in the 2nd quarter. Fourthstone LLC now owns 145,141 shares of the bank's stock valued at $3,904,000 after acquiring an additional 104,241 shares in the last quarter. Creative Planning purchased a new stake in First Internet Bancorp during the 2nd quarter valued at $1,691,000. Heartland Advisors Inc. increased its holdings in shares of First Internet Bancorp by 20.2% in the 1st quarter. Heartland Advisors Inc. now owns 240,400 shares of the bank's stock worth $6,438,000 after purchasing an additional 40,400 shares in the last quarter. Finally, Patriot Financial Partners GP LP raised its stake in shares of First Internet Bancorp by 8.0% in the first quarter. Patriot Financial Partners GP LP now owns 403,482 shares of the bank's stock worth $10,805,000 after purchasing an additional 30,000 shares during the last quarter. 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.

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