Analysts Set First Interstate BancSystem, Inc. (NASDAQ:FIBK) Target Price at $36.83

Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) have been given a consensus recommendation of “Reduce” by the eight ratings firms that are currently covering the stock, Marketbeat reports. Three research analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and two have assigned a buy recommendation to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $36.8333.

A number of brokerages have recently issued reports on FIBK. DA Davidson restated a “neutral” rating and set a $39.00 price objective on shares of First Interstate BancSystem in a report on Monday, July 27th. Wall Street Zen raised First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a report on Monday, June 22nd. Weiss Ratings upgraded First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 1st. Barclays lowered First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $38.00 to $37.00 in a report on Monday, August 3rd. Finally, Wells Fargo & Company reiterated an “underweight” rating and set a $34.00 price objective (down from $36.00) on shares of First Interstate BancSystem in a research report on Monday, August 10th.

First Interstate BancSystem Trading Down 0.6%

FIBK stock opened at $37.04 on Friday. First Interstate BancSystem has a one year low of $29.10 and a one year high of $40.60. The stock has a market cap of $3.53 billion, a price-to-earnings ratio of 11.40 and a beta of 0.76. The company has a fifty day moving average price of $38.30 and a two-hundred day moving average price of $36.18. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.69 and a quick ratio of 0.69.

First Interstate BancSystem (NASDAQ:FIBK) last posted its earnings results on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.18. First Interstate BancSystem had a net margin of 23.63% and a return on equity of 9.55%. The company had revenue of $263.90 million during the quarter, compared to analysts’ expectations of $249.32 million. During the same quarter last year, the company posted $0.69 EPS. First Interstate BancSystem’s quarterly revenue was up 6.4% compared to the same quarter last year. Equities analysts anticipate that First Interstate BancSystem will post 2.84 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Tuesday, August 4th were issued a dividend of $0.47 per share. The ex-dividend date of this dividend was Tuesday, August 4th. This represents a $1.88 annualized dividend and a dividend yield of 5.1%. First Interstate BancSystem’s dividend payout ratio (DPR) is currently 57.85%.

Insider Buying and Selling

In related news, major shareholder Jonathan R. Scott sold 4,500 shares of the stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $36.29, for a total transaction of $163,305.00. Following the sale, the insider owned 862,128 shares of the company’s stock, valued at $31,286,625.12. This represents a 0.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Julie A. Scott sold 15,000 shares of the firm’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $35.97, for a total value of $539,550.00. Following the transaction, the insider owned 488,359 shares in the company, valued at approximately $17,566,273.23. This trade represents a 2.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 32,392 shares of company stock valued at $1,161,552. 8.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On First Interstate BancSystem

Hedge funds and other institutional investors have recently made changes to their positions in the company. Louisiana State Employees Retirement System acquired a new stake in shares of First Interstate BancSystem in the 1st quarter valued at approximately $1,303,000. Hsbc Holdings PLC acquired a new position in First Interstate BancSystem during the 4th quarter worth approximately $2,127,000. SG Americas Securities LLC lifted its stake in First Interstate BancSystem by 43.5% in the 1st quarter. SG Americas Securities LLC now owns 108,497 shares of the financial services provider’s stock valued at $3,624,000 after purchasing an additional 32,914 shares during the last quarter. Villere ST Denis J & Co. LLC lifted its stake in First Interstate BancSystem by 15.1% in the 1st quarter. Villere ST Denis J & Co. LLC now owns 627,031 shares of the financial services provider’s stock valued at $20,943,000 after purchasing an additional 82,117 shares during the last quarter. Finally, California State Teachers Retirement System boosted its position in First Interstate BancSystem by 36.9% in the first quarter. California State Teachers Retirement System now owns 113,551 shares of the financial services provider’s stock valued at $3,793,000 after buying an additional 30,614 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.