First Internet Bancorp (NASDAQ:INBK) Stock Crosses Below Two Hundred Day Moving Average After Earnings Miss

Key Points

• First Internet Bancorp's stock fell below its 200-day moving average after reporting a significant earnings miss of ($1.43) per share, significantly lower than the consensus estimate of $0.72.
• The bank announced a quarterly dividend of $0.06 per share, providing investors with a modest annual yield of 1.1% amid the stock's recent price fluctuations.
• Analysts have adjusted their price targets, with Hovde Group lowering its target from $32.00 to $29.00, reflecting a cautious outlook for the bank's future performance.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) shares passed below its 200-day moving average during trading on Wednesday following a dissappointing earnings announcement. The stock has a 200-day moving average of $23.96 and traded as low as $21.51. First Internet Bancorp shares last traded at $21.91, with a volume of 61,113 shares traded.

The bank reported ($1.43) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.72 by ($2.15). First Internet Bancorp had a net margin of 4.36% and a return on equity of 3.03%.

First Internet Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were given a $0.06 dividend. The ex-dividend date was Tuesday, September 30th. This represents a $0.24 annualized dividend and a dividend yield of 1.1%. First Internet Bancorp's payout ratio is currently 13.64%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Hovde Group decreased their price objective on First Internet Bancorp from $32.00 to $29.00 and set an "outperform" rating for the company in a research report on Monday, July 28th. Piper Sandler reduced their price target on First Internet Bancorp from $27.00 to $26.00 and set a "neutral" rating for the company in a research report on Monday, July 28th. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of First Internet Bancorp in a research report on Wednesday, October 8th. Wall Street Zen downgraded First Internet Bancorp from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Finally, Zacks Research raised First Internet Bancorp from a "strong sell" rating to a "hold" rating in a research report on Thursday, September 25th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $27.33.

Institutional Investors Weigh In On First Internet Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Hsbc Holdings PLC raised its stake in shares of First Internet Bancorp by 7.0% during the 1st quarter. Hsbc Holdings PLC now owns 11,579 shares of the bank's stock worth $302,000 after purchasing an additional 758 shares in the last quarter. AlphaQuest LLC raised its stake in shares of First Internet Bancorp by 239.4% during the 1st quarter. AlphaQuest LLC now owns 1,361 shares of the bank's stock worth $36,000 after purchasing an additional 960 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in shares of First Internet Bancorp by 202.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,789 shares of the bank's stock worth $48,000 after purchasing an additional 1,198 shares in the last quarter. US Bancorp DE bought a new stake in shares of First Internet Bancorp during the 1st quarter worth approximately $38,000. Finally, First Trust Advisors LP raised its stake in shares of First Internet Bancorp by 4.9% during the 2nd quarter. First Trust Advisors LP now owns 31,683 shares of the bank's stock worth $852,000 after purchasing an additional 1,474 shares in the last quarter. Institutional investors own 65.46% of the company's stock.

First Internet Bancorp Trading Up 1.2%

The company has a market cap of $190.84 million, a P/E ratio of 12.45 and a beta of 0.79. The company has a current ratio of 0.93, a quick ratio of 0.90 and a debt-to-equity ratio of 0.95. The business has a 50 day moving average price of $23.43 and a 200-day moving average price of $23.96.

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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