First Internet Bancorp (NASDAQ:INBK) Share Price Crosses Above 200-Day Moving Average - Here's What Happened

Key Points

• First Internet Bancorp shares crossed above their 200-day moving average, reaching $29.14 and last trading at $29.08, compared with a 200-day average of $24.82.
• Analyst sentiment remains mixed: Piper Sandler raised its target to $29.50 with a neutral rating, while Benchmark raised its target to $35 with a buy rating. The overall consensus is Hold, with a $29.38 target price.
• The bank reported quarterly EPS of $0.27, beating estimates of $0.15, though revenue fell short of expectations and the company posted negative net margin and return on equity. It also pays a quarterly dividend of $0.06, representing a 0.8% annualized yield.

Shares of First Internet Bancorp (NASDAQ:INBK - Get Free Report) passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $24.82 and traded as high as $29.14. First Internet Bancorp shares last traded at $29.08, with a volume of 30,858 shares.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on INBK. Piper Sandler increased their price objective on shares of First Internet Bancorp from $26.00 to $29.50 and gave the company a "neutral" rating in a research report on Friday, July 31st. Benchmark lifted their target price on shares of First Internet Bancorp from $33.00 to $35.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Weiss Ratings upgraded shares of First Internet Bancorp from a "sell (d)" rating to a "sell (d+)" rating in a research note on Wednesday, July 8th. Finally, Wall Street Zen upgraded shares of First Internet Bancorp from a "hold" rating to a "buy" rating in a research note on Saturday, June 6th. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, First Internet Bancorp presently has a consensus rating of "Hold" and a consensus target price of $29.38.

First Internet Bancorp Stock Performance

The business's fifty day moving average is $28.00 and its 200-day moving average is $24.82. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.95. The company has a market cap of $253.87 million, a PE ratio of -8.08 and a beta of 0.83.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The bank reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.12. The business had revenue of $41.12 million for the quarter, compared to the consensus estimate of $43.83 million. First Internet Bancorp had a negative net margin of 9.01% and a negative return on equity of 0.55%. First Internet Bancorp has set its FY 2026 guidance at 2.350-2.450 EPS. As a group, research analysts predict that First Internet Bancorp will post 2.36 EPS for the current fiscal year.

First Internet Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend was Tuesday, June 30th. First Internet Bancorp's dividend payout ratio (DPR) is currently -6.67%.

Hedge Funds Weigh In On First Internet Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of INBK. Tower Research Capital LLC TRC increased its position in First Internet Bancorp by 202.7% in the second quarter. Tower Research Capital LLC TRC now owns 1,789 shares of the bank's stock worth $48,000 after buying an additional 1,198 shares in the last quarter. California State Teachers Retirement System lifted its position in shares of First Internet Bancorp by 601.7% during the 2nd quarter. California State Teachers Retirement System now owns 2,947 shares of the bank's stock valued at $82,000 after buying an additional 2,527 shares in the last quarter. Deutsche Bank AG grew its stake in shares of First Internet Bancorp by 4,390.4% during the 4th quarter. Deutsche Bank AG now owns 5,164 shares of the bank's stock valued at $108,000 after acquiring an additional 5,049 shares during the period. Public Employees Retirement System of Ohio grew its stake in shares of 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 valued at $126,000 after acquiring an additional 1,000 shares during the period. Finally, Versant Capital Management Inc increased its holdings in First Internet Bancorp by 7.3% in the 2nd quarter. Versant Capital Management Inc now owns 5,533 shares of the bank's stock worth $154,000 after acquiring an additional 376 shares in the last quarter. 65.46% of the stock is currently owned by hedge funds and other institutional investors.

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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