First Interstate BancSystem (NASDAQ:FIBK) Upgraded at StockNews.com

StockNews.com upgraded shares of First Interstate BancSystem (NASDAQ:FIBK) from a sell rating to a hold rating in a research report sent to investors on Thursday morning.

Several other equities research analysts have also issued reports on FIBK. Piper Sandler reduced their price target on First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating for the company in a report on Monday, October 28th. DA Davidson upgraded shares of First Interstate BancSystem from a “neutral” rating to a “buy” rating and upped their price target for the company from $32.00 to $42.00 in a report on Tuesday, November 26th. Wells Fargo & Company lowered shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $30.00 to $28.00 in a research report on Tuesday, October 1st. Barclays lowered First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $32.00 to $30.00 in a research note on Thursday, October 31st. Finally, Stephens reaffirmed an “overweight” rating and set a $36.00 price objective on shares of First Interstate BancSystem in a report on Thursday, October 10th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, First Interstate BancSystem has an average rating of “Hold” and an average price target of $33.83.

First Interstate BancSystem Stock Performance

Shares of FIBK stock opened at $34.97 on Thursday. The company has a market capitalization of $3.66 billion, a price-to-earnings ratio of 15.34 and a beta of 0.81. First Interstate BancSystem has a 1-year low of $24.16 and a 1-year high of $36.77. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.71. The stock’s fifty day simple moving average is $31.93 and its 200-day simple moving average is $29.79.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate 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 business earned $0.70 EPS. On average, sell-side analysts predict that First Interstate BancSystem will post 2.28 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 4th were given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 5.38%. The ex-dividend date was Monday, November 4th. First Interstate BancSystem’s dividend payout ratio is 82.46%.

Insider Buying and Selling at First Interstate BancSystem

In related news, Director Jonathan R. Scott sold 6,500 shares of the business’s 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 transaction, the director now owns 958,710 shares in the company, valued at approximately $32,768,707.80. The trade was a 0.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Julie A. Scott sold 20,220 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $32.78, for a total transaction of $662,811.60. Following the completion of the sale, 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 54,837 shares of company stock worth $1,839,583. Insiders own 6.90% of the company’s stock.

Hedge Funds Weigh In On First Interstate BancSystem

A number of hedge funds and other institutional investors have recently made changes to their positions in FIBK. TNF LLC increased its position in shares of First Interstate BancSystem by 1.5% in the 3rd quarter. TNF LLC now owns 25,376 shares of the financial services provider’s stock valued at $812,000 after buying an additional 367 shares in the last quarter. Caprock Group LLC raised its position in shares of First Interstate BancSystem by 1.7% during the second quarter. Caprock Group LLC now owns 25,673 shares of the financial services provider’s stock worth $713,000 after purchasing an additional 422 shares during the period. Wrapmanager Inc. raised its position in shares of First Interstate BancSystem by 5.0% during the third quarter. Wrapmanager Inc. now owns 8,979 shares of the financial services provider’s stock worth $275,000 after purchasing an additional 429 shares during the period. CWM LLC lifted its holdings 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 valued at $87,000 after purchasing an additional 430 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. grew its position in shares of First Interstate BancSystem by 5.3% in the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 10,136 shares of the financial services provider’s stock valued at $311,000 after purchasing an additional 507 shares during the period. 88.71% of the stock is owned by institutional investors.

First Interstate BancSystem Company Profile

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.