StockNews.com Downgrades First Interstate BancSystem (NASDAQ:FIBK) to Sell

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

Several other equities analysts have also issued reports on FIBK. Wells Fargo & Company lowered First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $30.00 to $28.00 in a research note on Tuesday, October 1st. DA Davidson upped their target price on shares of First Interstate BancSystem from $27.00 to $34.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. Piper Sandler dropped their price target on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating for the company in a research note on Monday, October 28th. Stephens restated an “overweight” rating and issued a $36.00 price objective on shares of First Interstate BancSystem in a report on Thursday, October 10th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of First Interstate BancSystem from $29.00 to $31.00 and gave the stock a “market perform” rating in a report on Monday, July 29th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $32.50.

First Interstate BancSystem Trading Up 1.7 %

FIBK opened at $34.39 on Wednesday. First Interstate BancSystem has a 1-year low of $24.16 and a 1-year high of $34.61. The stock has a market capitalization of $3.59 billion, a PE ratio of 14.89 and a beta of 0.81. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.71. The firm has a 50-day moving average price of $31.42 and a two-hundred day moving average price of $29.46.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.54 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). First Interstate BancSystem had a net margin of 15.94% and a return on equity of 7.48%. During the same quarter last year, the business posted $0.70 earnings per share. As a group, equities analysts anticipate that First Interstate BancSystem will post 2.28 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Monday, November 4th were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 5.47%. The ex-dividend date of this dividend was Monday, November 4th. First Interstate BancSystem’s payout ratio is presently 82.46%.

Insider Transactions at First Interstate BancSystem

In other First Interstate BancSystem news, Director Jonathan R. Scott sold 6,500 shares of the stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $34.18, for a total value of $222,170.00. Following the completion of the sale, the director now directly owns 958,710 shares in the company, valued at $32,768,707.80. This represents a 0.67 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Julie A. Scott sold 20,220 shares of First Interstate BancSystem stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $32.78, for a total value of $662,811.60. Following the transaction, the insider now owns 635,069 shares in the company, valued at $20,817,561.82. This trade represents a 3.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 48,770 shares of company stock valued at $1,630,272 over the last three months. 6.90% of the stock is currently owned by corporate insiders.

Institutional Trading of First Interstate BancSystem

Several hedge funds have recently bought and sold shares of the stock. Point72 DIFC Ltd bought a new stake in shares of First Interstate BancSystem during the third quarter worth $34,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in First Interstate BancSystem in the 3rd quarter worth $69,000. CWM LLC increased its holdings in First Interstate BancSystem by 16.0% during the 2nd quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock worth $87,000 after purchasing an additional 430 shares in the last quarter. Innealta Capital LLC acquired a new stake in shares of First Interstate BancSystem in the 2nd quarter valued at about $106,000. Finally, nVerses Capital LLC lifted its holdings in shares of 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 purchasing an additional 3,300 shares in 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.