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

StockNews.com downgraded shares of First Interstate BancSystem (NASDAQ:FIBK) from a hold rating to a sell rating in a report published on Tuesday.

Several other brokerages also recently commented on FIBK. Piper Sandler reaffirmed an overweight rating and issued a $38.00 price target on shares of First Interstate BancSystem in a research report on Monday, August 26th. Stephens lifted their price target on First Interstate BancSystem from $32.00 to $36.00 and gave the stock an overweight rating in a research report on Monday, July 29th. DA Davidson lifted their price target on First Interstate BancSystem from $27.00 to $34.00 and gave the stock a neutral rating in a research report on Monday, July 29th. Barclays lifted their price target on First Interstate BancSystem from $29.00 to $31.00 and gave the stock an equal weight rating in a research report on Monday, July 29th. Finally, Keefe, Bruyette & Woods lifted their price target on First Interstate BancSystem from $29.00 to $31.00 and gave the stock a market perform rating in a research report on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat, First Interstate BancSystem has an average rating of Hold and a consensus price target of $33.33.

First Interstate BancSystem Stock Up 1.2 %

Shares of FIBK stock opened at $31.05 on Tuesday. The stock’s 50 day simple moving average is $29.34 and its 200 day simple moving average is $27.42. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.78 and a current ratio of 0.78. First Interstate BancSystem has a twelve month low of $20.81 and a twelve month high of $33.00. The company has a market capitalization of $3.25 billion, a price-to-earnings ratio of 12.37 and a beta of 0.82.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.58 earnings per share 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%. The business had revenue of $244.30 million for the quarter, compared to the consensus estimate of $246.07 million. During the same period last year, the business earned $0.66 EPS. As a group, research analysts predict that First Interstate BancSystem will post 2.32 EPS for the current year.

First Interstate BancSystem Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 5th were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 6.05%. The ex-dividend date of this dividend was Monday, August 5th. First Interstate BancSystem’s dividend payout ratio is 74.90%.

Insider Activity at First Interstate BancSystem

In related news, Director Jonathan R. Scott sold 29,499 shares of the business’s 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 sale, the director now owns 1,021,663 shares of the company’s stock, valued at approximately $25,837,857.27. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other First Interstate BancSystem news, major shareholder Julie A. Scott sold 209,831 shares of the business’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $25.29, for a total value of $5,306,625.99. Following the transaction, the insider now owns 879,869 shares of the company’s stock, valued at $22,251,887.01. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Jonathan R. Scott sold 29,499 shares of the business’s 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 directly owns 1,021,663 shares in the company, valued at approximately $25,837,857.27. The disclosure for this sale can be found here. Insiders have sold a total of 239,880 shares of company stock valued at $6,069,480 in the last 90 days. 6.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On First Interstate BancSystem

Institutional investors and hedge funds have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. boosted its stake in First Interstate BancSystem by 4.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 931,047 shares of the financial services provider’s stock worth $28,630,000 after purchasing an additional 42,580 shares in the last quarter. Rafferty Asset Management LLC raised its position in shares of First Interstate BancSystem by 27.7% during the fourth quarter. Rafferty Asset Management LLC now owns 146,191 shares of the financial services provider’s stock worth $4,495,000 after acquiring an additional 31,710 shares during the last quarter. FourThought Financial Partners LLC bought a new stake in shares of First Interstate BancSystem during the fourth quarter worth $208,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of First Interstate BancSystem by 25.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,099 shares of the financial services provider’s stock worth $618,000 after acquiring an additional 4,040 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its position in shares of First Interstate BancSystem by 235.6% during the first quarter. BNP Paribas Financial Markets now owns 78,311 shares of the financial services provider’s stock worth $2,131,000 after acquiring an additional 54,973 shares during the last quarter. Institutional investors and hedge funds own 88.71% of the company’s stock.

First Interstate BancSystem Company Profile

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.