Brokerages Set First Interstate BancSystem, Inc. (NASDAQ:FIBK) Target Price at $38.00

Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) have been given an average rating of “Hold” by the eight analysts that are covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $38.1667.

A number of research firms recently issued reports on FIBK. Stephens cut First Interstate BancSystem from an “overweight” rating to an “equal weight” rating in a research note on Thursday. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of First Interstate BancSystem in a research report on Monday, December 29th. Piper Sandler increased their target price on First Interstate BancSystem from $41.00 to $44.00 and gave the stock an “overweight” rating in a report on Monday. DA Davidson reissued a “buy” rating and issued a $42.00 price target on shares of First Interstate BancSystem in a research note on Thursday, January 29th. Finally, Wall Street Zen lowered First Interstate BancSystem from a “hold” rating to a “sell” rating in a report on Friday, November 28th.

First Interstate BancSystem Price Performance

FIBK opened at $38.82 on Wednesday. The stock has a market cap of $3.99 billion, a P/E ratio of 13.16 and a beta of 0.80. First Interstate BancSystem has a 12 month low of $22.95 and a 12 month high of $39.17. The company has a quick ratio of 0.72, a current ratio of 0.73 and a debt-to-equity ratio of 0.09. The company has a fifty day simple moving average of $36.00 and a 200 day simple moving average of $32.99.

First Interstate BancSystem (NASDAQ:FIBK) last posted its earnings results on Wednesday, January 28th. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.44. The firm had revenue of $205.10 million during the quarter, compared to analysts’ expectations of $256.89 million. First Interstate BancSystem had a return on equity of 8.83% and a net margin of 17.62%.The company’s revenue was up 19.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.50 earnings per share. On average, research analysts expect that First Interstate BancSystem will post 2.53 EPS for the current year.

First Interstate BancSystem Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 20th. Stockholders of record on Tuesday, February 10th will be given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date of this dividend is Tuesday, February 10th. First Interstate BancSystem’s payout ratio is currently 63.73%.

Insider Buying and Selling

In other news, major shareholder Jonathan R. Scott sold 3,173 shares of the stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $36.20, for a total transaction of $114,862.60. Following the completion of the transaction, the insider directly owned 937,851 shares in the company, valued at $33,950,206.20. This represents a 0.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John M. Heyneman, Jr. sold 30,432 shares of the firm’s stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $31.03, for a total value of $944,304.96. Following the completion of the transaction, the director owned 1,414,636 shares of the company’s stock, valued at $43,896,155.08. The trade was a 2.11% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 45,432 shares of company stock worth $1,454,120. 8.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. First Horizon Corp bought a new position in First Interstate BancSystem in the 3rd quarter valued at about $26,000. EverSource Wealth Advisors LLC grew its position in shares of First Interstate BancSystem by 139.3% in the second quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 862 shares during the last quarter. Jones Financial Companies Lllp increased its stake in shares of First Interstate BancSystem by 1,485.1% during the third quarter. Jones Financial Companies Lllp now owns 1,601 shares of the financial services provider’s stock worth $52,000 after purchasing an additional 1,500 shares during the period. CIBC Private Wealth Group LLC acquired a new stake in First Interstate BancSystem during the 3rd quarter worth approximately $52,000. Finally, GAMMA Investing LLC boosted its stake in First Interstate BancSystem by 49.6% in the 4th quarter. GAMMA Investing LLC now owns 1,556 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 516 shares during the period. 88.71% of the stock is owned by institutional investors and hedge funds.

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.