First Interstate BancSystem (NASDAQ:FIBK) Raised to Hold at StockNews.com

StockNews.com upgraded shares of First Interstate BancSystem (NASDAQ:FIBK) from a sell rating to a hold rating in a report published on Tuesday.

Several other brokerages also recently weighed in on FIBK. Barclays downgraded shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $32.00 to $30.00 in a report on Thursday, October 31st. Stephens reiterated an “overweight” rating and set a $36.00 target price on shares of First Interstate BancSystem in a research report on Thursday, October 10th. Piper Sandler dropped their price target on First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating for the company in a research note on Monday, October 28th. DA Davidson boosted their target price on shares of First Interstate BancSystem from $27.00 to $34.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Finally, Wells Fargo & Company downgraded shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $30.00 to $28.00 in a report on Tuesday, October 1st. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $32.50.

First Interstate BancSystem Stock Performance

Shares of FIBK stock traded down $0.33 during trading hours on Tuesday, reaching $32.95. 43,610 shares of the company traded hands, compared to its average volume of 674,063. The firm has a 50-day moving average price of $30.94 and a 200 day moving average price of $29.22. The company has a market cap of $3.44 billion, a P/E ratio of 14.60 and a beta of 0.81. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.78 and a quick ratio of 0.78. First Interstate BancSystem has a 12-month low of $24.16 and a 12-month high of $34.53.

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 quarter in the prior year, the firm posted $0.70 EPS. As a group, sell-side analysts predict that First Interstate BancSystem will post 2.28 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Monday, November 4th were paid a $0.47 dividend. The ex-dividend date was Monday, November 4th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.71%. First Interstate BancSystem’s payout ratio is currently 82.46%.

Insider Activity at First Interstate BancSystem

In other news, Director Jonathan R. Scott sold 6,500 shares of the business’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $34.18, for a total value of $222,170.00. Following the completion of the sale, the director now owns 958,710 shares in the company, valued at approximately $32,768,707.80. The trade was a 0.67 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Julie A. Scott sold 20,220 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $32.78, for a total transaction of $662,811.60. Following the transaction, the insider now owns 635,069 shares in the company, valued at approximately $20,817,561.82. This represents a 3.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 49,320 shares of company stock valued at $1,647,096. Insiders own 6.90% of the company’s stock.

Institutional Trading of First Interstate BancSystem

A number of hedge funds have recently bought and sold shares of the stock. BNP Paribas Financial Markets raised its position in shares of First Interstate BancSystem by 235.6% in the 1st quarter. BNP Paribas Financial Markets now owns 78,311 shares of the financial services provider’s stock worth $2,131,000 after acquiring an additional 54,973 shares in the last quarter. SG Americas Securities LLC bought a new position in First Interstate BancSystem in the first quarter worth about $273,000. Swiss National Bank lifted its position in shares of First Interstate BancSystem by 6.0% during the first quarter. Swiss National Bank now owns 186,546 shares of the financial services provider’s stock valued at $5,076,000 after buying an additional 10,600 shares during the last quarter. Sei Investments Co. boosted its holdings in shares of First Interstate BancSystem by 5.8% in the 1st quarter. Sei Investments Co. now owns 448,158 shares of the financial services provider’s stock valued at $12,194,000 after buying an additional 24,552 shares in the last quarter. Finally, Inspire Investing LLC grew its position in shares of First Interstate BancSystem by 4.6% in the 1st quarter. Inspire Investing LLC now owns 13,057 shares of the financial services provider’s stock worth $355,000 after buying an additional 570 shares during the last quarter. Hedge funds and other institutional investors own 88.71% of the company’s stock.

About First Interstate BancSystem

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.