First Interstate BancSystem, Inc. (NASDAQ:FIBK) Receives Average Rating of “Hold” from Analysts

Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) have been given an average recommendation of “Hold” by the eight research firms that are currently covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating on the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $37.00.

Several analysts have issued reports on FIBK shares. Wells Fargo & Company boosted their price objective on First Interstate BancSystem from $30.00 to $36.00 and gave the stock an “underweight” rating in a report on Monday, March 30th. Piper Sandler cut their price objective on First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating on the stock in a report on Thursday, April 2nd. Wall Street Zen upgraded First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a report on Saturday, June 6th. Weiss Ratings upgraded First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 15th. Finally, UBS Group upped their target price on First Interstate BancSystem from $30.00 to $33.00 and gave the company a “sell” rating in a report on Friday, May 1st.

First Interstate BancSystem Price Performance

NASDAQ FIBK opened at $37.11 on Tuesday. The stock’s 50-day moving average price is $34.97 and its two-hundred day moving average price is $35.25. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.09. The company has a market cap of $3.60 billion, a PE ratio of 12.09 and a beta of 0.76. First Interstate BancSystem has a 1 year low of $25.81 and a 1 year high of $39.26.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings data on Wednesday, April 29th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.01. The firm had revenue of $5.10 million for the quarter, compared to the consensus estimate of $242.78 million. First Interstate BancSystem had a return on equity of 9.13% and a net margin of 22.64%.During the same quarter in the previous year, the company earned $0.49 EPS. On average, analysts predict that First Interstate BancSystem will post 2.66 EPS for the current year.

First Interstate BancSystem Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Monday, May 11th were issued a $0.47 dividend. The ex-dividend date was Monday, May 11th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.1%. First Interstate BancSystem’s dividend payout ratio is currently 61.24%.

Insider Buying and Selling at First Interstate BancSystem

In other news, major shareholder Jonathan R. Scott sold 12,892 shares of the company’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $35.58, for a total value of $458,697.36. Following the transaction, the insider owned 866,628 shares in the company, valued at $30,834,624.24. This represents a 1.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 8.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On First Interstate BancSystem

A number of large investors have recently made changes to their positions in the business. Northern Capital Management Inc. increased its holdings in shares of First Interstate BancSystem by 0.5% in the 4th quarter. Northern Capital Management Inc. now owns 52,100 shares of the financial services provider’s stock valued at $1,803,000 after purchasing an additional 275 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of First Interstate BancSystem by 17.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,099 shares of the financial services provider’s stock valued at $70,000 after buying an additional 315 shares in the last quarter. HighTower Advisors LLC grew its stake in shares of First Interstate BancSystem by 2.7% in the 4th quarter. HighTower Advisors LLC now owns 14,177 shares of the financial services provider’s stock valued at $491,000 after buying an additional 375 shares in the last quarter. Alliancebernstein L.P. grew its stake in shares of First Interstate BancSystem by 0.4% in the 3rd quarter. Alliancebernstein L.P. now owns 108,600 shares of the financial services provider’s stock valued at $3,461,000 after buying an additional 397 shares in the last quarter. Finally, First Horizon Corp grew its stake in shares of First Interstate BancSystem by 56.0% in the 4th quarter. First Horizon Corp now owns 1,268 shares of the financial services provider’s stock valued at $44,000 after buying an additional 455 shares in the last quarter. Institutional investors and hedge funds own 88.71% of the company’s stock.

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.