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

First Interstate BancSystem, Inc. (NASDAQ:FIBK) has received an average rating of “Hold” from the eight brokerages that are covering the firm, Marketbeat reports. Two analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and two have assigned a buy recommendation to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $37.3333.

Several brokerages have recently weighed in on FIBK. Barclays increased their price objective on shares of First Interstate BancSystem from $36.00 to $38.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 7th. Weiss Ratings raised shares of First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 1st. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $37.00 target price (down from $38.00) on shares of First Interstate BancSystem in a report on Friday, May 1st. Wall Street Zen upgraded shares of First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research report on Monday, June 22nd. Finally, UBS Group lifted their price target on shares of First Interstate BancSystem from $30.00 to $33.00 and gave the stock a “sell” rating in a research note on Friday, May 1st.

Insiders Place Their Bets

In other First Interstate BancSystem 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 completion of the sale, the insider owned 866,628 shares in the company, valued at $30,834,624.24. This represents a 1.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Julie A. Scott sold 15,000 shares of the company’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $35.97, for a total value of $539,550.00. Following the completion of the sale, the insider owned 488,359 shares of the company’s stock, valued at approximately $17,566,273.23. The trade was a 2.98% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 32,392 shares of company stock worth $1,161,552. 8.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. SG Americas Securities LLC lifted its holdings in First Interstate BancSystem by 180.6% during the fourth quarter. SG Americas Securities LLC now owns 75,583 shares of the financial services provider’s stock valued at $2,615,000 after purchasing an additional 48,648 shares in the last quarter. Louisiana State Employees Retirement System bought a new position in shares of First Interstate BancSystem in the first quarter worth approximately $1,303,000. State of Alaska Department of Revenue increased its stake in shares of First Interstate BancSystem by 1,104.9% in the fourth quarter. State of Alaska Department of Revenue now owns 49,857 shares of the financial services provider’s stock worth $1,724,000 after purchasing an additional 45,719 shares in the last quarter. Hsbc Holdings PLC purchased a new stake in shares of First Interstate BancSystem in the fourth quarter worth $2,127,000. Finally, Villere ST Denis J & Co. LLC raised its position in shares of First Interstate BancSystem by 15.1% during 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 period. 88.71% of the stock is currently owned by institutional investors.

First Interstate BancSystem Price Performance

FIBK stock opened at $38.02 on Wednesday. First Interstate BancSystem has a fifty-two week low of $27.60 and a fifty-two week high of $40.60. The business’s 50-day moving average is $37.48 and its two-hundred day moving average is $36.05. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.70 and a current ratio of 0.70. The company has a market cap of $3.69 billion, a price-to-earnings ratio of 11.70 and a beta of 0.76.

First Interstate BancSystem (NASDAQ:FIBK) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.19. First Interstate BancSystem had a return on equity of 9.55% and a net margin of 29.44%.The business had revenue of $263.90 million for the quarter, compared to analysts’ expectations of $249.32 million. During the same period last year, the firm posted $0.69 earnings per share. The business’s revenue for the quarter was up 6.4% on a year-over-year basis. As a group, analysts forecast that First Interstate BancSystem will post 2.84 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Tuesday, August 4th will be issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend is Tuesday, August 4th. First Interstate BancSystem’s dividend payout ratio (DPR) is currently 57.85%.

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.