First Interstate BancSystem (NASDAQ:FIBK) Rating Increased to Buy at DA Davidson

DA Davidson upgraded shares of First Interstate BancSystem (NASDAQ:FIBK) from a neutral rating to a buy rating in a report released on Tuesday morning, MarketBeat Ratings reports. DA Davidson currently has $42.00 target price on the financial services provider’s stock, up from their prior target price of $32.00.

A number of other analysts have also recently weighed in on FIBK. Piper Sandler lowered their price target on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating on the stock in a report on Monday, October 28th. StockNews.com downgraded shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Wednesday, November 20th. Keefe, Bruyette & Woods upped their price target on First Interstate BancSystem from $29.00 to $31.00 and gave the stock a “market perform” rating in a research report on Monday, July 29th. Barclays lowered First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $32.00 to $30.00 in a report on Thursday, October 31st. Finally, Stephens restated an “overweight” rating and set a $36.00 target price on shares of First Interstate BancSystem in a research note on Thursday, October 10th. Three investment analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, First Interstate BancSystem currently has a consensus rating of “Hold” and a consensus target price of $33.83.

First Interstate BancSystem Stock Down 0.2 %

First Interstate BancSystem stock opened at $35.41 on Tuesday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.71. The firm has a market cap of $3.70 billion, a P/E ratio of 15.53 and a beta of 0.81. The business has a fifty day moving average of $31.70 and a two-hundred day moving average of $29.64. First Interstate BancSystem has a twelve month low of $24.16 and a twelve month high of $36.77.

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

First Interstate BancSystem Announces Dividend

The business also recently disclosed 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. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.31%. The ex-dividend date was Monday, November 4th. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 82.46%.

Insider Buying and Selling

In related news, major shareholder Julie A. Scott sold 20,220 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $32.78, for a total value of $662,811.60. Following the transaction, the insider now owns 635,069 shares in the company, valued at approximately $20,817,561.82. This represents a 3.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder James R. Scott, Jr. sold 6,067 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $34.50, for a total transaction of $209,311.50. Following the transaction, the insider now directly owns 75,387 shares of the company’s stock, valued at $2,600,851.50. This represents a 7.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 54,837 shares of company stock worth $1,839,583 in the last 90 days. Insiders own 6.90% of the company’s stock.

Institutional Inflows and Outflows

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