First Interstate BancSystem, Inc. (NASDAQ:FIBK) Stock Now Rated “Reduce” by Wall Street Brokerages

First Interstate BancSystem, Inc. (NASDAQ:FIBK) has received an average rating of “Reduce” from the nine brokerages that are currently covering the stock, Marketbeat.com reports. Three research analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and two have issued a buy recommendation on the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $37.00.

FIBK has been the topic of a number of analyst reports. Wall Street Zen upgraded shares of First Interstate BancSystem from a “sell” rating to a “hold” rating in a report on Saturday, October 10th. Barclays lifted their price target on First Interstate BancSystem from $37.00 to $38.00 and gave the company an “underweight” rating in a research note on Monday, October 5th. Wells Fargo & Company reiterated an “underweight” rating and set a $34.00 price target (down from $36.00) on shares of First Interstate BancSystem in a research note on Monday, August 10th. Weiss Ratings reissued a “buy (b)” rating on shares of First Interstate BancSystem in a report on Monday, September 28th. Finally, Benchmark upgraded First Interstate BancSystem to a “hold” rating in a report on Wednesday, September 23rd.

First Interstate BancSystem Stock Performance

Shares of FIBK opened at $34.82 on Monday. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.69 and a quick ratio of 0.69. First Interstate BancSystem has a one year low of $29.39 and a one year high of $40.60. The stock has a 50-day moving average of $36.74 and a 200-day moving average of $36.46. The company has a market cap of $3.32 billion, a PE ratio of 10.71 and a beta of 0.73.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.18. First Interstate BancSystem had a net margin of 23.63% and a return on equity of 9.55%. The business had revenue of $263.90 million during the quarter, compared to the consensus estimate of $249.32 million. During the same quarter last year, the firm posted $0.69 EPS. First Interstate BancSystem’s revenue was up 6.4% compared to the same quarter last year. On average, equities research analysts predict that First Interstate BancSystem will post 2.88 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Tuesday, August 4th were issued a dividend of $0.47 per share. The ex-dividend date was Tuesday, August 4th. This represents a $1.88 annualized dividend and a yield of 5.4%. First Interstate BancSystem’s payout ratio is 57.85%.

Insider Activity

In related news, major shareholder Julie A. Scott sold 2,700 shares of the stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $37.64, for a total transaction of $101,628.00. Following the completion of the transaction, the insider owned 484,309 shares in the company, valued at approximately $18,229,390.76. This represents a 0.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Jonathan R. Scott sold 16,929 shares of First Interstate BancSystem stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $37.03, for a total transaction of $626,880.87. Following the completion of the sale, the insider directly owned 825,809 shares in the company, valued at $30,579,707.27. This trade represents a 2.01% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 27,700 shares of company stock worth $1,029,476. 8.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On First Interstate BancSystem

A number of large investors have recently made changes to their positions in the stock. Louisiana State Employees Retirement System purchased a new stake in shares of First Interstate BancSystem in the 1st quarter valued at about $1,303,000. Hsbc Holdings PLC bought a new stake in shares of First Interstate BancSystem during the 4th quarter valued at about $2,127,000. The Manufacturers Life Insurance Company purchased a new position in shares of First Interstate BancSystem during the second quarter worth about $1,776,000. Rice Hall James & Associates LLC bought a new stake in First Interstate BancSystem during the second quarter valued at approximately $3,853,000. Finally, BlackRock Inc. bought a new position in shares of First Interstate BancSystem in the 2nd quarter worth $529,533,000. 88.71% of the stock is owned by institutional investors.

About First Interstate BancSystem

First Interstate BancSystem, Inc is a financial holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company operates as a community-focused regional bank serving individuals, businesses, agricultural customers and public-sector organizations.

First Interstate Bank offers a range of banking products and services, including checking and savings accounts, certificates of deposit, consumer loans, residential mortgages, commercial and agricultural lending, treasury management, online and mobile banking, and credit cards.