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 Saturday morning.

Several other research analysts have also commented on the company. DA Davidson reiterated a “buy” rating and set a $42.00 price target on shares of First Interstate BancSystem in a report on Thursday, January 30th. Wells Fargo & Company cut their target price on First Interstate BancSystem from $30.00 to $25.00 and set an “underweight” rating for the company in a research note on Wednesday, April 9th. Barclays cut their price objective 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. Stephens decreased their target price on shares of First Interstate BancSystem from $39.00 to $38.00 and set an “overweight” rating on the stock in a research report on Friday, January 31st. Finally, Piper Sandler dropped their price target 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. Two research analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $35.00.

First Interstate BancSystem Trading Down 1.0 %

Shares of FIBK stock opened at $26.97 on Friday. First Interstate BancSystem has a fifty-two week low of $22.95 and a fifty-two week high of $36.77. 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 stock’s fifty day moving average is $27.23 and its two-hundred day moving average is $30.78. The firm has a market capitalization of $2.82 billion, a P/E ratio of 12.32 and a beta of 0.76.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings results on Tuesday, April 29th. The financial services provider reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.07). First Interstate BancSystem had a return on equity of 6.92% and a net margin of 15.94%. The business had revenue of $42.00 million during the quarter, compared to analysts’ expectations of $253.50 million. During the same period in the prior year, the business posted $0.57 earnings per share. The business’s quarterly revenue was up 2.0% on a year-over-year basis. Research analysts expect that First Interstate BancSystem will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 22nd. Stockholders of record on Monday, May 12th will be given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.97%. The ex-dividend date is Monday, May 12th. First Interstate BancSystem’s dividend payout ratio is presently 89.10%.

Insider Transactions at First Interstate BancSystem

In related news, Director John M. Heyneman, Jr. sold 1,335 shares of First Interstate BancSystem stock in a transaction on Friday, February 14th. The shares were sold at an average price of $32.56, for a total transaction of $43,467.60. Following the sale, the director now directly owns 1,414,886 shares in the company, valued at $46,068,688.16. This trade represents a 0.09 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 8.20% of the company’s stock.

Hedge Funds Weigh In On First Interstate BancSystem

A number of hedge funds and other institutional investors have recently made changes to their positions in FIBK. FMR LLC lifted its holdings in shares of First Interstate BancSystem by 35.5% during the fourth quarter. FMR LLC now owns 6,786,334 shares of the financial services provider’s stock worth $220,352,000 after purchasing an additional 1,778,269 shares during the period. Wellington Management Group LLP increased its position in shares of First Interstate BancSystem by 88.3% in the fourth quarter. Wellington Management Group LLP now owns 2,425,615 shares of the financial services provider’s stock valued at $78,760,000 after buying an additional 1,137,401 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of First Interstate BancSystem by 309.9% during the 4th quarter. Victory Capital Management Inc. now owns 1,270,296 shares of the financial services provider’s stock worth $41,247,000 after buying an additional 960,372 shares during the last quarter. Norges Bank purchased a new stake in shares of First Interstate BancSystem in the 4th quarter worth about $24,137,000. Finally, Jennison Associates LLC grew its stake in First Interstate BancSystem by 73.9% in the 4th quarter. Jennison Associates LLC now owns 1,540,490 shares of the financial services provider’s stock valued at $50,020,000 after acquiring an additional 654,688 shares during 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.