First Interstate BancSystem (NASDAQ:FIBK) Rating Increased 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 research report released on Tuesday morning.

A number of other research analysts have also recently issued reports on the stock. DA Davidson lifted their price objective on shares of First Interstate BancSystem from $27.00 to $34.00 and gave the company a “neutral” rating in a report on Monday, July 29th. Keefe, Bruyette & Woods boosted their price objective on First Interstate BancSystem from $29.00 to $31.00 and gave the stock a “market perform” rating in a report on Monday, July 29th. Stephens reissued an “overweight” rating and issued a $36.00 price objective on shares of First Interstate BancSystem in a research note on Thursday, October 10th. Wells Fargo & Company cut First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $30.00 to $28.00 in a research report on Tuesday, October 1st. Finally, Barclays downgraded First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $32.00 to $30.00 in a report on Thursday, October 31st. 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 stock. According to MarketBeat, First Interstate BancSystem presently has a consensus rating of “Hold” and a consensus price target of $32.50.

First Interstate BancSystem Stock Performance

Shares of First Interstate BancSystem stock opened at $33.14 on Tuesday. The business has a 50-day simple moving average of $31.01 and a 200 day simple moving average of $29.25. First Interstate BancSystem has a one year low of $24.16 and a one year high of $34.53. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market capitalization of $3.46 billion, a price-to-earnings ratio of 14.54 and a beta of 0.81.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.54 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.04). First Interstate BancSystem had a net margin of 15.94% and a return on equity of 7.48%. During the same period in the prior year, the company posted $0.70 EPS. On average, research analysts anticipate that First Interstate BancSystem will post 2.28 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Monday, November 4th were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.67%. The ex-dividend date was Monday, November 4th. First Interstate BancSystem’s payout ratio is 82.46%.

Insiders Place Their Bets

In related news, Director Jonathan R. Scott sold 6,500 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $34.18, for a total value of $222,170.00. Following the transaction, the director now owns 958,710 shares in the company, valued at approximately $32,768,707.80. This represents a 0.67 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Julie A. Scott sold 22,050 shares of the firm’s stock in a transaction on 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 sale, the insider now directly owns 613,019 shares of the company’s stock, 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 quarter, insiders have sold 49,320 shares of company stock valued at $1,647,096. Insiders own 6.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets boosted its position in First Interstate BancSystem by 235.6% during the first quarter. BNP Paribas Financial Markets now owns 78,311 shares of the financial services provider’s stock worth $2,131,000 after purchasing an additional 54,973 shares during the period. Dimensional Fund Advisors LP grew its holdings in 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 valued at $127,204,000 after buying an additional 367,212 shares in the last quarter. Edgestream Partners L.P. bought a new stake in shares of First Interstate BancSystem during the first quarter valued at about $1,597,000. Versor Investments LP purchased a new stake in shares of First Interstate BancSystem in the third quarter worth about $914,000. Finally, CWM LLC grew its stake in First Interstate BancSystem by 16.0% during the second quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock valued at $87,000 after acquiring an additional 430 shares in the last quarter. 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.