First Interstate BancSystem (NASDAQ:FIBK) Rating Increased to Hold at StockNews.com

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

Other analysts have also issued reports about the stock. Barclays lowered shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $32.00 to $30.00 in a research note on Thursday, October 31st. Wells Fargo & Company lowered shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $30.00 to $28.00 in a research note on Tuesday, October 1st. Stephens restated an “overweight” rating and issued a $36.00 price target on shares of First Interstate BancSystem in a research report on Thursday, October 10th. 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 research report on Tuesday. Finally, Piper Sandler reduced their price target on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating for the company in a research report on Monday, October 28th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $33.83.

First Interstate BancSystem Trading Down 0.2 %

Shares of NASDAQ:FIBK opened at $35.35 on Thursday. The company has a 50 day moving average of $31.86 and a 200-day moving average of $29.72. The firm has a market cap of $3.70 billion, a P/E ratio of 15.50 and a beta of 0.81. First Interstate BancSystem has a twelve month low of $24.16 and a twelve month 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.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings results 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 quarter last year, the business earned $0.70 earnings per share. As a group, analysts anticipate 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 announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Monday, November 4th were given a $0.47 dividend. The ex-dividend date of this dividend was Monday, November 4th. This represents a $1.88 dividend on an annualized basis and a yield of 5.32%. First Interstate BancSystem’s payout ratio is 82.46%.

Insiders Place Their Bets

In other news, major shareholder James R. Scott, Jr. sold 6,067 shares of the firm’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $34.50, for a total transaction of $209,311.50. Following the transaction, the insider now owns 75,387 shares in the company, valued at approximately $2,600,851.50. This trade represents a 7.45 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jonathan R. Scott sold 6,500 shares of the firm’s stock in a transaction 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 transaction, the director now owns 958,710 shares in the company, valued at $32,768,707.80. This represents a 0.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 54,837 shares of company stock worth $1,839,583 in the last quarter. 6.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of FIBK. Point72 DIFC Ltd bought a new position in First Interstate BancSystem in the 3rd quarter worth $34,000. Point72 Asia Singapore Pte. Ltd. bought a new position in First Interstate BancSystem in the 3rd quarter worth $69,000. CWM LLC raised its holdings in First Interstate BancSystem by 16.0% in the 2nd quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock worth $87,000 after acquiring an additional 430 shares during the period. Innealta Capital LLC bought a new position in First Interstate BancSystem in the 2nd quarter worth $106,000. Finally, nVerses Capital LLC raised its holdings 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 acquiring an additional 3,300 shares during the period. 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.