First Interstate BancSystem (NASDAQ:FIBK) Raised to “Hold” at StockNews.com

StockNews.com upgraded shares of First Interstate BancSystem (NASDAQ:FIBK) from a sell rating to a hold rating in a report published on Thursday.

A number of other research firms have also weighed in on FIBK. Barclays lowered shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $32.00 to $30.00 in a research report on Thursday, October 31st. DA Davidson upgraded First Interstate BancSystem from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $32.00 to $42.00 in a report on Tuesday, November 26th. Stephens reaffirmed an “overweight” rating and issued a $36.00 price target on shares of First Interstate BancSystem in a report on Thursday, October 10th. Piper Sandler lowered their price objective on First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating on the stock in a research note on Monday, October 28th. Finally, Wells Fargo & Company downgraded First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $30.00 to $28.00 in a research note on Tuesday, October 1st. Two research analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $33.83.

First Interstate BancSystem Price Performance

Shares of First Interstate BancSystem stock opened at $34.97 on Thursday. The stock has a market capitalization of $3.66 billion, a P/E ratio of 15.34 and a beta of 0.81. The business has a 50 day simple moving average of $31.93 and a two-hundred day simple moving average of $29.80. First Interstate BancSystem has a 12 month low of $24.16 and a 12 month high of $36.77. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.78 and a quick ratio of 0.78.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.54 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.04). First Interstate BancSystem had a net margin of 15.94% and a return on equity of 7.48%. During the same period last year, the company earned $0.70 earnings per share. As a group, analysts predict that First Interstate BancSystem will post 2.28 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 4th were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.38%. The ex-dividend date was Monday, November 4th. First Interstate BancSystem’s dividend payout ratio is presently 82.46%.

Insider Buying and Selling

In related news, major shareholder James R. Scott, Jr. sold 6,067 shares of First Interstate BancSystem stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $34.50, for a total value of $209,311.50. Following the completion of the sale, the insider now owns 75,387 shares in the company, valued at approximately $2,600,851.50. This trade represents a 7.45 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Julie A. Scott sold 22,050 shares of the company’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $33.80, for a total value of $745,290.00. Following the transaction, the insider now owns 613,019 shares in the company, valued at $20,720,042.20. This trade represents a 3.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 54,837 shares of company stock valued at $1,839,583. 6.90% of the stock is currently owned by insiders.

Institutional Trading of First Interstate BancSystem

A number of institutional investors and hedge funds have recently bought and sold shares of FIBK. Price T Rowe Associates Inc. MD grew its holdings in shares of First Interstate BancSystem by 6.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 51,919 shares of the financial services provider’s stock valued at $1,413,000 after purchasing an additional 2,940 shares in the last quarter. Bayesian Capital Management LP acquired a new stake in shares of First Interstate BancSystem in the first quarter valued at $286,000. CWM LLC boosted its holdings in First Interstate BancSystem by 16.0% in the second quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock valued at $87,000 after purchasing an additional 430 shares during the period. SG Americas Securities LLC grew its stake in First Interstate BancSystem by 79.5% during the 2nd quarter. SG Americas Securities LLC now owns 18,021 shares of the financial services provider’s stock worth $500,000 after purchasing an additional 7,979 shares in the last quarter. Finally, SteelPeak Wealth LLC purchased a new stake in First Interstate BancSystem during the 2nd quarter worth about $241,000. 88.71% of the stock is currently owned by hedge funds and other institutional investors.

About First Interstate BancSystem

First Interstate BancSystem, Inc operates as the bank holding company for First Interstate Bank that provides range of banking products and services in the United States. It offers various traditional depository products, including checking, savings, and time deposits; and repurchase agreements primarily for commercial and municipal depositors.