First Internet Bancorp (NASDAQ:INBK) Shares Pass Below Two Hundred Day Moving Average - Time to Sell?

First Internet Bancorp (NASDAQ:INBK - Get Free Report)'s stock price passed 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 traded.

Wall Street Analysts Forecast Growth

INBK has been the subject of several recent analyst reports. Keefe, Bruyette & Woods lowered their price objective 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. Piper Sandler reduced their price target on shares of First Internet Bancorp from $32.00 to $24.00 and set a "neutral" rating for the company in a research note on Monday, April 28th. Hovde Group reduced 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. Finally, Wall Street Zen downgraded First Internet Bancorp from a "buy" rating to a "hold" rating in a research note on Thursday, March 27th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, First Internet Bancorp has an average rating of "Hold" and a consensus price target of $31.75.

First Internet Bancorp Price Performance

The stock has a market capitalization of $238.12 million, a price-to-earnings ratio of 11.36 and a beta of 0.72. The stock has a 50 day moving average price of $24.42 and a 200-day moving average price of $27.95. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.94 and a quick ratio of 0.93.

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

First Internet Bancorp Dividend Announcement

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 given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.88%. The ex-dividend date of this dividend is Monday, June 30th. First Internet Bancorp's dividend payout ratio is currently 9.96%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. AlphaQuest LLC raised its stake in shares of First Internet Bancorp by 239.4% during the first quarter. AlphaQuest LLC now owns 1,361 shares of the bank's stock worth $36,000 after purchasing an additional 960 shares during the last quarter. US Bancorp DE acquired a new position in First Internet Bancorp during the first quarter worth about $38,000. Wells Fargo & Company MN increased its position 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 valued at $158,000 after buying an additional 1,137 shares in the last quarter. GAMMA Investing LLC increased its holdings in First Internet Bancorp by 52,791.7% during the 1st quarter. GAMMA Investing LLC now owns 6,347 shares of the bank's stock valued at $170,000 after acquiring an additional 6,335 shares in the last quarter. Finally, Deutsche Bank AG raised its position in shares of First Internet Bancorp by 4.5% during the 4th quarter. Deutsche Bank AG now owns 7,789 shares of the bank's stock worth $280,000 after purchasing an additional 335 shares during the last quarter. 65.46% of the stock is owned by hedge funds and other institutional investors.

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.

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