First Interstate BancSystem (NASDAQ:FIBK) Stock Rating Lowered by StockNews.com

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

FIBK has been the topic of a number of other reports. DA Davidson lifted their target price 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. Keefe, Bruyette & Woods lifted their price objective on First Interstate BancSystem from $29.00 to $31.00 and gave the stock a market perform rating in a report on Monday, July 29th. Piper Sandler reiterated an overweight rating and set a $38.00 target price on shares of First Interstate BancSystem in a research note on Monday, August 26th. Wells Fargo & Company lifted their price target on shares of First Interstate BancSystem from $25.00 to $30.00 and gave the stock an equal weight rating in a research note on Monday, July 29th. Finally, Barclays increased their price objective on shares of First Interstate BancSystem from $29.00 to $31.00 and gave the company an equal weight rating in a research note on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus target price of $33.33.

First Interstate BancSystem Stock Performance

First Interstate BancSystem stock opened at $30.98 on Friday. The firm has a market capitalization of $3.24 billion, a PE ratio of 12.34 and a beta of 0.82. First Interstate BancSystem has a one year low of $20.81 and a one year high of $33.00. The stock’s 50 day moving average price is $30.13 and its 200 day moving average price is $27.85. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.79 and a current ratio of 0.79.

First Interstate BancSystem (NASDAQ:FIBK) last posted its earnings results on Thursday, July 25th. The financial services provider reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.03. The business had revenue of $244.30 million for the quarter, compared to analysts’ expectations of $246.07 million. First Interstate BancSystem had a net margin of 17.22% and a return on equity of 8.19%. During the same period in the previous year, the company posted $0.66 earnings per share. As a group, sell-side analysts expect that First Interstate BancSystem will post 2.34 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 5th were issued a dividend of $0.47 per share. The ex-dividend date was Monday, August 5th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.07%. First Interstate BancSystem’s dividend payout ratio (DPR) is 74.90%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of FIBK. Parallel Advisors LLC raised its stake in First Interstate BancSystem by 205.3% during the fourth quarter. Parallel Advisors LLC now owns 1,273 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 856 shares during the period. CWM LLC raised its position in shares of 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 during the period. PNC Financial Services Group Inc. lifted its holdings in shares of First Interstate BancSystem by 28.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,378 shares of the financial services provider’s stock worth $104,000 after purchasing an additional 744 shares during the last quarter. Innealta Capital LLC acquired a new position in First Interstate BancSystem during the 2nd quarter valued at approximately $106,000. Finally, nVerses Capital LLC boosted its position in First Interstate BancSystem by 412.5% during the 2nd 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 during the period. 88.71% of the stock is owned by institutional investors and hedge funds.

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.