First Internet Bancorp (NASDAQ:INBK) Shares Cross Above Fifty Day Moving Average - Here's What Happened

First Internet Bancorp (NASDAQ:INBK - Get Free Report)'s stock price passed above its 50-day moving average during trading on Monday . The stock has a 50-day moving average of $23.69 and traded as high as $27.64. First Internet Bancorp shares last traded at $26.90, with a volume of 30,024 shares changing hands.

Analyst Upgrades and Downgrades

INBK has been the topic of a number of recent analyst reports. Hovde Group lowered their price target on shares of First Internet Bancorp from $39.00 to $28.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. 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. Keefe, Bruyette & Woods cut their price target on shares of First Internet Bancorp from $35.00 to $30.00 and set a "market perform" rating on the stock in a report on Tuesday, April 29th. Finally, Wall Street Zen lowered First Internet Bancorp from a "buy" rating to a "hold" rating in a report on Thursday, March 27th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, First Internet Bancorp presently has a consensus rating of "Hold" and an average target price of $31.75.

First Internet Bancorp Trading Up 3.0%

The stock has a market cap of $241.16 million, a PE ratio of 11.50 and a beta of 0.70. The company's fifty day moving average is $23.76 and its 200-day moving average is $28.33. 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 (EPS) for the quarter, missing the consensus estimate of $0.75 by ($0.64). The firm had revenue of $76.83 million during the quarter, compared to analyst estimates of $26.73 million. First Internet Bancorp had a net margin of 6.01% and a return on equity of 4.64%. On average, analysts predict that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

First Internet Bancorp Announces Dividend

The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 0.87%. First Internet Bancorp's dividend payout ratio (DPR) is 9.96%.

Hedge Funds Weigh In On First Internet Bancorp

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