Zacks Investment Research upgraded shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) from a hold rating to a buy rating in a research note released on Wednesday morning. Zacks Investment Research currently has $44.00 price objective on the financial services provider’s stock.

According to Zacks, “First Interstate BancSystem, Inc. is a financial and bank holding company. Through its wholly-owned subsidiary, First Interstate Bank, it delivers a range of banking products and services to individuals, businesses, municipalities and other entities throughout its market areas. The Company’s banking products and services include demand, time, checking, and savings deposits. The Company’s loan portfolio consists of a mix of real estate, consumer, commercial, agricultural, and other loans, including fixed and variable rate loans. Its real estate loans comprise commercial real estate, construction, residential, agricultural, and other real estate loans. It also provides a range of trust, employee benefit, investment management, insurance, agency, and custodial services to individuals, businesses, and nonprofit organizations. First Interstate BancSystem, Inc. is headquartered in Billings, Montana. “

Other research analysts also recently issued research reports about the company. BidaskClub downgraded First Interstate BancSystem from a hold rating to a sell rating in a report on Thursday, July 13th. ValuEngine downgraded First Interstate BancSystem from a buy rating to a hold rating in a report on Thursday, September 7th. Finally, Barclays PLC set a $43.00 price objective on First Interstate BancSystem and gave the stock a buy rating in a report on Wednesday, October 11th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company. The company has a consensus rating of Buy and an average price target of $43.25.

Shares of First Interstate BancSystem (NASDAQ FIBK) opened at $38.80 on Wednesday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $2.20 billion, a PE ratio of 16.91, a P/E/G ratio of 1.85 and a beta of 1.19.

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The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 13th. Shareholders of record on Tuesday, October 31st will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.47%. The ex-dividend date of this dividend is Monday, October 30th. First Interstate BancSystem’s dividend payout ratio is 48.24%.

In other news, Director Ross E. Leckie sold 1,500 shares of the stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $38.85, for a total value of $58,275.00. Following the transaction, the director now owns 23,028 shares of the company’s stock, valued at approximately $894,637.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last three months, insiders sold 2,822 shares of company stock worth $104,709. 38.22% of the stock is currently owned by company insiders.

Several hedge funds have recently bought and sold shares of the company. BNP Paribas Arbitrage SA lifted its stake in shares of First Interstate BancSystem by 116.1% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 6,417 shares of the financial services provider’s stock valued at $245,000 after purchasing an additional 3,447 shares during the period. Jennison Associates LLC acquired a new position in shares of First Interstate BancSystem in the 3rd quarter valued at $923,000. Prudential Financial Inc. lifted its stake in shares of First Interstate BancSystem by 270.0% in the 3rd quarter. Prudential Financial Inc. now owns 93,161 shares of the financial services provider’s stock valued at $3,563,000 after purchasing an additional 67,980 shares during the period. IndexIQ Advisors LLC lifted its stake in shares of First Interstate BancSystem by 83.2% in the 3rd quarter. IndexIQ Advisors LLC now owns 21,858 shares of the financial services provider’s stock valued at $836,000 after purchasing an additional 9,929 shares during the period. Finally, Stevens Capital Management LP lifted its stake in shares of First Interstate BancSystem by 136.0% in the 3rd quarter. Stevens Capital Management LP now owns 18,318 shares of the financial services provider’s stock valued at $701,000 after purchasing an additional 10,557 shares during the period. 44.97% of the stock is currently owned by institutional investors.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc is a financial and bank holding company. The Company, through its bank subsidiary First Interstate Bank (the Bank), delivers a range of banking products and services to individuals, businesses, municipalities and other entities. The Company also, through its subsidiary Bank of the Cascades, offers full-service community banking through 46 branches in Oregon, Idaho and Washington.

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Analyst Recommendations for First Interstate BancSystem (NASDAQ:FIBK)

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