First Interstate BancSystem (NASDAQ:FIBK) Receives Buy Rating from DA Davidson

DA Davidson reiterated their buy rating on shares of First Interstate BancSystem (NASDAQ:FIBK) in a research report released on Thursday,Benzinga reports. They currently have a $42.00 price target on the financial services provider’s stock.

FIBK has been the subject of several other research reports. UBS Group started coverage on shares of First Interstate BancSystem in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $35.00 price objective for the company. Wells Fargo & Company decreased their price target on shares of First Interstate BancSystem from $30.00 to $29.00 and set an “underweight” rating for the company in a research note on Monday, January 6th. Barclays boosted their price target on shares of First Interstate BancSystem from $30.00 to $31.00 and gave the company an “underweight” rating in a research note on Thursday, December 5th. Piper Sandler decreased 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. Finally, Stephens restated an “overweight” rating and set a $36.00 price target on shares of First Interstate BancSystem in a research note on Thursday, October 10th. Three analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, First Interstate BancSystem currently has a consensus rating of “Hold” and a consensus price target of $35.00.

First Interstate BancSystem Stock Performance

NASDAQ:FIBK opened at $33.50 on Thursday. The company has a fifty day moving average of $33.14 and a 200-day moving average of $31.58. The firm has a market capitalization of $3.50 billion, a P/E ratio of 15.30 and a beta of 0.85. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.71. First Interstate BancSystem has a twelve month low of $24.16 and a twelve month high of $36.77.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings data on Wednesday, January 29th. The financial services provider reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.01. First Interstate BancSystem had a net margin of 15.94% and a return on equity of 6.92%. As a group, sell-side analysts anticipate that First Interstate BancSystem will post 2.53 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 20th. Shareholders of record on Monday, February 10th will be issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 5.61%. The ex-dividend date is Monday, February 10th. First Interstate BancSystem’s dividend payout ratio is 85.85%.

Insiders Place Their Bets

In related news, major shareholder Julie A. Scott sold 22,050 shares of the business’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $33.80, for a total value of $745,290.00. Following the transaction, the insider now directly owns 613,019 shares of the company’s stock, valued at approximately $20,720,042.20. The trade was a 3.47 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder James R. Scott, Jr. sold 6,067 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $34.50, for a total transaction of $209,311.50. Following the completion of the transaction, the insider now directly owns 75,387 shares in the company, valued at $2,600,851.50. This trade represents a 7.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 54,837 shares of company stock valued at $1,839,583 in the last three months. 6.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On First Interstate BancSystem

A number of hedge funds and other institutional investors have recently made changes to their positions in FIBK. BNP Paribas Financial Markets lifted its holdings in First Interstate BancSystem by 97.0% during the third quarter. BNP Paribas Financial Markets now owns 31,779 shares of the financial services provider’s stock valued at $975,000 after purchasing an additional 15,649 shares during the last quarter. Jane Street Group LLC lifted its holdings in First Interstate BancSystem by 13.9% during the third quarter. Jane Street Group LLC now owns 188,084 shares of the financial services provider’s stock valued at $5,770,000 after purchasing an additional 22,899 shares during the last quarter. Barclays PLC lifted its holdings in First Interstate BancSystem by 18.6% during the third quarter. Barclays PLC now owns 206,213 shares of the financial services provider’s stock valued at $6,326,000 after purchasing an additional 32,298 shares during the last quarter. Harbor Capital Advisors Inc. lifted its holdings in First Interstate BancSystem by 37,734.8% during the fourth quarter. Harbor Capital Advisors Inc. now owns 141,502 shares of the financial services provider’s stock valued at $4,595,000 after purchasing an additional 141,128 shares during the last quarter. Finally, Empower Advisory Group LLC lifted its holdings in First Interstate BancSystem by 4.8% during the third quarter. Empower Advisory Group LLC now owns 466,687 shares of the financial services provider’s stock valued at $14,318,000 after purchasing an additional 21,191 shares during the last quarter. 88.71% of the stock is owned by hedge funds and other institutional investors.

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.