First Interstate BancSystem, Inc. (NASDAQ:FIBK) Receives Average Recommendation of "Reduce" from Analysts

Key Points

• Analysts have a cautious view of First Interstate BancSystem: eight firms give the stock an average “Reduce” rating, with three sells, three holds, and two buys. The average 12-month price target is $36.83, below the reported $36.92 share price.
• The company exceeded quarterly expectations, reporting $0.87 in earnings per share versus the $0.69 consensus estimate and revenue of $263.9 million, up 6.4% year over year.
• First Interstate declared a quarterly dividend of $0.47, equivalent to an annualized $1.88 payout and a 5.1% dividend yield; insiders have sold 27,700 shares worth roughly $1.03 million over the past 90 days.

Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Get Free Report) have been given an average recommendation of "Reduce" by the eight ratings firms that are covering the company, MarketBeat Ratings reports. Three analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $36.8333.

Several equities research analysts have commented on FIBK shares. Wall Street Zen upgraded First Interstate BancSystem from a "strong sell" rating to a "sell" rating in a research note on Monday, June 22nd. Wells Fargo & Company reaffirmed an "underweight" rating and set a $34.00 target price (down from $36.00) on shares of First Interstate BancSystem in a research report on Monday, August 10th. Weiss Ratings raised shares of First Interstate BancSystem from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, July 1st. DA Davidson restated a "neutral" rating and set a $39.00 price objective on shares of First Interstate BancSystem in a research note on Monday, July 27th. Finally, Barclays cut shares of First Interstate BancSystem from an "equal weight" rating to an "underweight" rating and cut their target price for the stock from $38.00 to $37.00 in a report on Monday, August 3rd.

Insider Buying and Selling

In related news, major shareholder Julie A. Scott sold 2,700 shares of the stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $37.64, for a total value of $101,628.00. Following the completion of the transaction, the insider directly owned 484,309 shares of the company's stock, valued at $18,229,390.76. This represents a 0.55% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Jonathan R. Scott sold 8,071 shares of the firm's stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $37.29, for a total value of $300,967.59. Following the completion of the sale, the insider owned 817,738 shares in the company, valued at approximately $30,493,450.02. This represents a 0.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 27,700 shares of company stock worth $1,029,476. Corporate insiders own 8.00% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. EverSource Wealth Advisors LLC raised its position in First Interstate BancSystem by 17.7% in the first quarter. EverSource Wealth Advisors LLC now owns 2,099 shares of the financial services provider's stock worth $70,000 after acquiring an additional 315 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of First Interstate BancSystem in the 2nd quarter worth approximately $26,000. Eurizon Capital SGR S.p.A. acquired a new position in shares of First Interstate BancSystem in the 4th quarter worth approximately $25,000. McIlrath & Eck LLC raised its holdings in shares of First Interstate BancSystem by 17.2% in the 1st quarter. McIlrath & Eck LLC now owns 9,963 shares of the financial services provider's stock worth $333,000 after purchasing an additional 1,461 shares in the last quarter. Finally, Allworth Financial LP bought a new stake in shares of First Interstate BancSystem in the 2nd quarter worth approximately $62,000. Institutional investors own 88.71% of the company's stock.

First Interstate BancSystem Stock Down 1.4%

FIBK opened at $36.92 on Thursday. First Interstate BancSystem has a 12 month low of $29.10 and a 12 month high of $40.60. The business has a 50-day moving average of $37.95 and a two-hundred day moving average of $36.16. The stock has a market capitalization of $3.52 billion, a price-to-earnings ratio of 11.36 and a beta of 0.75. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.69 and a quick ratio of 0.69.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share for the quarter, topping analysts' consensus estimates of $0.69 by $0.18. First Interstate BancSystem had a net margin of 23.63% and a return on equity of 9.55%. The company had revenue of $263.90 million for the quarter, compared to the consensus estimate of $249.32 million. During the same quarter last year, the firm posted $0.69 earnings per share. First Interstate BancSystem's revenue was up 6.4% on a year-over-year basis. On average, research analysts expect that First Interstate BancSystem will post 2.84 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Tuesday, August 4th were paid a $0.47 dividend. The ex-dividend date was Tuesday, August 4th. This represents a $1.88 annualized dividend and a dividend yield of 5.1%. First Interstate BancSystem's dividend payout ratio (DPR) is presently 57.85%.

About First Interstate BancSystem

First Interstate BancSystem, Inc is a financial holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides community banking services to individuals, businesses, governmental entities and nonprofit organizations.

Its products and services include personal and business deposit accounts, consumer and commercial lending, mortgage banking, treasury management, online and mobile banking, investment services, and wealth management.

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