First Interstate BancSystem, Inc. (NASDAQ:FIBK) Given Consensus Rating of “Hold” by Brokerages

Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) have been assigned an average recommendation of “Hold” from the six ratings firms that are presently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $35.4286.

Several equities analysts have recently commented on FIBK shares. Wall Street Zen downgraded First Interstate BancSystem from a “hold” rating to a “sell” rating in a research report on Monday. Keefe, Bruyette & Woods upgraded First Interstate BancSystem from a “hold” rating to a “moderate buy” rating and set a $32.00 price objective on the stock in a research report on Monday, June 23rd. Wells Fargo & Company boosted their price objective on First Interstate BancSystem from $25.00 to $28.00 and gave the company an “underweight” rating in a research report on Thursday, July 10th. Finally, Barclays upgraded First Interstate BancSystem from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $28.00 to $32.00 in a research report on Tuesday, July 8th.

Insider Activity

In other news, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of First Interstate BancSystem stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $27.86, for a total value of $1,532,300.00. Following the sale, the insider directly owned 529,256 shares of the company’s stock, valued at approximately $14,745,072.16. The trade was a 9.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 8.20% of the company’s stock.

Institutional Investors Weigh In On First Interstate BancSystem

Several large investors have recently made changes to their positions in the company. Wood Tarver Financial Group LLC bought a new stake in First Interstate BancSystem during the fourth quarter worth approximately $26,000. JNBA Financial Advisors bought a new stake in First Interstate BancSystem during the first quarter worth approximately $29,000. GAMMA Investing LLC increased its stake in First Interstate BancSystem by 186.5% during the second quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 647 shares during the last quarter. Quarry LP increased its stake in First Interstate BancSystem by 63.8% during the first quarter. Quarry LP now owns 1,155 shares of the financial services provider’s stock worth $33,000 after acquiring an additional 450 shares during the last quarter. Finally, Sterling Capital Management LLC increased its stake in First Interstate BancSystem by 826.3% during the fourth quarter. Sterling Capital Management LLC now owns 2,501 shares of the financial services provider’s stock worth $81,000 after acquiring an additional 2,231 shares during the last quarter. 88.71% of the stock is owned by institutional investors.

First Interstate BancSystem Price Performance

Shares of First Interstate BancSystem stock opened at $30.05 on Wednesday. The stock’s 50-day simple moving average is $29.06 and its 200-day simple moving average is $28.77. First Interstate BancSystem has a 52 week low of $22.95 and a 52 week high of $36.77. The company has a market capitalization of $3.15 billion, a price-to-earnings ratio of 13.54 and a beta of 0.83. The company has a quick ratio of 0.74, a current ratio of 0.75 and a debt-to-equity ratio of 0.19.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings data on Tuesday, July 29th. The financial services provider reported $0.69 EPS for the quarter, beating the consensus estimate of $0.57 by $0.12. First Interstate BancSystem had a return on equity of 6.82% and a net margin of 16.04%. The business had revenue of $248.30 million for the quarter, compared to the consensus estimate of $253.73 million. During the same period in the previous year, the business earned $0.58 earnings per share. The business’s revenue was up 1.6% on a year-over-year basis. As a group, analysts expect that First Interstate BancSystem will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders of record on Monday, August 11th will be issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 6.3%. The ex-dividend date of this dividend is Monday, August 11th. First Interstate BancSystem’s payout ratio is 84.68%.

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.