First Internet Bancorp (NASDAQ:INBK) Stock Crosses Below Two Hundred Day Moving Average - Should You Sell?

First Internet Bancorp (NASDAQ:INBK - Get Free Report) passed 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 Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Keefe, Bruyette & Woods decreased their price objective on 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. Hovde Group decreased their price target on shares of First Internet Bancorp from $39.00 to $28.00 and set an "outperform" rating for the company in a research report on Friday, April 25th. Wall Street Zen downgraded shares of First Internet Bancorp from a "buy" rating to a "hold" rating in a research report on Thursday, March 27th. Finally, Piper Sandler decreased their target price on shares of First Internet Bancorp from $32.00 to $24.00 and set a "neutral" rating for the company in a research report on Monday, April 28th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, First Internet Bancorp currently has a consensus rating of "Hold" and an average target price of $31.75.

First Internet Bancorp Stock Performance

The firm has a market cap of $232.30 million, a price-to-earnings ratio of 11.08 and a beta of 0.70. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.94 and a quick ratio of 0.93. The firm has a fifty day simple moving average of $23.41 and a two-hundred day simple moving average of $28.83.

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

First Internet Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.90%. The ex-dividend date of this dividend is Monday, June 30th. First Internet Bancorp's payout ratio is 9.96%.

Institutional Trading of First Internet Bancorp

A number of hedge funds have recently modified their holdings of INBK. Dimensional Fund Advisors LP lifted its holdings in First Internet Bancorp by 1.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 509,661 shares of the bank's stock valued at $18,343,000 after acquiring an additional 9,190 shares during the period. Vanguard Group Inc. lifted its stake in shares of First Internet Bancorp by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 440,356 shares of the bank's stock valued at $15,848,000 after purchasing an additional 7,066 shares during the period. Patriot Financial Partners GP LP lifted its stake in shares of First Internet Bancorp by 8.0% in the 1st quarter. Patriot Financial Partners GP LP now owns 403,482 shares of the bank's stock valued at $10,805,000 after purchasing an additional 30,000 shares during the period. Heartland Advisors Inc. boosted its holdings in First Internet Bancorp by 20.2% during the first quarter. Heartland Advisors Inc. now owns 240,400 shares of the bank's stock worth $6,438,000 after buying an additional 40,400 shares in the last quarter. Finally, Acadian Asset Management LLC grew its position in First Internet Bancorp by 0.9% during the first quarter. Acadian Asset Management LLC now owns 186,529 shares of the bank's stock valued at $4,994,000 after buying an additional 1,731 shares during the period. 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.