First Internet Bancorp (NASDAQ:INBK) Stock Price Crosses Above Two Hundred Day Moving Average - Here's Why

Key Points

• First Internet Bancorp shares rose above their 200-day moving average, trading as high as $25.70 and last changing hands at $25.26. The stock’s 200-day average was $20.83, indicating a recent technical breakout.
• Analyst sentiment is mixed but cautious, with an average rating of “Hold” and an average target price of $25.67. Recent moves included upgrades from Zacks Research and Wall Street Zen, while Piper Sandler and Keefe, Bruyette & Woods each nudged price targets up to $24.
• The bank beat earnings expectations in its latest quarter, reporting EPS of $0.29 versus the $0.08 consensus, though revenue of $43.12 million missed estimates. First Internet Bancorp also paid a quarterly dividend of $0.06 per share, yielding about 1.0% annualized.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) shares passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $20.83 and traded as high as $25.70. First Internet Bancorp shares last traded at $25.26, with a volume of 50,122 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Zacks Research upgraded shares of First Internet Bancorp from a "strong sell" rating to a "hold" rating in a research report on Monday, March 30th. Weiss Ratings restated a "sell (d)" rating on shares of First Internet Bancorp in a research report on Friday, March 27th. Piper Sandler raised their price objective on shares of First Internet Bancorp from $23.50 to $24.00 and gave the company a "neutral" rating in a research report on Friday, May 1st. Keefe, Bruyette & Woods raised their price objective on shares of First Internet Bancorp from $23.00 to $24.00 and gave the company a "market perform" rating in a research report on Friday, May 1st. Finally, Wall Street Zen upgraded shares of First Internet Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, March 14th. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, First Internet Bancorp currently has an average rating of "Hold" and an average target price of $25.67.

First Internet Bancorp Stock Down 1.0%

The company has a market cap of $220.27 million, a P/E ratio of -6.56 and a beta of 0.85. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 0.96. The firm's 50 day moving average price is $21.57 and its 200-day moving average price is $20.83.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last issued its earnings results on Thursday, April 30th. The bank reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.21. The company had revenue of $43.12 million for the quarter, compared to analyst estimates of $45.67 million. First Internet Bancorp had a negative net margin of 9.60% and a negative return on equity of 1.14%. As a group, equities research analysts expect that First Internet Bancorp will post 1.98 EPS for the current year.

First Internet Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a $0.24 annualized dividend and a yield of 1.0%. First Internet Bancorp's dividend payout ratio (DPR) is presently -6.23%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Bridgeway Capital Management LLC boosted its stake in First Internet Bancorp by 1.3% during the 3rd quarter. Bridgeway Capital Management LLC now owns 44,217 shares of the bank's stock worth $992,000 after acquiring an additional 584 shares during the last quarter. GSA Capital Partners LLP boosted its stake in First Internet Bancorp by 1.5% during the 4th quarter. GSA Capital Partners LLP now owns 48,200 shares of the bank's stock worth $1,006,000 after acquiring an additional 691 shares during the last quarter. Public Employees Retirement System of Ohio boosted its stake in First Internet Bancorp by 19.9% during the 4th quarter. Public Employees Retirement System of Ohio now owns 6,024 shares of the bank's stock worth $126,000 after acquiring an additional 1,000 shares during the last quarter. Empowered Funds LLC boosted its stake in First Internet Bancorp by 7.1% during the 4th quarter. Empowered Funds LLC now owns 15,329 shares of the bank's stock worth $320,000 after acquiring an additional 1,012 shares during the last quarter. Finally, Man Group plc boosted its stake in First Internet Bancorp by 5.1% during the 3rd quarter. Man Group plc now owns 21,818 shares of the bank's stock worth $489,000 after acquiring an additional 1,053 shares during the last quarter. Institutional investors own 65.46% of the company's stock.

First Internet Bancorp Company Profile

First Internet Bancorp is the bank holding company for First Internet Bank of Indiana, a pioneer in digital banking in the United States. Established with a focus on online-only operations, the company offers fully integrated, web-based financial solutions without the overhead of physical branches. Headquartered in Indianapolis, Indiana, First Internet Bancorp leverages technology to deliver streamlined banking services to customers across the country.

The company's core offerings include a range of deposit products such as checking accounts, savings accounts, money market accounts, certificates of deposit (CDs) and individual retirement accounts (IRAs).

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