StockNews.com Downgrades First Interstate BancSystem (NASDAQ:FIBK) to Sell

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

Other equities research analysts have also recently issued reports about the company. Wells Fargo & Company upped their price objective on First Interstate BancSystem from $23.00 to $24.00 and gave the stock an equal weight rating in a research note on Wednesday, April 10th. Barclays raised their price target on shares of First Interstate BancSystem from $28.00 to $29.00 and gave the company an equal weight rating in a report on Friday, April 26th. Stephens reissued an overweight rating and set a $32.00 target price on shares of First Interstate BancSystem in a research report on Thursday, April 25th. Piper Sandler lifted their price target on shares of First Interstate BancSystem from $32.00 to $37.00 and gave the stock an overweight rating in a report on Monday, April 29th. Finally, Keefe, Bruyette & Woods upped their price target on First Interstate BancSystem from $28.00 to $29.00 and gave the stock a market perform rating in a research report on Friday, April 26th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, First Interstate BancSystem has a consensus rating of Hold and an average target price of $30.20.

First Interstate BancSystem Trading Down 2.9 %

NASDAQ:FIBK opened at $25.23 on Friday. The firm has a 50-day simple moving average of $26.57 and a 200-day simple moving average of $27.40. First Interstate BancSystem has a one year low of $20.81 and a one year high of $32.54. The firm has a market cap of $2.64 billion, a P/E ratio of 10.05 and a beta of 0.82. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.78 and a current ratio of 0.78.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings data on Wednesday, April 24th. The financial services provider reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.04. The company had revenue of $242.20 million during the quarter, compared to the consensus estimate of $236.80 million. First Interstate BancSystem had a net margin of 17.76% and a return on equity of 8.51%. Equities analysts anticipate that First Interstate BancSystem will post 2.28 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 16th. Shareholders of record on Monday, May 6th were issued a $0.47 dividend. The ex-dividend date was Friday, May 3rd. This represents a $1.88 dividend on an annualized basis and a dividend yield of 7.45%. First Interstate BancSystem’s dividend payout ratio is currently 74.90%.

Insider Buying and Selling

In related news, Director Jonathan R. Scott sold 29,499 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $25.29, for a total value of $746,029.71. Following the sale, the director now owns 1,021,663 shares in the company, valued at $25,837,857.27. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Jonathan R. Scott sold 29,499 shares of the business’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $25.29, for a total value of $746,029.71. Following the completion of the transaction, the director now owns 1,021,663 shares of the company’s stock, valued at approximately $25,837,857.27. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Julie A. Scott sold 209,831 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $25.29, for a total value of $5,306,625.99. Following the completion of the transaction, the insider now directly owns 879,869 shares of the company’s stock, valued at $22,251,887.01. The disclosure for this sale can be found here. 6.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On First Interstate BancSystem

Large investors have recently added to or reduced their stakes in the stock. Bayesian Capital Management LP acquired a new stake in First Interstate BancSystem in the 1st quarter worth about $286,000. Price T Rowe Associates Inc. MD boosted its stake in shares of First Interstate BancSystem by 6.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 51,919 shares of the financial services provider’s stock worth $1,413,000 after acquiring an additional 2,940 shares during the last quarter. Seven Eight Capital LP acquired a new stake in shares of First Interstate BancSystem in the first quarter worth approximately $851,000. Edgestream Partners L.P. acquired a new position in First Interstate BancSystem in the 1st quarter valued at $1,597,000. Finally, Entropy Technologies LP purchased a new position in First Interstate BancSystem in the 1st quarter valued at $414,000. 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.