First Interstate BancSystem (NASDAQ:FIBK) Downgraded to “Sell” at StockNews.com

StockNews.com cut shares of First Interstate BancSystem (NASDAQ:FIBK) from a hold rating to a sell rating in a research note issued to investors on Thursday.

FIBK has been the subject of several other research reports. Barclays upped their target price on shares of First Interstate BancSystem from $31.00 to $32.00 and gave the stock an equal weight rating in a research report on Friday, September 27th. Piper Sandler reissued an overweight rating and issued a $38.00 price objective on shares of First Interstate BancSystem in a report on Monday, August 26th. Wells Fargo & Company cut First Interstate BancSystem from an equal weight rating to an underweight rating and lowered their target price for the company from $30.00 to $28.00 in a research report on Tuesday, October 1st. Keefe, Bruyette & Woods boosted 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. Finally, Stephens raised their price target on First Interstate BancSystem from $32.00 to $36.00 and gave the company an overweight rating in a report on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, First Interstate BancSystem currently has a consensus rating of Hold and a consensus target price of $33.17.

First Interstate BancSystem Stock Up 1.0 %

Shares of First Interstate BancSystem stock opened at $29.84 on Thursday. First Interstate BancSystem has a twelve month low of $20.81 and a twelve month high of $33.00. The stock has a market capitalization of $3.12 billion, a price-to-earnings ratio of 11.89 and a beta of 0.81. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.92. The business’s 50 day simple moving average is $29.83 and its 200-day simple moving average is $28.14.

First Interstate BancSystem (NASDAQ:FIBK) last issued its earnings results on Thursday, July 25th. The financial services provider reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.03. First Interstate BancSystem had a return on equity of 8.19% and a net margin of 17.22%. The firm had revenue of $244.30 million for the quarter, compared to analyst estimates of $246.07 million. During the same period last year, the company earned $0.66 earnings per share. Equities research analysts forecast that First Interstate BancSystem will post 2.34 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 5th were given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 6.30%. The ex-dividend date was Monday, August 5th. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 74.90%.

Institutional Trading of First Interstate BancSystem

Several institutional investors have recently modified their holdings of the company. Parallel Advisors LLC boosted its position in shares of First Interstate BancSystem by 205.3% during the 4th quarter. Parallel Advisors LLC now owns 1,273 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 856 shares in the last quarter. Rafferty Asset Management LLC grew its position in First Interstate BancSystem by 27.7% in the fourth quarter. Rafferty Asset Management LLC now owns 146,191 shares of the financial services provider’s stock worth $4,495,000 after buying an additional 31,710 shares during the last quarter. Cladis Investment Advisory LLC increased its holdings in shares of First Interstate BancSystem by 1.8% in the fourth quarter. Cladis Investment Advisory LLC now owns 99,373 shares of the financial services provider’s stock valued at $3,056,000 after buying an additional 1,728 shares in the last quarter. Sierra Summit Advisors LLC acquired a new stake in shares of First Interstate BancSystem during the 4th quarter valued at $266,000. Finally, Wellington Management Group LLP boosted its stake in shares of First Interstate BancSystem by 5.0% during the 4th quarter. Wellington Management Group LLP now owns 2,970,727 shares of the financial services provider’s stock worth $91,350,000 after acquiring an additional 142,069 shares in the last quarter. Institutional investors and hedge funds own 88.71% of the company’s stock.

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.