First Interstate BancSystem, Inc. (NASDAQ:FIBK) Stock Has Consensus Price Target of $37.00

Key Points

• Analysts are cautious: First Interstate BancSystem has a consensus “Reduce” rating from nine analysts, with three sells, four holds and two buys. The average 12-month price target is $37.00, above the reported $34.52 share price.
• Recent results exceeded expectations: The company reported quarterly EPS of $0.87 versus the $0.69 consensus estimate, while revenue reached $263.9 million and increased 6.4% year over year.
• Investors receive a sizable dividend: The quarterly dividend is $0.47 per share, equal to $1.88 annually and a 5.4% yield. Institutional investors own 88.71% of the stock, while insiders sold 27,700 shares worth about $1.03 million during the quarter.

Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Get Free Report) have been given a consensus rating of "Reduce" by the nine analysts that are covering the company, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $37.00.

A number of equities research analysts have issued reports on FIBK shares. Weiss Ratings restated a "buy (b)" rating on shares of First Interstate BancSystem in a report on Monday, September 28th. Benchmark upgraded First Interstate BancSystem to a "hold" rating in a research note on Wednesday, September 23rd. Wall Street Zen raised First Interstate BancSystem from a "sell" rating to a "hold" rating in a research report on Saturday. Wells Fargo & Company restated an "underweight" rating and set a $34.00 target price (down from $36.00) on shares of First Interstate BancSystem in a research note on Monday, August 10th. Finally, DA Davidson restated a "neutral" rating and set a $39.00 target price on shares of First Interstate BancSystem in a research note on Monday, July 27th.

Insider Buying and Selling

In other news, major shareholder Julie A. Scott sold 2,700 shares of the firm's stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $37.64, for a total value of $101,628.00. Following the sale, the insider owned 484,309 shares in the company, valued at approximately $18,229,390.76. This trade represents a 0.55% 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, major shareholder Jonathan R. Scott sold 16,929 shares of the firm's stock in a transaction on Friday, September 11th. The stock was sold at an average price of $37.03, for a total transaction of $626,880.87. Following the completion of the sale, the insider owned 825,809 shares in the company, valued at approximately $30,579,707.27. The trade was a 2.01% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 27,700 shares of company stock valued at $1,029,476. Corporate insiders own 8.00% of the company's stock.

Hedge Funds Weigh In On First Interstate BancSystem

Several large investors have recently bought and sold shares of the stock. BlackRock Inc. bought a new position in First Interstate BancSystem during the second quarter valued at about $529,533,000. Dimensional Fund Advisors LP raised its holdings in First Interstate BancSystem by 4.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,630,789 shares of the financial services provider's stock valued at $188,066,000 after acquiring an additional 231,405 shares in the last quarter. Bank of America Corp DE raised its holdings in First Interstate BancSystem by 1.4% in the 1st quarter. Bank of America Corp DE now owns 1,778,094 shares of the financial services provider's stock valued at $59,388,000 after acquiring an additional 24,250 shares in the last quarter. First Trust Advisors LP raised its holdings in First Interstate BancSystem by 214.9% in the 1st quarter. First Trust Advisors LP now owns 1,197,557 shares of the financial services provider's stock valued at $39,998,000 after acquiring an additional 817,235 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in shares of First Interstate BancSystem in the 2nd quarter worth approximately $38,663,000. 88.71% of the stock is currently owned by institutional investors and hedge funds.

First Interstate BancSystem Price Performance

NASDAQ FIBK opened at $34.52 on Monday. First Interstate BancSystem has a 1 year low of $29.10 and a 1 year high of $40.60. The company has a fifty day simple moving average of $37.07 and a 200 day simple moving average of $36.44. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.09. The company has a market cap of $3.29 billion, a P/E ratio of 10.62 and a beta of 0.73.

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

First Interstate BancSystem Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Tuesday, August 4th were given a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 5.4%. The ex-dividend date of this dividend was Tuesday, August 4th. First Interstate BancSystem's payout ratio is currently 57.85%.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc is a financial holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company operates as a community-focused regional bank serving individuals, businesses, agricultural customers and public-sector organizations.

First Interstate Bank offers a range of banking products and services, including checking and savings accounts, certificates of deposit, consumer loans, residential mortgages, commercial and agricultural lending, treasury management, online and mobile banking, and credit cards.

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