First Interstate BancSystem (NASDAQ:FIBK) Hits New 12-Month High – Time to Buy?

First Interstate BancSystem, Inc. (NASDAQ:FIBK) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $36.39 and last traded at $36.35, with a volume of 416341 shares trading hands. The stock had previously closed at $35.30.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Keefe, Bruyette & Woods increased their price objective on shares of First Interstate BancSystem from $37.00 to $39.00 and gave the company an “outperform” rating in a report on Wednesday, December 17th. Wells Fargo & Company raised their price target on First Interstate BancSystem from $28.00 to $30.00 and gave the stock an “underweight” rating in a research report on Monday, September 29th. DA Davidson upped their price objective on First Interstate BancSystem from $35.00 to $38.00 and gave the company a “buy” rating in a report on Friday, September 12th. UBS Group boosted their target price on First Interstate BancSystem from $33.00 to $34.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 5th. Finally, Wall Street Zen downgraded shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a research report on Friday, November 28th. Four analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $36.86.

First Interstate BancSystem Stock Performance

The stock has a fifty day simple moving average of $33.38 and a 200-day simple moving average of $31.76. The stock has a market cap of $3.71 billion, a P/E ratio of 15.21 and a beta of 0.80. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.73 and a current ratio of 0.74.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings data on Thursday, November 6th. The financial services provider reported $0.69 earnings per share for the quarter. First Interstate BancSystem had a return on equity of 7.25% and a net margin of 17.62%.The company had revenue of $250.50 million during the quarter. On average, equities analysts expect that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 20th. Investors of record on Monday, November 10th were issued a dividend of $0.47 per share. The ex-dividend date was Monday, November 10th. This represents a $1.88 annualized dividend and a yield of 5.2%. First Interstate BancSystem’s dividend payout ratio is presently 79.32%.

Insider Activity at First Interstate BancSystem

In related news, major shareholder Susan Scott Heyneman Trust, Su sold 10,000 shares of First Interstate BancSystem stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $32.75, for a total value of $327,500.00. Following the sale, the insider owned 224,460 shares of the company’s stock, valued at approximately $7,351,065. The trade was a 4.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John M. Heyneman, Jr. sold 30,432 shares of the stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $31.03, for a total value of $944,304.96. Following the transaction, the director directly owned 1,414,636 shares of the company’s stock, valued at $43,896,155.08. This trade represents a 2.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 82,232 shares of company stock valued at $2,597,488. Corporate insiders own 8.20% of the company’s stock.

Hedge Funds Weigh In On First Interstate BancSystem

Several institutional investors and hedge funds have recently modified their holdings of FIBK. GAMMA Investing LLC lifted its stake in shares of First Interstate BancSystem by 49.6% during the 4th quarter. GAMMA Investing LLC now owns 1,556 shares of the financial services provider’s stock worth $54,000 after buying an additional 516 shares during the last quarter. Cambria Investment Management L.P. acquired a new stake in First Interstate BancSystem during the third quarter worth approximately $9,083,000. CIBC Private Wealth Group LLC bought a new stake in shares of First Interstate BancSystem during the third quarter worth approximately $52,000. CIBC Bancorp USA Inc. bought a new stake in shares of First Interstate BancSystem during the third quarter worth approximately $304,000. Finally, WBI Investments LLC grew its position in shares of First Interstate BancSystem by 26.0% in the third quarter. WBI Investments LLC now owns 15,748 shares of the financial services provider’s stock valued at $502,000 after purchasing an additional 3,249 shares during the last quarter. 88.71% of the stock is currently owned by institutional investors and hedge funds.

About First Interstate BancSystem

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.