Zacks Investment Research lowered shares of First Interstate Bancsystem (NASDAQ:FIBK) from a buy rating to a hold rating in a report released on Monday, March 12th.
According to Zacks, “First Interstate BancSystem, Inc. is a financial and bank holding company. Through its wholly-owned subsidiary, First Interstate Bank, it delivers a range of banking products and services to individuals, businesses, municipalities and other entities throughout its market areas. The Company’s banking products and services include demand, time, checking, and savings deposits. The Company’s loan portfolio consists of a mix of real estate, consumer, commercial, agricultural, and other loans, including fixed and variable rate loans. Its real estate loans comprise commercial real estate, construction, residential, agricultural, and other real estate loans. It also provides a range of trust, employee benefit, investment management, insurance, agency, and custodial services to individuals, businesses, and nonprofit organizations. First Interstate BancSystem, Inc. is headquartered in Billings, Montana. “
Several other equities research analysts have also issued reports on the stock. Piper Jaffray Companies reiterated a buy rating on shares of First Interstate Bancsystem in a research note on Wednesday, January 31st. Barclays boosted their price objective on shares of First Interstate Bancsystem from $43.00 to $47.00 and gave the stock an overweight rating in a research note on Tuesday, January 2nd. Finally, Keefe, Bruyette & Woods reaffirmed a hold rating and set a $45.00 target price on shares of First Interstate Bancsystem in a report on Friday, December 22nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $44.75.
First Interstate Bancsystem (NASDAQ:FIBK) last issued its quarterly earnings data on Tuesday, January 30th. The financial services provider reported $0.57 EPS for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.08). First Interstate Bancsystem had a return on equity of 9.10% and a net margin of 20.50%. The company had revenue of $138.03 million for the quarter, compared to analyst estimates of $138.00 million. analysts forecast that First Interstate Bancsystem will post 2.97 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, February 22nd. Stockholders of record on Monday, February 12th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.79%. The ex-dividend date of this dividend was Friday, February 9th. This is an increase from First Interstate Bancsystem’s previous quarterly dividend of $0.24. First Interstate Bancsystem’s dividend payout ratio is 54.63%.
In other First Interstate Bancsystem news, major shareholder Thomas W. Scott sold 250,000 shares of the company’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $39.50, for a total value of $9,875,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James R. Scott, Jr. sold 6,100 shares of the company’s stock in a transaction that occurred on Monday, March 5th. The shares were sold at an average price of $40.54, for a total transaction of $247,294.00. Following the completion of the transaction, the director now owns 17,312 shares of the company’s stock, valued at $701,828.48. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 269,050 shares of company stock valued at $10,643,897. 38.22% of the stock is currently owned by insiders.
Several large investors have recently bought and sold shares of the company. Xact Kapitalforvaltning AB bought a new stake in shares of First Interstate Bancsystem in the 4th quarter valued at $217,000. MetLife Investment Advisors LLC bought a new position in First Interstate Bancsystem during the fourth quarter worth $469,000. Macquarie Group Ltd. boosted its stake in First Interstate Bancsystem by 14.4% during the fourth quarter. Macquarie Group Ltd. now owns 2,156,397 shares of the financial services provider’s stock worth $86,364,000 after acquiring an additional 271,054 shares in the last quarter. TIAA CREF Investment Management LLC boosted its stake in First Interstate Bancsystem by 8.0% during the fourth quarter. TIAA CREF Investment Management LLC now owns 176,575 shares of the financial services provider’s stock worth $7,072,000 after acquiring an additional 13,120 shares in the last quarter. Finally, Teachers Advisors LLC boosted its stake in First Interstate Bancsystem by 591.1% during the fourth quarter. Teachers Advisors LLC now owns 394,064 shares of the financial services provider’s stock worth $15,782,000 after acquiring an additional 337,043 shares in the last quarter. 46.08% of the stock is currently owned by institutional investors.
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About First Interstate Bancsystem
First Interstate BancSystem, Inc is a financial and bank holding company. The Company, through its bank subsidiary First Interstate Bank (the Bank), delivers a range of banking products and services to individuals, businesses, municipalities and other entities. The Company also, through its subsidiary Bank of the Cascades, offers full-service community banking through 46 branches in Oregon, Idaho and Washington.
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