First Internet Bancorp (NASDAQ:INBK) Shares Cross Above 50-Day Moving Average – What’s Next?

First Internet Bancorp (NASDAQ:INBK)’s share price passed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $22.58 and traded as high as $24.37. First Internet Bancorp shares last traded at $23.66, with a volume of 34,673 shares changing hands.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Hovde Group boosted their price objective 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. Zacks Research upgraded First Internet Bancorp from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. Piper Sandler boosted their price objective on First Internet Bancorp from $23.50 to $24.00 and gave the company a “neutral” rating in a research note on Friday, May 1st. Weiss Ratings restated a “sell (d)” rating on shares of First Internet Bancorp in a research note on Friday, March 27th. Finally, Wall Street Zen raised First Internet Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, March 14th. One investment 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, the company currently has an average rating of “Hold” and a consensus price target of $25.67.

First Internet Bancorp Stock Down 0.0%

The company has a debt-to-equity ratio of 0.96, a current ratio of 0.88 and a quick ratio of 0.87. The company has a market cap of $206.32 million, a PE ratio of -6.15 and a beta of 0.85. The company has a fifty day moving average price of $22.58 and a 200 day moving average price of $21.27.

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

First Internet Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were issued 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 dividend yield of 1.0%. First Internet Bancorp’s payout ratio is presently -6.23%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Tower Research Capital LLC TRC grew its holdings in shares of First Internet Bancorp by 202.7% during the second quarter. Tower Research Capital LLC TRC now owns 1,789 shares of the bank’s stock worth $48,000 after purchasing an additional 1,198 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of First Internet Bancorp by 1,123.5% during the fourth quarter. GAMMA Investing LLC now owns 3,181 shares of the bank’s stock worth $66,000 after purchasing an additional 2,921 shares in the last quarter. Deutsche Bank AG grew its holdings in shares of First Internet Bancorp by 4,390.4% during the fourth quarter. Deutsche Bank AG now owns 5,164 shares of the bank’s stock worth $108,000 after purchasing an additional 5,049 shares in the last quarter. Public Employees Retirement System of Ohio grew its holdings in shares of First Internet Bancorp by 19.9% during the fourth quarter. Public Employees Retirement System of Ohio now owns 6,024 shares of the bank’s stock worth $126,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Wells Fargo & Company MN grew its holdings in shares of First Internet Bancorp by 62.8% during the fourth quarter. Wells Fargo & Company MN now owns 8,759 shares of the bank’s stock worth $183,000 after purchasing an additional 3,379 shares in the last quarter. Hedge funds and other 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).