First Interstate BancSystem (NASDAQ:FIBK) Sets New 12-Month High – Here’s What Happened

First Interstate BancSystem, Inc. (NASDAQ:FIBK)’s share price reached a new 52-week high during mid-day trading on Friday . The company traded as high as $34.56 and last traded at $34.36, with a volume of 71552 shares trading hands. The stock had previously closed at $33.83.

Analyst Upgrades and Downgrades

FIBK has been the subject of several recent analyst reports. Piper Sandler cut their price target on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating for the company in a report on Monday, October 28th. Stephens reissued an “overweight” rating and set a $36.00 target price on shares of First Interstate BancSystem in a research note on Thursday, October 10th. Keefe, Bruyette & Woods raised their price target on shares of First Interstate BancSystem from $29.00 to $31.00 and gave the company a “market perform” rating in a research note on Monday, July 29th. DA Davidson boosted their price objective on First Interstate BancSystem from $27.00 to $34.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Finally, Barclays cut First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $32.00 to $30.00 in a report on Thursday, October 31st. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, First Interstate BancSystem presently has an average rating of “Hold” and an average target price of $32.50.

First Interstate BancSystem Stock Performance

The company has a market cap of $3.59 billion, a PE ratio of 15.08 and a beta of 0.81. 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 firm’s 50 day moving average is $31.51 and its 200-day moving average is $29.51.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). First Interstate BancSystem had a net margin of 15.94% and a return on equity of 7.48%. During the same period in the previous year, the business earned $0.70 earnings per share. On average, research analysts anticipate that First Interstate BancSystem, Inc. will post 2.28 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 4th were issued a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, November 4th. This represents a $1.88 annualized dividend and a dividend yield of 5.47%. First Interstate BancSystem’s dividend payout ratio is presently 82.46%.

Insider Activity

In other First Interstate BancSystem news, major shareholder Julie A. Scott sold 20,220 shares of First Interstate BancSystem stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $32.78, for a total transaction of $662,811.60. Following the transaction, the insider now directly owns 635,069 shares of the company’s stock, valued at $20,817,561.82. The trade was a 3.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jonathan R. Scott sold 6,500 shares of the stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $34.18, for a total transaction of $222,170.00. Following the completion of the sale, the director now directly owns 958,710 shares of the company’s stock, valued at approximately $32,768,707.80. This trade represents a 0.67 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 48,770 shares of company stock valued at $1,630,272. 6.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On First Interstate BancSystem

Several large investors have recently modified their holdings of FIBK. Point72 DIFC Ltd purchased a new stake in First Interstate BancSystem in the 3rd quarter valued at about $34,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of First Interstate BancSystem in the 3rd quarter worth approximately $69,000. CWM LLC boosted its position in shares of First Interstate BancSystem by 16.0% during the 2nd quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock worth $87,000 after purchasing an additional 430 shares during the period. Innealta Capital LLC acquired a new stake in First Interstate BancSystem in the 2nd quarter valued at approximately $106,000. Finally, nVerses Capital LLC raised its position in First Interstate BancSystem by 412.5% in the second quarter. nVerses Capital LLC now owns 4,100 shares of the financial services provider’s stock valued at $114,000 after purchasing an additional 3,300 shares during the period. Institutional investors and hedge funds own 88.71% of the company’s stock.

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.