First Interstate BancSystem (NASDAQ:FIBK) Upgraded by DA Davidson to Buy Rating

DA Davidson upgraded shares of First Interstate BancSystem (NASDAQ:FIBK) from a neutral rating to a buy rating in a research note issued to investors on Tuesday morning, Marketbeat reports. They currently have $42.00 target price on the financial services provider’s stock, up from their previous target price of $32.00.

A number of other research firms also recently weighed in on FIBK. Barclays downgraded shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $32.00 to $30.00 in a research report on Thursday, October 31st. Keefe, Bruyette & Woods increased their price objective on First Interstate BancSystem from $29.00 to $31.00 and gave the company a “market perform” rating in a report on Monday, July 29th. Stephens restated an “overweight” rating and issued a $36.00 target price on shares of First Interstate BancSystem in a research note on Thursday, October 10th. StockNews.com cut First Interstate BancSystem from a “hold” rating to a “sell” rating in a research report on Wednesday, November 20th. Finally, Wells Fargo & Company cut First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $30.00 to $28.00 in a research note on Tuesday, October 1st. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, First Interstate BancSystem presently has an average rating of “Hold” and a consensus price target of $33.83.

First Interstate BancSystem Stock Performance

Shares of First Interstate BancSystem stock opened at $34.97 on Tuesday. The business’s fifty day simple moving average is $31.93 and its 200 day simple moving average is $29.77. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.71. First Interstate BancSystem has a 12 month low of $24.16 and a 12 month high of $36.77. The firm has a market capitalization of $3.66 billion, a P/E ratio of 15.34 and a beta of 0.81.

First Interstate BancSystem (NASDAQ:FIBK) last released its earnings results on Thursday, October 24th. The financial services provider reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). First Interstate BancSystem had a return on equity of 7.48% and a net margin of 15.94%. During the same period in the prior year, the firm earned $0.70 EPS. As a group, analysts anticipate that First Interstate BancSystem will post 2.28 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Monday, November 4th were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 5.38%. The ex-dividend date was Monday, November 4th. First Interstate BancSystem’s payout ratio is presently 82.46%.

Insider Transactions at First Interstate BancSystem

In related news, major shareholder James R. Scott, Jr. sold 6,067 shares of First Interstate BancSystem stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $34.50, for a total transaction of $209,311.50. Following the completion of the sale, the insider now owns 75,387 shares of the company’s stock, valued at approximately $2,600,851.50. This trade represents a 7.45 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Julie A. Scott sold 22,050 shares of the company’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $33.80, for a total value of $745,290.00. Following the completion of the transaction, the insider now owns 613,019 shares in the company, valued at $20,720,042.20. This represents a 3.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 54,837 shares of company stock valued at $1,839,583. 6.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On First Interstate BancSystem

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP lifted its holdings in shares of First Interstate BancSystem by 8.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,580,800 shares of the financial services provider’s stock worth $127,204,000 after acquiring an additional 367,212 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in First Interstate BancSystem by 1.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 2,051,632 shares of the financial services provider’s stock valued at $56,974,000 after acquiring an additional 32,348 shares during the last quarter. Geode Capital Management LLC raised its position in First Interstate BancSystem by 3.1% during the third quarter. Geode Capital Management LLC now owns 1,992,873 shares of the financial services provider’s stock valued at $61,152,000 after purchasing an additional 59,367 shares in the last quarter. Wellington Management Group LLP lifted its stake in First Interstate BancSystem by 6.5% during the third quarter. Wellington Management Group LLP now owns 1,288,214 shares of the financial services provider’s stock worth $39,522,000 after purchasing an additional 78,596 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of First Interstate BancSystem by 5.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,073,814 shares of the financial services provider’s stock worth $32,945,000 after purchasing an additional 52,919 shares in the last quarter. Hedge funds and other institutional investors own 88.71% of the company’s stock.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc operates as the bank holding company for First Interstate Bank that provides range of banking products and services in the United States. It offers various traditional depository products, including checking, savings, and time deposits; and repurchase agreements primarily for commercial and municipal depositors.