First Interstate BancSystem, Inc. (NASDAQ:FIBK) Receives Average Rating of “Hold” from Analysts

First Interstate BancSystem, Inc. (NASDAQ:FIBK) has been given an average rating of “Hold” by the eight analysts that are currently covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and two have issued a buy recommendation on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $37.00.

Several equities analysts have recently issued reports on FIBK shares. UBS Group upped their target price on First Interstate BancSystem from $30.00 to $33.00 and gave the company a “sell” rating in a report on Friday, May 1st. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $37.00 price objective (down from $38.00) on shares of First Interstate BancSystem in a research note on Friday, May 1st. Wall Street Zen upgraded First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research note on Saturday. Piper Sandler dropped their price objective on First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating on the stock in a research note on Thursday, April 2nd. Finally, DA Davidson downgraded First Interstate BancSystem from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $41.00 to $39.00 in a research note on Wednesday, May 27th.

First Interstate BancSystem Stock Performance

FIBK stock opened at $35.57 on Tuesday. The firm has a market cap of $3.46 billion, a PE ratio of 11.59 and a beta of 0.76. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.09. The business has a 50 day moving average of $34.71 and a 200-day moving average of $35.12. First Interstate BancSystem has a 12-month low of $25.81 and a 12-month high of $39.26.

First Interstate BancSystem (NASDAQ:FIBK) last released its earnings results on Wednesday, April 29th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.01. The company had revenue of $5.10 million during the quarter, compared to analyst estimates of $242.78 million. First Interstate BancSystem had a return on equity of 9.13% and a net margin of 22.64%.During the same period in the prior year, the company posted $0.49 earnings per share. As a group, sell-side analysts expect that First Interstate BancSystem will post 2.66 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Monday, May 11th were paid a $0.47 dividend. The ex-dividend date was Monday, May 11th. This represents a $1.88 annualized dividend and a yield of 5.3%. First Interstate BancSystem’s dividend payout ratio is presently 61.24%.

Insider Buying and Selling

In related news, major shareholder Jonathan R. Scott sold 12,892 shares of the company’s stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $35.58, for a total value of $458,697.36. Following the transaction, the insider owned 866,628 shares in the company, valued at approximately $30,834,624.24. This represents a 1.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 8.00% of the company’s stock.

Hedge Funds Weigh In On First Interstate BancSystem

Several institutional investors have recently bought and sold shares of the company. Northern Capital Management Inc. lifted its stake in First Interstate BancSystem by 0.5% in the fourth quarter. Northern Capital Management Inc. now owns 52,100 shares of the financial services provider’s stock valued at $1,803,000 after purchasing an additional 275 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in First Interstate BancSystem by 17.7% in the first quarter. EverSource Wealth Advisors LLC now owns 2,099 shares of the financial services provider’s stock valued at $70,000 after purchasing an additional 315 shares during the last quarter. HighTower Advisors LLC lifted its stake in First Interstate BancSystem by 2.7% in the fourth quarter. HighTower Advisors LLC now owns 14,177 shares of the financial services provider’s stock valued at $491,000 after purchasing an additional 375 shares during the last quarter. Alliancebernstein L.P. lifted its stake in First Interstate BancSystem by 0.4% in the third quarter. Alliancebernstein L.P. now owns 108,600 shares of the financial services provider’s stock valued at $3,461,000 after purchasing an additional 397 shares during the last quarter. Finally, First Horizon Corp lifted its stake in First Interstate BancSystem by 56.0% in the fourth quarter. First Horizon Corp now owns 1,268 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 455 shares during the last quarter. Hedge funds and other institutional investors own 88.71% of the company’s stock.

About First Interstate BancSystem

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.