First Interstate BancSystem (NASDAQ:FIBK) Reaches New 52-Week High – Should You Buy?

First Interstate BancSystem, Inc. (NASDAQ:FIBK) reached a new 52-week high on Wednesday . The stock traded as high as $39.27 and last traded at $39.1410, with a volume of 334382 shares traded. The stock had previously closed at $38.56.

Analysts Set New Price Targets

Several analysts have commented on FIBK shares. DA Davidson cut First Interstate BancSystem from a “buy” rating to a “neutral” rating and lowered their price target for the company from $41.00 to $39.00 in a report on Wednesday, May 27th. Weiss Ratings cut shares of First Interstate BancSystem from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, June 16th. Keefe, Bruyette & Woods restated a “market perform” rating and issued 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 raised shares of First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research report on Monday, June 22nd. Finally, Piper Sandler dropped their price target on shares of First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating for the company in a research report on Thursday, April 2nd. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $37.00.

First Interstate BancSystem Stock Performance

The stock has a 50-day simple moving average of $35.78 and a 200-day simple moving average of $35.59. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.70 and a quick ratio of 0.70. The stock has a market cap of $3.81 billion, a PE ratio of 12.77 and a beta of 0.76.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings data on Wednesday, April 29th. The financial services provider reported $0.61 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.01. The company 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 period last year, the business posted $0.49 EPS. Equities analysts predict that First Interstate BancSystem, Inc. will post 2.66 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Monday, May 11th were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date of this dividend was Monday, May 11th. First Interstate BancSystem’s dividend payout ratio is 61.24%.

Insider Activity at First Interstate BancSystem

In other news, major shareholder Jonathan R. Scott sold 12,892 shares of the stock in a transaction on Thursday, June 4th. The shares were 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 of the company’s stock, valued at $30,834,624.24. This represents a 1.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Julie A. Scott sold 15,000 shares of the firm’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $35.97, for a total transaction of $539,550.00. Following the completion of the transaction, the insider directly owned 488,359 shares in the company, valued at approximately $17,566,273.23. This represents a 2.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 32,392 shares of company stock worth $1,161,552 in the last 90 days. 8.00% of the stock is currently owned by insiders.

Institutional Trading of First Interstate BancSystem

A number of institutional investors have recently added to or reduced their stakes in FIBK. Northern Capital Management Inc. raised its position in First Interstate BancSystem by 0.5% in the fourth 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 raised its holdings in shares of First Interstate BancSystem by 17.7% during 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 during the period. HighTower Advisors LLC grew its position in First Interstate BancSystem by 2.7% in the fourth quarter. HighTower Advisors LLC now owns 14,177 shares of the financial services provider’s stock valued at $491,000 after acquiring an additional 375 shares in the last quarter. Alliancebernstein L.P. raised its stake in shares of First Interstate BancSystem by 0.4% during the third quarter. Alliancebernstein L.P. now owns 108,600 shares of the financial services provider’s stock valued at $3,461,000 after purchasing an additional 397 shares during the period. Finally, First Horizon Corp raised its stake in shares of First Interstate BancSystem by 56.0% during the fourth quarter. First Horizon Corp now owns 1,268 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 455 shares during the period. 88.71% of the stock is owned by hedge funds and other institutional investors.

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.