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

First Internet Bancorp (NASDAQ:INBK) shares crossed 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.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on INBK shares. Weiss Ratings reaffirmed a “sell (d)” rating on shares of First Internet Bancorp in a report on Friday, March 27th. Zacks Research raised 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 shares of First Internet Bancorp from $23.00 to $24.00 and gave the stock a “market perform” rating in a report on Friday, May 1st. Hovde Group lifted their price objective on shares of First Internet Bancorp from $26.00 to $29.00 and gave the stock an “outperform” rating in a report on Friday, January 30th. Finally, Wall Street Zen raised shares of First Internet Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, March 14th. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $25.67.

First Internet Bancorp Stock Down 0.0%

The company has a market capitalization of $206.32 million, a P/E ratio of -6.15 and a beta of 0.85. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.87 and a current ratio of 0.88. The stock has a 50 day moving average price of $22.58 and a 200 day moving average price of $21.27.

First Internet Bancorp (NASDAQ:INBK) last released its earnings results 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 for the quarter, compared to analysts’ expectations of $45.67 million. First Internet Bancorp had a negative return on equity of 1.14% and a negative net margin of 9.60%. Equities research analysts forecast that First Internet Bancorp will post 1.98 earnings per share for the current fiscal year.

First Internet Bancorp Announces Dividend

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

Institutional Investors Weigh In On First Internet Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC raised its stake in 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 acquiring an additional 1,198 shares during the period. GAMMA Investing LLC raised its stake in First Internet Bancorp by 1,123.5% in the 4th quarter. GAMMA Investing LLC now owns 3,181 shares of the bank’s stock valued at $66,000 after acquiring an additional 2,921 shares during the period. Deutsche Bank AG raised its stake in First Internet Bancorp by 4,390.4% in the 4th quarter. Deutsche Bank AG now owns 5,164 shares of the bank’s stock valued at $108,000 after acquiring an additional 5,049 shares during the period. Public Employees Retirement System of Ohio raised its stake in First Internet Bancorp by 19.9% in the 4th quarter. Public Employees Retirement System of Ohio now owns 6,024 shares of the bank’s stock valued at $126,000 after acquiring an additional 1,000 shares during the period. Finally, Wells Fargo & Company MN raised its stake in First Internet Bancorp by 62.8% in the 4th quarter. Wells Fargo & Company MN now owns 8,759 shares of the bank’s stock valued at $183,000 after acquiring an additional 3,379 shares during the period. 65.46% of the stock is currently owned by institutional investors.

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).