First Internet Bancorp (NASDAQ:INBK) Stock Crosses Below 200-Day Moving Average - Here's What Happened

First Internet Bancorp (NASDAQ:INBK - Get Free Report) shares crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $29.12 and traded as low as $22.96. First Internet Bancorp shares last traded at $23.32, with a volume of 71,462 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on INBK. Piper Sandler dropped their price objective on shares of First Internet Bancorp from $32.00 to $24.00 and set a "neutral" rating for the company in a report on Monday, April 28th. Hovde Group lowered their target price on shares of First Internet Bancorp from $39.00 to $28.00 and set an "outperform" rating for the company in a research note on Friday, April 25th. Wall Street Zen lowered shares of First Internet Bancorp from a "buy" rating to a "hold" rating in a research note on Thursday, March 27th. Finally, Keefe, Bruyette & Woods lowered their target price on shares of First Internet Bancorp from $35.00 to $30.00 and set a "market perform" rating for the company in a research note on Tuesday, April 29th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $31.75.

First Internet Bancorp Price Performance

The firm has a market cap of $202.88 million, a price-to-earnings ratio of 9.68 and a beta of 0.70. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 1.29. The company's 50-day moving average price is $23.37 and its 200-day moving average price is $29.03.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The bank reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.75 by ($0.64). The business had revenue of $76.83 million for the quarter, compared to analyst estimates of $26.73 million. First Internet Bancorp had a return on equity of 4.64% and a net margin of 6.01%. On average, equities research analysts forecast that First Internet Bancorp will post 4.11 EPS for the current year.

First Internet Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.24 annualized dividend and a dividend yield of 1.03%. First Internet Bancorp's dividend payout ratio is presently 9.96%.

Institutional Trading of First Internet Bancorp

Hedge funds have recently made changes to their positions in the business. Empowered Funds LLC acquired a new stake in First Internet Bancorp in the fourth quarter valued at approximately $261,000. Proficio Capital Partners LLC acquired a new stake in First Internet Bancorp in the fourth quarter valued at approximately $579,000. Bailard Inc. acquired a new stake in First Internet Bancorp in the fourth quarter valued at approximately $298,000. Charles Schwab Investment Management Inc. raised its holdings in First Internet Bancorp by 3.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 23,505 shares of the bank's stock valued at $846,000 after acquiring an additional 841 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in First Internet Bancorp in the fourth quarter valued at approximately $1,780,000. Institutional investors and hedge funds 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.