First Internet Bancorp (NASDAQ:INBK) Share Price Crosses Above Two Hundred Day Moving Average – Here’s Why

First Internet Bancorp (NASDAQ:INBK) 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 traded.

Wall Street Analyst Weigh In

INBK has been the subject of a number of recent analyst reports. Zacks Research upgraded shares of First Internet Bancorp from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. Keefe, Bruyette & Woods lifted their price objective on First Internet Bancorp from $23.00 to $24.00 and gave the stock a “market perform” rating in a research note on Friday, May 1st. Piper Sandler boosted their price objective on First Internet Bancorp from $23.50 to $24.00 and gave the stock a “neutral” rating in a research report on Friday, May 1st. Hovde Group increased their target price on First Internet Bancorp from $26.00 to $29.00 and gave the company an “outperform” rating in a research note on Friday, January 30th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of First Internet Bancorp in a report on Friday, March 27th. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $25.67.

First Internet Bancorp Stock Down 1.0%

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

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings data on Thursday, April 30th. The bank reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.21. The company had revenue of $43.12 million during the quarter, compared to the consensus estimate of $45.67 million. First Internet Bancorp had a negative return on equity of 1.14% and a negative net margin of 9.60%. On average, equities research analysts expect that First Internet Bancorp will post 1.98 earnings per share for the current fiscal year.

First Internet Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were paid a dividend of $0.06 per share. The ex-dividend date was Tuesday, March 31st. This represents a $0.24 dividend on an annualized basis and a yield of 1.0%. First Internet Bancorp’s payout ratio is currently -6.23%.

Hedge Funds Weigh In On First Internet Bancorp

Hedge funds have recently made changes to their positions in the business. Royal Bank of Canada lifted its holdings in shares of First Internet Bancorp by 78.5% during the 1st quarter. Royal Bank of Canada now owns 13,789 shares of the bank’s stock worth $369,000 after acquiring an additional 6,064 shares during the period. Empowered Funds LLC increased its stake in First Internet Bancorp by 81.4% in the first quarter. Empowered Funds LLC now owns 13,135 shares of the bank’s stock valued at $352,000 after acquiring an additional 5,893 shares during the period. Jane Street Group LLC acquired a new position in First Internet Bancorp in the first quarter worth about $297,000. First Trust Advisors LP raised its position in First Internet Bancorp by 4.9% in the second quarter. First Trust Advisors LP now owns 31,683 shares of the bank’s stock worth $852,000 after purchasing an additional 1,474 shares in the last quarter. Finally, Jump Financial LLC bought a new position in First Internet Bancorp during the second quarter worth about $236,000. 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).