First Internet Bancorp (NASDAQ:INBK) Stock Crosses Below 200 Day Moving Average – Time to Sell?

First Internet Bancorp (NASDAQ:INBK)’s share price crossed 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.

Analyst Ratings Changes

INBK has been the topic of several recent research reports. Hovde Group increased their target price on First Internet Bancorp from $26.00 to $29.00 and gave the stock an “outperform” rating in a research report on Friday, January 30th. Weiss Ratings reiterated a “sell (d)” rating on shares of First Internet Bancorp in a research report on Monday, December 29th. Zacks Research lowered First Internet Bancorp from a “hold” rating to a “strong sell” rating in a research note on Friday, January 30th. Keefe, Bruyette & Woods dropped their price objective on First Internet Bancorp from $25.00 to $23.00 and set a “market perform” rating on the stock in a report on Friday, January 30th. Finally, Piper Sandler cut their target price on First Internet Bancorp from $24.00 to $23.50 and set a “neutral” rating for the company in a research note on Friday, January 30th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average price target of $25.17.

First Internet Bancorp Stock Performance

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 stock has a market cap of $173.35 million, a PE ratio of -4.93 and a beta of 0.83. The company’s 50-day moving average price is $20.88 and its two-hundred day moving average price is $20.89.

First Internet Bancorp (NASDAQ:INBK) last announced its earnings results on Thursday, January 29th. The bank reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.05. First Internet Bancorp had a negative net margin of 10.05% and a negative return on equity of 1.54%. The company had revenue of $42.11 million during the quarter, compared to analyst estimates of $32.80 million. On average, equities research analysts forecast that First Internet Bancorp will post 4.11 EPS for the current year.

First Internet Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be given a dividend of $0.06 per share. The ex-dividend date is Tuesday, March 31st. This represents a $0.24 annualized dividend and a dividend yield of 1.2%. First Internet Bancorp’s dividend payout ratio is -5.96%.

Hedge Funds Weigh In On First Internet Bancorp

Large investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in First Internet Bancorp by 1.3% in the third quarter. Vanguard Group Inc. now owns 435,025 shares of the bank’s stock worth $9,758,000 after buying an additional 5,632 shares in the last quarter. Heartland Advisors Inc. raised its stake in shares of First Internet Bancorp by 1.7% during the fourth quarter. Heartland Advisors Inc. now owns 288,595 shares of the bank’s stock worth $6,023,000 after acquiring an additional 4,745 shares in the last quarter. Aegis Financial Corp purchased a new position in shares of First Internet Bancorp during the fourth quarter worth approximately $5,224,000. Patriot Financial Partners GP II L.P. bought a new stake in shares of First Internet Bancorp in the 3rd quarter worth approximately $4,696,000. Finally, CSM Advisors LLC lifted its holdings in shares of First Internet Bancorp by 35.9% in the 4th quarter. CSM Advisors LLC now owns 191,854 shares of the bank’s stock worth $4,005,000 after acquiring an additional 50,695 shares during the last quarter. 65.46% of the stock is 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).