First Interstate BancSystem (NASDAQ:FIBK) Downgraded to “Sell” Rating by StockNews.com

StockNews.com lowered shares of First Interstate BancSystem (NASDAQ:FIBK) from a hold rating to a sell rating in a research report report published on Tuesday.

FIBK has been the topic of a number of other research reports. Piper Sandler dropped their target price on First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating on the stock in a report on Monday, October 28th. Barclays boosted their price target on shares of First Interstate BancSystem from $30.00 to $31.00 and gave the stock an “underweight” rating in a report on Thursday, December 5th. Wells Fargo & Company increased their price target on First Interstate BancSystem from $28.00 to $30.00 and gave the company an “underweight” rating in a research report on Tuesday, December 3rd. UBS Group assumed coverage on shares of First Interstate BancSystem in a research note on Tuesday, December 17th. They set a “neutral” rating and a $35.00 price target on the stock. Finally, Stephens reaffirmed an “overweight” rating and issued a $36.00 price target on shares of First Interstate BancSystem in a report on Thursday, October 10th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, First Interstate BancSystem currently has an average rating of “Hold” and an average target price of $35.14.

First Interstate BancSystem Trading Up 0.7 %

NASDAQ FIBK opened at $32.77 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. First Interstate BancSystem has a 52 week low of $24.16 and a 52 week high of $36.77. The business has a 50 day moving average price of $33.12 and a 200-day moving average price of $30.57. The company has a market cap of $3.43 billion, a price-to-earnings ratio of 14.37 and a beta of 0.84.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.54 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 quarter in the prior year, the business posted $0.70 EPS. As a group, equities analysts expect that First Interstate BancSystem will post 2.28 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors 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 5.74%. The ex-dividend date was Monday, November 4th. First Interstate BancSystem’s dividend payout ratio is currently 82.46%.

Insider Buying and Selling at First Interstate BancSystem

In other First Interstate BancSystem news, Director Jonathan R. Scott sold 6,500 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $34.18, for a total value of $222,170.00. Following the sale, the director now owns 958,710 shares in the company, valued at approximately $32,768,707.80. This represents 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 22,050 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $33.80, for a total value of $745,290.00. Following the completion of the sale, the insider now directly owns 613,019 shares in the company, valued at approximately $20,720,042.20. This represents a 3.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 54,837 shares of company stock valued at $1,839,583. 6.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On First Interstate BancSystem

Several large investors have recently modified their holdings of FIBK. Dimensional Fund Advisors LP grew its holdings in shares of First Interstate BancSystem by 8.7% during the second quarter. Dimensional Fund Advisors LP now owns 4,580,800 shares of the financial services provider’s stock valued at $127,204,000 after buying an additional 367,212 shares during the last quarter. Jennison Associates LLC lifted its stake in First Interstate BancSystem by 57.3% during the 3rd quarter. Jennison Associates LLC now owns 885,802 shares of the financial services provider’s stock valued at $27,176,000 after acquiring an additional 322,578 shares during the period. Hantz Financial Services Inc. purchased a new stake in shares of First Interstate BancSystem during the 2nd quarter valued at about $3,003,000. Hotchkis & Wiley Capital Management LLC grew its stake in shares of First Interstate BancSystem by 100.0% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 211,390 shares of the financial services provider’s stock worth $6,485,000 after acquiring an additional 105,670 shares during the period. Finally, Wellington Management Group LLP lifted its position in First Interstate BancSystem by 6.5% during the third quarter. Wellington Management Group LLP now owns 1,288,214 shares of the financial services provider’s stock valued at $39,522,000 after purchasing an additional 78,596 shares during the period. Hedge funds and other institutional investors own 88.71% of the company’s stock.

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.