Analysts Set First Interstate BancSystem, Inc. (NASDAQ:FIBK) PT at $35.14

Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) have received an average rating of “Hold” from the seven brokerages that are presently covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $35.14.

A number of research firms recently weighed in on FIBK. UBS Group initiated coverage on shares of First Interstate BancSystem in a research report on Tuesday, December 17th. They set a “neutral” rating and a $35.00 price target on the stock. StockNews.com downgraded First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Tuesday, December 24th. DA Davidson raised First Interstate BancSystem from a “neutral” rating to a “buy” rating and upped their target price for the company from $32.00 to $42.00 in a report on Tuesday, November 26th. Keefe, Bruyette & Woods lifted their price target on First Interstate BancSystem from $32.00 to $36.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Finally, Piper Sandler reduced their price objective 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.

First Interstate BancSystem Stock Performance

Shares of FIBK opened at $32.23 on Tuesday. The firm has a market capitalization of $3.37 billion, a P/E ratio of 14.14 and a beta of 0.85. First Interstate BancSystem has a 52 week low of $24.16 and a 52 week high of $36.77. The stock has a 50 day moving average price of $33.23 and a two-hundred day moving average price of $30.93. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current ratio of 0.78.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate 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 company posted $0.70 EPS. Equities analysts forecast that First Interstate BancSystem will post 2.28 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 4th were paid a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, November 4th. This represents a $1.88 annualized dividend and a dividend yield of 5.83%. First Interstate BancSystem’s payout ratio is 82.46%.

Insider Activity at First Interstate BancSystem

In other news, major shareholder James R. Scott, Jr. sold 6,067 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $34.50, for a total value of $209,311.50. Following the sale, the insider now owns 75,387 shares of the company’s stock, valued at $2,600,851.50. The trade was a 7.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jonathan R. Scott sold 6,500 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $34.18, for a total transaction of $222,170.00. Following the sale, the director now owns 958,710 shares in the company, valued at $32,768,707.80. The trade was a 0.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 54,837 shares of company stock worth $1,839,583. Company insiders own 6.90% of the company’s stock.

Hedge Funds Weigh In On First Interstate BancSystem

Hedge funds have recently made changes to their positions in the stock. Point72 DIFC Ltd bought a new position in First Interstate BancSystem in the 3rd quarter worth about $34,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of First Interstate BancSystem in the third quarter worth about $69,000. nVerses Capital LLC boosted its position in shares of First Interstate BancSystem by 412.5% in the second quarter. nVerses Capital LLC now owns 4,100 shares of the financial services provider’s stock valued at $114,000 after acquiring an additional 3,300 shares during the period. CWM LLC grew its stake in First Interstate BancSystem by 65.0% during the third quarter. CWM LLC now owns 5,152 shares of the financial services provider’s stock valued at $158,000 after acquiring an additional 2,029 shares in the last quarter. Finally, Telos Capital Management Inc. purchased a new position in First Interstate BancSystem during the third quarter valued at approximately $201,000. 88.71% of the stock is currently owned by hedge funds and other institutional investors.

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.