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

First Interstate BancSystem, Inc. (NASDAQ:FIBK)’s stock price hit a new 52-week high on Wednesday . The stock traded as high as $39.74 and last traded at $39.5440, with a volume of 175415 shares changing hands. The stock had previously closed at $38.94.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on FIBK shares. Barclays upped their price target on shares of First Interstate BancSystem from $36.00 to $38.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 7th. DA Davidson cut shares of First Interstate BancSystem from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $41.00 to $39.00 in a report on Wednesday, May 27th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $37.00 target price (down from $38.00) on shares of First Interstate BancSystem in a research note on Friday, May 1st. Wall Street Zen upgraded shares of First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a report on Monday, June 22nd. Finally, Piper Sandler reduced their price target on shares of First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating for the company in a research report on Thursday, April 2nd. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $37.33.

First Interstate BancSystem Price Performance

The firm has a 50-day moving average of $36.58 and a 200 day moving average of $35.83. The company has a market capitalization of $3.88 billion, a PE ratio of 13.02 and a beta of 0.76. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.70 and a quick ratio of 0.70.

First Interstate BancSystem (NASDAQ:FIBK) last issued its earnings results on Wednesday, April 29th. The financial services provider reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.01. The business had revenue of $5.10 million during the quarter, compared to analyst estimates of $242.78 million. First Interstate BancSystem had a return on equity of 9.13% and a net margin of 22.64%.During the same quarter in the previous year, the firm earned $0.49 EPS. As a group, research analysts anticipate that First Interstate BancSystem, Inc. will post 2.66 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Monday, May 11th were issued a $0.47 dividend. The ex-dividend date of this dividend was Monday, May 11th. This represents a $1.88 dividend on an annualized basis and a yield of 4.7%. First Interstate BancSystem’s dividend payout ratio is currently 61.24%.

Insider Activity

In other First Interstate BancSystem news, major shareholder Jonathan R. Scott sold 12,892 shares of the firm’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $35.58, for a total value of $458,697.36. Following the transaction, the insider directly owned 866,628 shares of the company’s stock, valued at approximately $30,834,624.24. This trade represents a 1.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Julie A. Scott sold 15,000 shares of the business’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $35.97, for a total value of $539,550.00. Following the sale, the insider owned 488,359 shares of the company’s stock, valued at approximately $17,566,273.23. This represents a 2.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 32,392 shares of company stock worth $1,161,552 over the last three months. Insiders own 8.00% of the company’s stock.

Institutional Trading of First Interstate BancSystem

Several large investors have recently added to or reduced their stakes in the business. McIlrath & Eck LLC increased its holdings in First Interstate BancSystem by 17.2% during the first quarter. McIlrath & Eck LLC now owns 9,963 shares of the financial services provider’s stock valued at $333,000 after buying an additional 1,461 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of First Interstate BancSystem by 1.4% during the 1st quarter. Bank of America Corp DE now owns 1,778,094 shares of the financial services provider’s stock worth $59,388,000 after acquiring an additional 24,250 shares during the last quarter. Amundi grew its position in shares of First Interstate BancSystem by 88.4% during the 1st quarter. Amundi now owns 24,976 shares of the financial services provider’s stock valued at $834,000 after acquiring an additional 11,720 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of First Interstate BancSystem by 17.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,099 shares of the financial services provider’s stock worth $70,000 after purchasing an additional 315 shares in the last quarter. Finally, California State Teachers Retirement System increased its stake in shares of First Interstate BancSystem by 36.9% in the 1st quarter. California State Teachers Retirement System now owns 113,551 shares of the financial services provider’s stock worth $3,793,000 after purchasing an additional 30,614 shares in the last quarter. 88.71% of the stock is currently owned by institutional investors.

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.