StockNews.com Upgrades First Interstate BancSystem (NASDAQ:FIBK) to “Hold”

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

Several other brokerages have also weighed in on FIBK. Stephens reiterated an “overweight” rating and set a $36.00 target price on shares of First Interstate BancSystem in a research report on Thursday, October 10th. Piper Sandler decreased their target price on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating on the stock in a research report on Monday, October 28th. DA Davidson upgraded shares of First Interstate BancSystem from a “neutral” rating to a “buy” rating and lifted their target price for the company from $32.00 to $42.00 in a research report on Tuesday. Barclays lowered shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $32.00 to $30.00 in a research report on Thursday, October 31st. Finally, Wells Fargo & Company lowered shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $30.00 to $28.00 in a research report on Tuesday, October 1st. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $33.83.

First Interstate BancSystem Stock Performance

NASDAQ FIBK opened at $35.35 on Thursday. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market capitalization of $3.70 billion, a price-to-earnings ratio of 15.50 and a beta of 0.81. The company’s fifty day moving average is $31.86 and its two-hundred day moving average is $29.72. First Interstate BancSystem has a 52-week low of $24.16 and a 52-week high of $36.77.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.04). First Interstate BancSystem had a return on equity of 7.48% and a net margin of 15.94%. During the same quarter last year, the business earned $0.70 earnings per share. Equities research analysts forecast that First Interstate BancSystem will post 2.28 EPS for the current year.

First Interstate BancSystem Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Monday, November 4th were given a $0.47 dividend. The ex-dividend date was Monday, November 4th. This represents a $1.88 dividend on an annualized basis and a yield of 5.32%. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 82.46%.

Insiders Place Their Bets

In other First Interstate BancSystem news, major shareholder Julie A. Scott sold 20,220 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $32.78, for a total value of $662,811.60. Following the completion of the transaction, the insider now directly owns 635,069 shares of the company’s stock, valued at approximately $20,817,561.82. The trade was a 3.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Jonathan R. Scott sold 6,500 shares of the business’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $34.18, for a total transaction of $222,170.00. Following the completion of the transaction, the director now directly owns 958,710 shares of the company’s stock, valued at approximately $32,768,707.80. This represents a 0.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 54,837 shares of company stock valued at $1,839,583. Insiders own 6.90% of the company’s stock.

Hedge Funds Weigh In On First Interstate BancSystem

Institutional investors have recently modified their holdings of the stock. Point72 DIFC Ltd bought a new stake in shares of First Interstate BancSystem during the third quarter worth approximately $34,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of First Interstate BancSystem during the third quarter worth approximately $69,000. CWM LLC raised its stake in shares of First Interstate BancSystem by 16.0% during the second quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock worth $87,000 after buying an additional 430 shares during the last quarter. Innealta Capital LLC bought a new stake in shares of First Interstate BancSystem during the second quarter worth approximately $106,000. Finally, nVerses Capital LLC raised its stake in shares of First Interstate BancSystem by 412.5% during the second quarter. nVerses Capital LLC now owns 4,100 shares of the financial services provider’s stock worth $114,000 after buying an additional 3,300 shares during the last quarter. 88.71% of the stock is owned by institutional investors.

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.