First Internet Bancorp (NASDAQ:INBK) Stock Price Passes Below 200 Day Moving Average - What's Next?

First Internet Bancorp (NASDAQ:INBK - Get Free Report) crossed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $27.95 and traded as low as $27.37. First Internet Bancorp shares last traded at $27.37, with a volume of 39,385 shares.

Analyst Ratings Changes

INBK has been the subject of several analyst reports. Wall Street Zen downgraded First Internet Bancorp from a "buy" rating to a "hold" rating in a research report on Thursday, March 27th. Piper Sandler cut their target price on 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. Keefe, Bruyette & Woods cut their target price on First Internet Bancorp from $35.00 to $30.00 and set a "market perform" rating for the company in a research report on Tuesday, April 29th. Finally, Hovde Group cut their target price on 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. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, First Internet Bancorp currently has a consensus rating of "Hold" and a consensus price target of $31.75.

First Internet Bancorp Price Performance

The stock has a market capitalization of $240.03 million, a price-to-earnings ratio of 11.45 and a beta of 0.72. 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 business has a 50-day simple moving average of $24.78 and a two-hundred day simple moving average of $27.81.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last posted 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 company had revenue of $76.83 million during the quarter, compared to the consensus estimate of $26.73 million. First Internet Bancorp had a net margin of 6.01% and a return on equity of 4.64%. As a group, research analysts predict that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

First Internet Bancorp Announces Dividend

The business 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. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.24 annualized dividend and a dividend yield of 0.87%. First Internet Bancorp's dividend payout ratio is currently 9.96%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. AlphaQuest LLC increased its stake in shares of First Internet Bancorp by 239.4% in the first quarter. AlphaQuest LLC now owns 1,361 shares of the bank's stock worth $36,000 after acquiring an additional 960 shares during the last quarter. US Bancorp DE acquired a new position in shares of First Internet Bancorp in the first quarter worth $38,000. Wells Fargo & Company MN increased its stake in shares of First Internet Bancorp by 35.0% in the fourth quarter. Wells Fargo & Company MN now owns 4,381 shares of the bank's stock worth $158,000 after acquiring an additional 1,137 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of First Internet Bancorp by 52,791.7% in the first quarter. GAMMA Investing LLC now owns 6,347 shares of the bank's stock worth $170,000 after acquiring an additional 6,335 shares during the last quarter. Finally, Sowell Financial Services LLC acquired a new position in shares of First Internet Bancorp in the first quarter worth $267,000. Institutional investors own 65.46% of the company's stock.

About First Internet Bancorp

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.