First Interstate BancSystem (NASDAQ:FIBK) Lifted 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 report released on Friday morning.

Several other research firms have also commented on FIBK. Keefe, Bruyette & Woods increased their price target on shares of First Interstate BancSystem from $29.00 to $31.00 and gave the company a market perform rating in a research report on Monday, July 29th. Barclays increased their target price on shares of 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. Stephens lifted their price target on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the stock an overweight rating in a report on Monday, July 29th. DA Davidson increased their price objective on First Interstate BancSystem from $27.00 to $34.00 and gave the company a neutral rating in a report on Monday, July 29th. Finally, Piper Sandler boosted their target price on First Interstate BancSystem from $37.00 to $38.00 and gave the stock an overweight rating in a research note on Monday, July 29th. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, First Interstate BancSystem has a consensus rating of Hold and an average target price of $33.33.

First Interstate BancSystem Stock Down 3.4 %

Shares of NASDAQ FIBK opened at $27.78 on Friday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.90. First Interstate BancSystem has a 12-month low of $20.81 and a 12-month high of $33.00. The firm’s 50-day moving average price is $28.08 and its 200-day moving average price is $27.19. The stock has a market capitalization of $2.90 billion, a price-to-earnings ratio of 11.07 and a beta of 0.82.

First Interstate BancSystem (NASDAQ:FIBK) last released its earnings results on Thursday, July 25th. The financial services provider reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.03. First Interstate BancSystem had a return on equity of 8.22% and a net margin of 17.76%. During the same quarter in the previous year, the business earned $0.66 EPS. On average, equities research analysts anticipate that First Interstate BancSystem will post 2.32 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, August 5th will be given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 6.77%. The ex-dividend date is Monday, August 5th. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 74.90%.

Insider Buying and Selling at First Interstate BancSystem

In other news, Director Jonathan R. Scott sold 29,499 shares of the stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $25.29, for a total value of $746,029.71. Following the completion of the sale, the director now directly owns 1,021,663 shares of the company’s stock, valued at $25,837,857.27. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other First Interstate BancSystem news, major shareholder Julie A. Scott sold 209,831 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $25.29, for a total transaction of $5,306,625.99. Following the transaction, the insider now owns 879,869 shares in the company, valued at approximately $22,251,887.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jonathan R. Scott sold 29,499 shares of the stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $25.29, for a total value of $746,029.71. Following the completion of the transaction, the director now owns 1,021,663 shares of the company’s stock, valued at approximately $25,837,857.27. The disclosure for this sale can be found here. 6.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of FIBK. Global Retirement Partners LLC boosted its holdings in shares of First Interstate BancSystem by 132.8% during the fourth quarter. Global Retirement Partners LLC now owns 929 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 530 shares during the last quarter. Wolverine Asset Management LLC acquired a new position in shares of First Interstate BancSystem in the 4th quarter valued at $39,000. Parallel Advisors LLC grew its stake in shares of First Interstate BancSystem by 205.3% during the 4th quarter. Parallel Advisors LLC now owns 1,273 shares of the financial services provider’s stock valued at $39,000 after buying an additional 856 shares during the period. CWM LLC increased its holdings in shares of First Interstate BancSystem by 42.1% during the 4th quarter. CWM LLC now owns 2,368 shares of the financial services provider’s stock worth $73,000 after buying an additional 702 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased 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 buying an additional 744 shares during the last quarter. 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.