First Interstate BancSystem, Inc. (NASDAQ:FIBK) Given Average Rating of “Hold” by Brokerages

First Interstate BancSystem, Inc. (NASDAQ:FIBK) has earned a consensus rating of “Hold” from the six ratings firms that are currently covering the firm, Marketbeat.com reports. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $33.33.

Several research firms recently commented on FIBK. Piper Sandler reaffirmed an “overweight” rating and set a $38.00 price objective on shares of First Interstate BancSystem in a research report on Monday, August 26th. Barclays raised their price objective on First Interstate BancSystem from $29.00 to $31.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Wells Fargo & Company lifted their target price on First Interstate BancSystem from $25.00 to $30.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. DA Davidson raised their price target on First Interstate BancSystem from $27.00 to $34.00 and gave the company a “neutral” rating in a report on Monday, July 29th. Finally, Keefe, Bruyette & Woods raised their price target on First Interstate BancSystem from $29.00 to $31.00 and gave the company a “market perform” rating in a report on Monday, July 29th.

Institutional Trading of First Interstate BancSystem

Several hedge funds have recently added to or reduced their stakes in FIBK. Rafferty Asset Management LLC raised its holdings in First Interstate BancSystem by 27.7% during the fourth quarter. Rafferty Asset Management LLC now owns 146,191 shares of the financial services provider’s stock worth $4,495,000 after purchasing an additional 31,710 shares in the last quarter. BNP Paribas Financial Markets grew its position in First Interstate BancSystem by 235.6% in the 1st quarter. BNP Paribas Financial Markets now owns 78,311 shares of the financial services provider’s stock valued at $2,131,000 after buying an additional 54,973 shares during the last quarter. Jennison Associates LLC grew its position in First Interstate BancSystem by 9.6% in the 1st quarter. Jennison Associates LLC now owns 850,767 shares of the financial services provider’s stock valued at $23,149,000 after buying an additional 74,434 shares during the last quarter. Sciencast Management LP purchased a new position in First Interstate BancSystem in the 1st quarter valued at $705,000. Finally, Edgestream Partners L.P. purchased a new position in First Interstate BancSystem in the 1st quarter valued at $1,597,000. Institutional investors and hedge funds own 88.71% of the company’s stock.

First Interstate BancSystem Trading Down 3.2 %

First Interstate BancSystem stock opened at $30.98 on Friday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.92. The business’s fifty day simple moving average is $30.13 and its two-hundred day simple moving average is $27.84. First Interstate BancSystem has a 12 month low of $20.81 and a 12 month high of $33.00. The company has a market capitalization of $3.24 billion, a price-to-earnings ratio of 12.34 and a beta of 0.82.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.58 EPS for the quarter, beating the consensus estimate of $0.55 by $0.03. First Interstate BancSystem had a return on equity of 8.19% and a net margin of 17.22%. The company had revenue of $244.30 million for the quarter, compared to analysts’ expectations of $246.07 million. During the same period last year, the firm posted $0.66 earnings per share. As a group, equities analysts predict that First Interstate BancSystem will post 2.34 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 5th were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.07%. The ex-dividend date of this dividend was Monday, August 5th. First Interstate BancSystem’s dividend payout ratio is currently 74.90%.

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.