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

Key Points

• Shares of First Internet Bancorp fell below its 200-day moving average of $20.93, trading as low as $20.05 and last at $20.21, signaling a bearish technical shift.
• Analyst sentiment is cautious — the consensus rating is Reduce with an average price target of $25.17, and several firms (Zacks, Piper Sandler, KBW) recently downgraded or cut targets.
• The company reported an EPS beat ($0.64 vs. $0.59) and stronger revenue, but still posts negative profitability metrics (P/E -5.01, negative ROE/net margin) and declared a quarterly dividend of $0.06 (1.2% yield, ex-div March 31).

Shares of First Internet Bancorp (NASDAQ:INBK - Get Free Report) passed below its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $20.93 and traded as low as $20.05. First Internet Bancorp shares last traded at $20.21, with a volume of 33,445 shares changing hands.

Analysts Set New Price Targets

A number of research firms recently commented on INBK. Zacks Research downgraded First Internet Bancorp from a "hold" rating to a "strong sell" rating in a research report on Friday, January 30th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of First Internet Bancorp in a research report on Monday, December 29th. Wall Street Zen upgraded First Internet Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday, March 14th. Piper Sandler decreased their target price on First Internet Bancorp from $24.00 to $23.50 and set a "neutral" rating on the stock in a report on Friday, January 30th. Finally, Keefe, Bruyette & Woods dropped their price target on First Internet Bancorp from $25.00 to $23.00 and set a "market perform" rating on the stock in a research note on Friday, January 30th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Reduce" and an average price target of $25.17.

First Internet Bancorp Stock Performance

The stock has a market capitalization of $176.23 million, a P/E ratio of -5.01 and a beta of 0.83. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.86 and a current ratio of 0.88. The company's fifty day simple moving average is $20.96 and its two-hundred day simple moving average is $20.93.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last issued its quarterly earnings data on Thursday, January 29th. The bank reported $0.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.59 by $0.05. The company had revenue of $42.11 million during the quarter, compared to analysts' expectations of $32.80 million. First Internet Bancorp had a negative return on equity of 1.54% and a negative net margin of 10.05%. As a group, equities analysts forecast that First Internet Bancorp will post 4.11 EPS for the current year.

First Internet Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend is Tuesday, March 31st. First Internet Bancorp's dividend payout ratio is currently -5.96%.

Institutional Investors Weigh In On First Internet Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of INBK. Creative Planning acquired a new position in First Internet Bancorp in the second quarter valued at about $1,691,000. Fourthstone LLC grew its stake in First Internet Bancorp by 254.9% during the second quarter. Fourthstone LLC now owns 145,141 shares of the bank's stock worth $3,904,000 after buying an additional 104,241 shares in the last quarter. Hsbc Holdings PLC increased its holdings in First Internet Bancorp by 127.4% in the 2nd quarter. Hsbc Holdings PLC now owns 26,330 shares of the bank's stock valued at $716,000 after buying an additional 14,751 shares during the period. American Century Companies Inc. increased its holdings in First Internet Bancorp by 7.8% in the 2nd quarter. American Century Companies Inc. now owns 144,829 shares of the bank's stock valued at $3,896,000 after buying an additional 10,494 shares during the period. Finally, Sowell Financial Services LLC raised its position in shares of First Internet Bancorp by 13.2% in the 4th quarter. Sowell Financial Services LLC now owns 11,122 shares of the bank's stock valued at $232,000 after buying an additional 1,301 shares in the last quarter. Institutional investors and hedge funds own 65.46% of the company's stock.

About First Internet Bancorp

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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