First Internet Bancorp (NASDAQ:INBK) Shares Pass Below 200-Day Moving Average – Here’s What Happened

First Internet Bancorp (NASDAQ:INBK)’s share price passed below its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $23.38 and traded as low as $17.19. First Internet Bancorp shares last traded at $17.26, with a volume of 78,271 shares changing hands.

Wall Street Analyst Weigh In

INBK has been the subject of several recent research reports. Weiss Ratings reaffirmed a “sell (d)” rating on shares of First Internet Bancorp in a research report on Thursday, November 13th. Piper Sandler reduced their price target on First Internet Bancorp from $25.50 to $22.00 and set a “neutral” rating for the company in a research report on Monday, October 27th. Keefe, Bruyette & Woods decreased their price target on shares of First Internet Bancorp from $27.00 to $25.00 and set a “market perform” rating for the company in a research note on Friday, October 24th. Zacks Research downgraded shares of First Internet Bancorp from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 28th. Finally, Wall Street Zen cut shares of First Internet Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, August 2nd. 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 stock. According to MarketBeat.com, First Internet Bancorp currently has an average rating of “Reduce” and an average price target of $24.33.

First Internet Bancorp Stock Performance

The stock has a market capitalization of $152.18 million, a P/E ratio of -4.60 and a beta of 0.93. The stock has a 50 day simple moving average of $20.97 and a two-hundred day simple moving average of $23.31. The company has a quick ratio of 0.90, a current ratio of 0.93 and a debt-to-equity ratio of 0.95.

First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings data on Wednesday, October 22nd. The bank reported ($1.43) EPS for the quarter, missing the consensus estimate of $0.66 by ($2.09). The company had revenue of $43.53 million during the quarter, compared to analyst estimates of $33.48 million. First Internet Bancorp had a negative net margin of 9.35% and a negative return on equity of 2.00%. On average, equities analysts forecast that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were issued a dividend of $0.06 per share. The ex-dividend date was Tuesday, September 30th. This represents a $0.24 dividend on an annualized basis and a yield of 1.4%. First Internet Bancorp’s dividend payout ratio (DPR) is presently -6.32%.

Insider Buying and Selling at First Internet Bancorp

In other First Internet Bancorp news, CEO David B. Becker acquired 5,000 shares of the business’s stock in a transaction dated Wednesday, October 29th. The stock was bought at an average cost of $18.67 per share, with a total value of $93,350.00. Following the completion of the transaction, the chief executive officer directly owned 419,194 shares in the company, valued at approximately $7,826,351.98. This represents a 1.21% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director John K. Keach, Jr. bought 2,000 shares of First Internet Bancorp stock in a transaction dated Tuesday, October 28th. The shares were acquired at an average price of $19.34 per share, with a total value of $38,680.00. Following the completion of the purchase, the director directly owned 37,046 shares in the company, valued at $716,469.64. This trade represents a 5.71% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have acquired 10,110 shares of company stock worth $187,863 over the last 90 days. Company insiders own 8.00% of the company’s stock.

Hedge Funds Weigh In On First Internet Bancorp

Several institutional investors and hedge funds have recently modified their holdings of the stock. Jacobs Levy Equity Management Inc. lifted its stake in shares of First Internet Bancorp by 8.1% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 99,048 shares of the bank’s stock worth $2,222,000 after buying an additional 7,394 shares during the last quarter. Citadel Advisors LLC grew its stake in First Internet Bancorp by 32.5% in the 3rd quarter. Citadel Advisors LLC now owns 106,932 shares of the bank’s stock valued at $2,398,000 after buying an additional 26,239 shares during the last quarter. Bank of America Corp DE raised its holdings in First Internet Bancorp by 44.1% in the 3rd quarter. Bank of America Corp DE now owns 31,566 shares of the bank’s stock valued at $708,000 after acquiring an additional 9,661 shares during the period. Ancora Advisors LLC lifted its position in First Internet Bancorp by 28.0% during the third quarter. Ancora Advisors LLC now owns 50,708 shares of the bank’s stock worth $1,137,000 after acquiring an additional 11,095 shares during the last quarter. Finally, Man Group plc lifted its position in First Internet Bancorp by 5.1% during the third quarter. Man Group plc now owns 21,818 shares of the bank’s stock worth $489,000 after acquiring an additional 1,053 shares during the last quarter. 65.46% of the stock is currently owned by institutional investors and hedge funds.

About First Internet Bancorp

First Internet Bancorp operates as the bank holding company for First Internet Bank of Indiana that provides commercial, small business, consumer, and municipal banking products and services to individuals and commercial customers in the United States. The company accepts non-interest bearing and interest-bearing demand deposit, commercial deposit, savings, money market, and Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.