First Interstate BancSystem (NASDAQ:FIBK) Cut to Sell at Wall Street Zen

Wall Street Zen downgraded shares of First Interstate BancSystem (NASDAQ:FIBK) from a hold rating to a sell rating in a report released on Sunday.

Several other brokerages have also recently commented on FIBK. Keefe, Bruyette & Woods boosted their price target on First Interstate BancSystem from $37.00 to $39.00 and gave the company an “outperform” rating in a research note on Wednesday, December 17th. Piper Sandler boosted their target price on shares of First Interstate BancSystem from $41.00 to $44.00 and gave the stock an “overweight” rating in a research report on Monday, February 2nd. Barclays dropped their price target on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Friday, January 30th. Stephens lowered shares of First Interstate BancSystem from an “overweight” rating to an “equal weight” rating in a research note on Thursday, February 5th. Finally, UBS Group reissued a “neutral” rating and set a $38.00 target price on shares of First Interstate BancSystem in a research report on Wednesday, February 4th. Three investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $38.17.

First Interstate BancSystem Trading Up 0.8%

Shares of NASDAQ:FIBK opened at $37.97 on Friday. The firm has a fifty day moving average of $36.61 and a two-hundred day moving average of $33.46. The company has a quick ratio of 0.72, a current ratio of 0.73 and a debt-to-equity ratio of 0.09. First Interstate BancSystem has a 12-month low of $22.95 and a 12-month high of $39.26. The firm has a market capitalization of $3.91 billion, a P/E ratio of 12.87 and a beta of 0.80.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings data on Wednesday, January 28th. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.44. First Interstate BancSystem had a return on equity of 8.83% and a net margin of 17.62%.The business had revenue of $205.10 million during the quarter, compared to analyst estimates of $256.89 million. During the same period last year, the company earned $0.50 earnings per share. First Interstate BancSystem’s quarterly revenue was up 19.8% compared to the same quarter last year. On average, equities analysts expect that First Interstate BancSystem will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 20th. Stockholders of record on Tuesday, February 10th will be issued a dividend of $0.47 per share. The ex-dividend date is Tuesday, February 10th. This represents a $1.88 annualized dividend and a dividend yield of 5.0%. First Interstate BancSystem’s payout ratio is presently 63.73%.

Insider Activity

In related news, major shareholder Jonathan R. Scott sold 3,173 shares of the stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $36.20, for a total value of $114,862.60. Following the completion of the sale, the insider owned 937,851 shares in the company, valued at approximately $33,950,206.20. This trade represents a 0.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Susan Scott Heyneman Trust, Su sold 10,000 shares of the business’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $32.75, for a total value of $327,500.00. Following the transaction, the insider owned 224,460 shares in the company, valued at $7,351,065. This represents a 4.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 45,432 shares of company stock valued at $1,454,120. Insiders own 8.20% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of FIBK. Northern Capital Management Inc. boosted its stake in First Interstate BancSystem by 0.5% during the fourth quarter. Northern Capital Management Inc. now owns 52,100 shares of the financial services provider’s stock worth $1,803,000 after buying an additional 275 shares in the last quarter. HighTower Advisors LLC lifted its holdings in shares of First Interstate BancSystem by 2.7% during the 4th quarter. HighTower Advisors LLC now owns 14,177 shares of the financial services provider’s stock worth $491,000 after acquiring an additional 375 shares during the period. Alliancebernstein L.P. boosted its position in shares of First Interstate BancSystem by 0.4% during the 3rd quarter. Alliancebernstein L.P. now owns 108,600 shares of the financial services provider’s stock valued at $3,461,000 after acquiring an additional 397 shares in the last quarter. First Horizon Corp increased its stake in First Interstate BancSystem by 56.0% in the fourth quarter. First Horizon Corp now owns 1,268 shares of the financial services provider’s stock valued at $44,000 after acquiring an additional 455 shares during the period. Finally, GAMMA Investing LLC raised its position in First Interstate BancSystem by 49.6% in the fourth quarter. GAMMA Investing LLC now owns 1,556 shares of the financial services provider’s stock worth $54,000 after purchasing an additional 516 shares in the last quarter. 88.71% of the stock is currently owned by institutional investors and hedge funds.

About First Interstate BancSystem

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.