First Interstate BancSystem (NASDAQ:FIBK) Rating Increased to Hold at Wall Street Zen

Wall Street Zen upgraded shares of First Interstate BancSystem (NASDAQ:FIBK) from a sell rating to a hold rating in a research note released on Saturday morning.

A number of other brokerages have also issued reports on FIBK. Barclays decreased their price target on First Interstate BancSystem from $38.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Friday, January 30th. Piper Sandler raised their target price on shares of First Interstate BancSystem from $41.00 to $44.00 and gave the stock an “overweight” rating in a research report on Monday, February 2nd. Keefe, Bruyette & Woods upped their price target on shares of First Interstate BancSystem from $37.00 to $39.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 17th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of First Interstate BancSystem in a research note on Monday, December 29th. Finally, UBS Group reissued a “neutral” rating and set a $38.00 price objective on shares of First Interstate BancSystem in a research note on Wednesday. Three research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $38.17.

First Interstate BancSystem Stock Performance

Shares of FIBK opened at $38.82 on Friday. First Interstate BancSystem has a 1 year low of $22.95 and a 1 year high of $39.17. The company’s 50 day simple moving average is $36.00 and its 200 day simple moving average is $33.01. The company has a market capitalization of $3.99 billion, a price-to-earnings ratio of 13.16 and a beta of 0.80. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.72 and a current ratio of 0.73.

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

First Interstate BancSystem Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 20th. Stockholders of record on Tuesday, February 10th will be paid 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 dividend payout ratio (DPR) is currently 63.73%.

Insider Buying and Selling

In related news, Director John M. Heyneman, Jr. sold 30,432 shares of the stock in a transaction on Friday, November 21st. The stock was sold at an average price of $31.03, for a total value of $944,304.96. Following the completion of the sale, the director directly owned 1,414,636 shares in the company, valued at approximately $43,896,155.08. This represents a 2.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Susan Scott Heyneman Trust, Su sold 10,000 shares of the business’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $32.75, for a total value of $327,500.00. Following the transaction, the insider owned 224,460 shares in the company, valued at approximately $7,351,065. This represents a 4.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 45,432 shares of company stock valued at $1,454,120. Company insiders own 8.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. State of New Jersey Common Pension Fund D grew its stake in First Interstate BancSystem by 13.1% in the second quarter. State of New Jersey Common Pension Fund D now owns 71,154 shares of the financial services provider’s stock worth $2,051,000 after purchasing an additional 8,243 shares in the last quarter. Norges Bank bought a new position in First Interstate BancSystem during the 2nd quarter worth approximately $29,082,000. HoldCo Asset Management LP acquired a new position in shares of First Interstate BancSystem in the 2nd quarter worth approximately $102,890,000. Villere ST Denis J & Co. LLC increased its holdings in shares of First Interstate BancSystem by 4.9% in the 2nd quarter. Villere ST Denis J & Co. LLC now owns 556,628 shares of the financial services provider’s stock valued at $16,042,000 after acquiring an additional 25,799 shares during the last quarter. Finally, Peregrine Capital Management LLC raised its position in shares of First Interstate BancSystem by 4.4% during the 2nd quarter. Peregrine Capital Management LLC now owns 194,378 shares of the financial services provider’s stock valued at $5,602,000 after acquiring an additional 8,115 shares in the last quarter. 88.71% of the stock is owned by institutional investors and hedge funds.

First Interstate BancSystem Company Profile

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.