First Interstate BancSystem (NASDAQ:FIBK) Downgraded to “Sell” Rating by StockNews.com

StockNews.com downgraded shares of First Interstate BancSystem (NASDAQ:FIBK) from a hold rating to a sell rating in a research note issued to investors on Friday.

Other research analysts have also recently issued research reports about the stock. Piper Sandler dropped their price objective on shares of First Interstate BancSystem from $42.00 to $41.00 and set an “overweight” rating for the company in a research report on Monday, February 3rd. Barclays dropped their target price on First Interstate BancSystem from $31.00 to $28.00 and set an “underweight” rating for the company in a research report on Tuesday, April 8th. DA Davidson reiterated a “buy” rating and issued a $42.00 price objective on shares of First Interstate BancSystem in a research report on Thursday, January 30th. Wells Fargo & Company cut their target price on shares of First Interstate BancSystem from $30.00 to $25.00 and set an “underweight” rating on the stock in a research report on Wednesday, April 9th. Finally, Stephens lowered their price target on shares of First Interstate BancSystem from $39.00 to $38.00 and set an “overweight” rating for the company in a research report on Friday, January 31st. Three analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $35.00.

First Interstate BancSystem Trading Up 1.5 %

Shares of FIBK opened at $27.05 on Friday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market cap of $2.83 billion, a price-to-earnings ratio of 12.35 and a beta of 0.81. The stock has a fifty day moving average price of $27.58 and a two-hundred day moving average price of $30.97. First Interstate BancSystem has a 52-week low of $22.95 and a 52-week high of $36.77.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings results on Tuesday, April 29th. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.07). The company had revenue of $42.00 million for the quarter, compared to analyst estimates of $253.50 million. First Interstate BancSystem had a return on equity of 6.92% and a net margin of 15.94%. The firm’s quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter last year, the company earned $0.57 EPS. Analysts predict that First Interstate BancSystem will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 22nd. Shareholders of record on Monday, May 12th will be paid a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 6.95%. The ex-dividend date of this dividend is Monday, May 12th. First Interstate BancSystem’s payout ratio is presently 89.10%.

Insider Transactions at First Interstate BancSystem

In other news, Director John M. Heyneman, Jr. sold 1,335 shares of the firm’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $32.56, for a total transaction of $43,467.60. Following the sale, the director now owns 1,414,886 shares of the company’s stock, valued at $46,068,688.16. This trade represents a 0.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 8.20% of the company’s stock.

Institutional Trading of First Interstate BancSystem

A number of large investors have recently bought and sold shares of FIBK. Barclays PLC increased its position in shares of First Interstate BancSystem by 18.6% during the third quarter. Barclays PLC now owns 206,213 shares of the financial services provider’s stock worth $6,326,000 after acquiring an additional 32,298 shares in the last quarter. Harbor Capital Advisors Inc. increased its holdings in First Interstate BancSystem by 37,734.8% during the 4th quarter. Harbor Capital Advisors Inc. now owns 141,502 shares of the financial services provider’s stock worth $4,595,000 after purchasing an additional 141,128 shares in the last quarter. Hennion & Walsh Asset Management Inc. raised its stake in shares of First Interstate BancSystem by 38.8% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 14,065 shares of the financial services provider’s stock valued at $457,000 after purchasing an additional 3,929 shares during the period. KBC Group NV raised its stake in shares of First Interstate BancSystem by 34.1% in the 4th quarter. KBC Group NV now owns 4,018 shares of the financial services provider’s stock valued at $130,000 after purchasing an additional 1,022 shares during the period. Finally, Jennison Associates LLC lifted its holdings in shares of First Interstate BancSystem by 73.9% in the fourth quarter. Jennison Associates LLC now owns 1,540,490 shares of the financial services provider’s stock valued at $50,020,000 after purchasing an additional 654,688 shares in the last quarter. 88.71% of the stock is owned by 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.