First Internet Bancorp (NASDAQ:INBK) Stock Passes Below 200 Day Moving Average – Should You Sell?

First Internet Bancorp (NASDAQ:INBK) shares passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $22.72 and traded as low as $20.38. First Internet Bancorp shares last traded at $20.5350, with a volume of 66,715 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on INBK shares. Piper Sandler lowered their target price on First Internet Bancorp from $25.50 to $22.00 and set a “neutral” rating for the company in a report on Monday, October 27th. Hovde Group cut their target price on First Internet Bancorp from $29.00 to $26.00 and set an “outperform” rating on the stock in a research note on Friday, October 24th. Weiss Ratings reiterated a “sell (d)” rating on shares of First Internet Bancorp in a report on Monday. Keefe, Bruyette & Woods decreased their target price on shares of First Internet Bancorp from $27.00 to $25.00 and set a “market perform” rating for the company in a research report on Friday, October 24th. Finally, Zacks Research downgraded shares of First Internet Bancorp from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 28th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $24.33.

First Internet Bancorp Stock Performance

The company has a market capitalization of $176.77 million, a P/E ratio of -5.34 and a beta of 0.85. The stock’s fifty day moving average price is $19.63 and its 200-day moving average price is $22.71. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.88 and a current ratio of 0.91.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings results on Wednesday, October 22nd. The bank reported ($1.43) earnings per share for the quarter, missing analysts’ consensus estimates of $0.66 by ($2.09). First Internet Bancorp had a negative return on equity of 2.05% and a negative net margin of 9.35%.The business had revenue of $43.53 million for the quarter, compared to analyst estimates of $33.48 million. As a group, research analysts anticipate that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend is Wednesday, December 31st. First Internet Bancorp’s payout ratio is -6.32%.

Insider Activity

In related news, CEO David B. Becker acquired 5,000 shares of the business’s stock in a transaction on Wednesday, October 29th. The stock was purchased at an average cost of $18.67 per share, for a total transaction of $93,350.00. Following the completion of the transaction, the chief executive officer directly owned 419,194 shares of the company’s stock, valued at approximately $7,826,351.98. The trade was a 1.21% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John K. Keach, Jr. purchased 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 28th. The shares were purchased at an average cost of $19.34 per share, with a total value of $38,680.00. Following the completion of the acquisition, the director owned 37,046 shares in the company, valued at $716,469.64. The trade was a 5.71% increase in their position. The SEC filing for this purchase provides additional information. Insiders have purchased 10,110 shares of company stock valued at $187,863 over the last ninety days. 8.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On First Internet Bancorp

A number of institutional investors have recently modified their holdings of the business. AlphaQuest LLC increased its stake in First Internet Bancorp by 239.4% during the 1st quarter. AlphaQuest LLC now owns 1,361 shares of the bank’s stock worth $36,000 after acquiring an additional 960 shares during the period. Tower Research Capital LLC TRC raised its position in shares of First Internet Bancorp by 202.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,789 shares of the bank’s stock valued at $48,000 after buying an additional 1,198 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of First Internet Bancorp by 92.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 9,261 shares of the bank’s stock worth $208,000 after acquiring an additional 4,439 shares during the period. Teton Advisors LLC acquired a new stake in shares of First Internet Bancorp during the 3rd quarter worth approximately $224,000. Finally, Jump Financial LLC bought a new position in First Internet Bancorp in the second quarter valued at approximately $236,000. 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).