First Interstate BancSystem’s (FIBK) Overweight Rating Reaffirmed at Stephens

Stephens reaffirmed their overweight rating on shares of First Interstate BancSystem (NASDAQ:FIBK) in a research report sent to investors on Thursday, Benzinga reports. They currently have a $36.00 price target on the financial services provider’s stock.

A number of other equities research analysts also recently issued reports on the company. Barclays upped their price objective on First Interstate BancSystem from $31.00 to $32.00 and gave the company an equal weight rating in a research report on Friday, September 27th. Piper Sandler restated an overweight rating and set a $38.00 price objective on shares of First Interstate BancSystem in a research report on Monday, August 26th. DA Davidson upped their price objective on First Interstate BancSystem from $27.00 to $34.00 and gave the company a neutral rating in a research report on Monday, July 29th. Wells Fargo & Company cut First Interstate BancSystem from an equal weight rating to an underweight rating and cut their target price for the company from $30.00 to $28.00 in a research note on Tuesday, October 1st. Finally, Keefe, Bruyette & Woods upped their target price on First Interstate BancSystem from $29.00 to $31.00 and gave the company a market perform rating in a research note on Monday, July 29th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, First Interstate BancSystem currently has an average rating of Hold and an average price target of $33.17.

First Interstate BancSystem Price Performance

Shares of NASDAQ:FIBK traded up $1.14 during mid-day trading on Thursday, reaching $30.82. The stock had a trading volume of 118,714 shares, compared to its average volume of 682,204. First Interstate BancSystem has a 1 year low of $20.81 and a 1 year high of $33.00. 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 moving average price is $29.71 and its 200 day moving average price is $28.20. The company has a market cap of $3.22 billion, a P/E ratio of 12.16 and a beta of 0.81.

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 (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $244.30 million for the quarter, compared to the consensus estimate of $246.07 million. During the same period in the prior year, the business posted $0.66 earnings per share. Research analysts expect that First Interstate BancSystem will post 2.34 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 5th were paid a $0.47 dividend. The ex-dividend date of this dividend was Monday, August 5th. This represents a $1.88 annualized dividend and a yield of 6.10%. First Interstate BancSystem’s dividend payout ratio (DPR) is currently 77.05%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of FIBK. Vanguard Group Inc. grew its stake in First Interstate BancSystem by 6.2% in the fourth quarter. Vanguard Group Inc. now owns 9,180,595 shares of the financial services provider’s stock worth $282,303,000 after purchasing an additional 533,293 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in First Interstate BancSystem by 8.7% in the second quarter. Dimensional Fund Advisors LP now owns 4,580,800 shares of the financial services provider’s stock worth $127,204,000 after purchasing an additional 367,212 shares in the last quarter. Wellington Management Group LLP grew its stake in First Interstate BancSystem by 5.0% in the fourth quarter. Wellington Management Group LLP now owns 2,970,727 shares of the financial services provider’s stock worth $91,350,000 after purchasing an additional 142,069 shares in the last quarter. Hantz Financial Services Inc. bought a new position in First Interstate BancSystem in the second quarter worth approximately $3,003,000. Finally, Jennison Associates LLC grew its stake in First Interstate BancSystem by 9.6% in the first quarter. Jennison Associates LLC now owns 850,767 shares of the financial services provider’s stock worth $23,149,000 after purchasing an additional 74,434 shares in the last quarter. Institutional investors 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.