First Interstate BancSystem (NASDAQ:FIBK) Cut to “Sell” at StockNews.com

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

Other analysts also recently issued reports about the company. Barclays upped their price objective on First Interstate BancSystem from $29.00 to $31.00 and gave the company an equal weight rating in a research report on Monday, July 29th. DA Davidson raised their price target on shares of First Interstate BancSystem from $27.00 to $34.00 and gave the stock a neutral rating in a research note on Monday, July 29th. Stephens boosted their price objective on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the company an overweight rating in a research report on Monday, July 29th. Wells Fargo & Company raised their target price on shares of First Interstate BancSystem from $25.00 to $30.00 and gave the stock an equal weight rating in a research report on Monday, July 29th. Finally, Piper Sandler reiterated an overweight rating and issued a $38.00 price target on shares of First Interstate BancSystem in a report on Monday, August 26th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Hold and an average target price of $33.33.

First Interstate BancSystem Stock Performance

NASDAQ:FIBK 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 company has a market capitalization of $3.24 billion, a P/E ratio of 12.34 and a beta of 0.82. The firm has a 50-day moving average price of $30.13 and a two-hundred day moving average price of $27.85. First Interstate BancSystem has a twelve month low of $20.81 and a twelve month high of $33.00.

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

First Interstate BancSystem Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 5th were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a 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%.

Institutional Trading of First Interstate BancSystem

Institutional investors and hedge funds have recently made changes to their positions in the company. Parallel Advisors LLC grew its position in First Interstate BancSystem by 205.3% during the fourth quarter. Parallel Advisors LLC now owns 1,273 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 856 shares during the period. CWM LLC lifted its stake in shares of First Interstate BancSystem by 16.0% in 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. PNC Financial Services Group Inc. grew its holdings in shares of First Interstate BancSystem by 28.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 3,378 shares of the financial services provider’s stock worth $104,000 after purchasing an additional 744 shares during the period. Innealta Capital LLC acquired a new stake in First Interstate BancSystem during the 2nd quarter worth approximately $106,000. Finally, nVerses Capital LLC raised its holdings in First Interstate BancSystem by 412.5% in the second quarter. nVerses Capital LLC now owns 4,100 shares of the financial services provider’s stock valued at $114,000 after buying an additional 3,300 shares during the period. 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.