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

Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) have been given an average rating of “Hold” by the eight research firms that are presently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $37.00.

A number of research analysts recently issued reports on the company. DA Davidson lowered First Interstate BancSystem from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $41.00 to $39.00 in a research report on Wednesday, May 27th. UBS Group raised their target price on First Interstate BancSystem from $30.00 to $33.00 and gave the company a “sell” rating in a research note on Friday, May 1st. Wall Street Zen raised shares of First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a report on Monday, June 22nd. Wells Fargo & Company upped their price target on shares of First Interstate BancSystem from $30.00 to $36.00 and gave the stock an “underweight” rating in a research report on Monday, March 30th. Finally, Piper Sandler dropped their price objective on shares of First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating on the stock in a report on Thursday, April 2nd.

Insider Buying and Selling

In other news, major shareholder Jonathan R. Scott sold 4,500 shares of First Interstate BancSystem stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $36.29, for a total transaction of $163,305.00. Following the sale, the insider owned 862,128 shares of the company’s stock, valued at approximately $31,286,625.12. The trade was a 0.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Julie A. Scott sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $35.97, for a total value of $539,550.00. Following the transaction, the insider owned 488,359 shares of the company’s stock, valued at approximately $17,566,273.23. This represents a 2.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 32,392 shares of company stock worth $1,161,552. Corporate insiders own 8.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Capital International Investors acquired a new position in shares of First Interstate BancSystem during the fourth quarter valued at $92,504,000. State Street Corp grew its position in First Interstate BancSystem by 29.7% in the 4th quarter. State Street Corp now owns 5,482,245 shares of the financial services provider’s stock valued at $189,686,000 after buying an additional 1,254,321 shares in the last quarter. Vanguard Group Inc. grew its position in First Interstate BancSystem by 13.7% in the 4th quarter. Vanguard Group Inc. now owns 10,048,419 shares of the financial services provider’s stock valued at $347,675,000 after buying an additional 1,214,454 shares in the last quarter. Azora Capital LP increased its stake in First Interstate BancSystem by 1,538.7% during the 3rd quarter. Azora Capital LP now owns 1,275,693 shares of the financial services provider’s stock valued at $40,656,000 after buying an additional 1,197,843 shares during the period. Finally, North Reef Capital Management LP increased its stake in First Interstate BancSystem by 132.4% during the 4th quarter. North Reef Capital Management LP now owns 1,974,999 shares of the financial services provider’s stock valued at $68,335,000 after buying an additional 1,124,999 shares during the period. Institutional investors own 88.71% of the company’s stock.

First Interstate BancSystem Stock Performance

Shares of FIBK stock opened at $39.15 on Friday. 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 $36.06 and a two-hundred day moving average of $35.67. First Interstate BancSystem has a 52 week low of $27.60 and a 52 week high of $39.65. The company has a market cap of $3.80 billion, a P/E ratio of 12.75 and a beta of 0.76.

First Interstate BancSystem (NASDAQ:FIBK) last posted its earnings results on Wednesday, April 29th. The financial services provider reported $0.61 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 earned $0.49 earnings per share. As a group, analysts anticipate that First Interstate BancSystem will post 2.66 EPS for the current year.

First Interstate BancSystem Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Shareholders 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 dividend yield of 4.8%. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 61.24%.

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.