First Interstate BancSystem, Inc. (NASDAQ:FIBK) Given Consensus Rating of "Hold" by Analysts

Key Points

• Analysts have a consensus “Hold” rating on First Interstate BancSystem, with two sell, four hold, and two buy recommendations. The average 12-month price target is $37.33, below the stock’s reported $38.09 price.
• The company reported quarterly earnings of $0.87 per share, beating the $0.68 consensus estimate, while revenue came in at $99.10 million. Analysts expect full-year earnings of approximately $2.72 per share.
• First Interstate announced a quarterly dividend of $0.47 per share, representing $1.88 annualized and a 4.9% yield. Insiders sold 32,392 shares worth about $1.16 million over the past quarter, while institutions own 88.71% of the stock.

First Interstate BancSystem, Inc. (NASDAQ:FIBK - Get Free Report) has been assigned an average rating of "Hold" from the eight ratings firms that are covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. The average 12-month target price among brokers that have covered the stock in the last year is $37.3333.

FIBK has been the topic of several analyst reports. DA Davidson reiterated a "neutral" rating and issued a $39.00 price objective on shares of First Interstate BancSystem in a report on Monday. UBS Group raised their price target on First Interstate BancSystem from $30.00 to $33.00 and gave the stock a "sell" rating in a research report on Friday, May 1st. Piper Sandler decreased their price target on First Interstate BancSystem from $44.00 to $41.00 and set an "overweight" rating on the stock in a research note on Thursday, April 2nd. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $37.00 price objective (down from $38.00) on shares of First Interstate BancSystem in a research report on Friday, May 1st. Finally, Wall Street Zen raised First Interstate BancSystem from a "strong sell" rating to a "sell" rating in a research note on Monday, June 22nd.

Insiders Place Their Bets

In other First Interstate BancSystem news, major shareholder Jonathan R. Scott sold 4,500 shares of the business's stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $36.29, for a total value of $163,305.00. Following the transaction, the insider owned 862,128 shares in the company, valued at approximately $31,286,625.12. The trade was a 0.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Julie A. Scott sold 15,000 shares of the company's stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $35.97, for a total transaction of $539,550.00. Following the transaction, the insider directly owned 488,359 shares of the company's stock, valued at approximately $17,566,273.23. This trade represents a 2.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 32,392 shares of company stock valued at $1,161,552 over the last quarter. 8.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of FIBK. Eurizon Capital SGR S.p.A. bought a new position in First Interstate BancSystem during the 4th quarter valued at approximately $25,000. Kestra Advisory Services LLC bought a new stake in shares of First Interstate BancSystem in the 4th quarter worth approximately $29,000. EverSource Wealth Advisors LLC grew its position in shares of First Interstate BancSystem by 139.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider's stock worth $43,000 after buying an additional 862 shares during the last quarter. First Horizon Corp increased its stake in shares of First Interstate BancSystem by 56.0% during the fourth quarter. First Horizon Corp now owns 1,268 shares of the financial services provider's stock valued at $44,000 after buying an additional 455 shares during the period. Finally, CIBC Private Wealth Group LLC purchased a new position in shares of First Interstate BancSystem during the third quarter valued at approximately $52,000. Hedge funds and other institutional investors own 88.71% of the company's stock.

First Interstate BancSystem Price Performance

Shares of NASDAQ:FIBK opened at $38.09 on Wednesday. The stock has a market cap of $3.70 billion, a PE ratio of 11.72 and a beta of 0.76. The company's fifty day moving average is $37.31 and its 200 day moving average is $36.03. First Interstate BancSystem has a 52 week low of $27.60 and a 52 week high of $40.60. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.09.

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 the consensus estimate of $0.68 by $0.19. First Interstate BancSystem had a net margin of 29.44% and a return on equity of 9.55%. The business had revenue of $99.10 million during the quarter, compared to the consensus estimate of $249.32 million. Research analysts anticipate that First Interstate BancSystem will post 2.72 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Tuesday, August 4th will be paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 4.9%. The ex-dividend date of this dividend is Tuesday, August 4th. First Interstate BancSystem's payout ratio is presently 57.85%.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.

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