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

Key Points

• First Interstate BancSystem (NASDAQ:FIBK) has an average broker rating of "Hold", with one sell rating, two holds, and three buy ratings among six brokerages covering the company.
• The company recently announced a quarterly dividend of $0.47, resulting in an annualized yield of 5.9% and a payout ratio of 84.68%.
• Insider transactions included significant sell-offs, with a major shareholder selling 55,000 shares for approximately $1.53 million, reducing their shareholding by 9.41%.

First Interstate BancSystem, Inc. (NASDAQ:FIBK - Get Free Report) has been given an average recommendation of "Hold" by the six brokerages that are presently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $35.1429.

FIBK has been the topic of a number of research reports. Wall Street Zen lowered First Interstate BancSystem from a "hold" rating to a "sell" rating in a research report on Monday, August 11th. Barclays upgraded First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and upped their price target for the company from $28.00 to $32.00 in a research report on Tuesday, July 8th. Wells Fargo & Company upped their price target on First Interstate BancSystem from $28.00 to $30.00 and gave the company an "underweight" rating in a research report on Monday. Keefe, Bruyette & Woods upgraded First Interstate BancSystem from a "hold" rating to a "moderate buy" rating and set a $32.00 price target on the stock in a research report on Monday, June 23rd. Finally, DA Davidson upped their price target on First Interstate BancSystem from $35.00 to $38.00 and gave the company a "buy" rating in a research report on Friday, September 12th.

Insider Transactions at First Interstate BancSystem

In related news, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the company's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $27.86, for a total transaction of $1,532,300.00. Following the sale, the insider owned 529,256 shares in the company, valued at $14,745,072.16. This represents a 9.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John M. Heyneman, Jr. sold 11,818 shares of the company's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $30.18, for a total value of $356,667.24. Following the sale, the director owned 5,224 shares in the company, valued at approximately $157,660.32. The trade was a 69.35% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 121,818 shares of company stock worth $3,600,017 in the last quarter. Corporate insiders own 8.20% of the company's stock.

Institutional Investors Weigh In On First Interstate BancSystem

Several institutional investors and hedge funds have recently made changes to their positions in FIBK. JNBA Financial Advisors bought a new stake in shares of First Interstate BancSystem during the 1st quarter valued at about $29,000. GAMMA Investing LLC boosted its position in shares of First Interstate BancSystem by 186.5% during the 2nd quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 647 shares in the last quarter. Quarry LP boosted its position in shares of First Interstate BancSystem by 63.8% during the 1st quarter. Quarry LP now owns 1,155 shares of the financial services provider's stock valued at $33,000 after purchasing an additional 450 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of First Interstate BancSystem by 139.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider's stock valued at $43,000 after purchasing an additional 862 shares in the last quarter. Finally, Exchange Traded Concepts LLC raised its stake in First Interstate BancSystem by 1,258.8% during the 1st quarter. Exchange Traded Concepts LLC now owns 4,851 shares of the financial services provider's stock worth $139,000 after buying an additional 4,494 shares during the period. Institutional investors own 88.71% of the company's stock.

First Interstate BancSystem Trading Down 0.4%

Shares of FIBK stock opened at $31.75 on Thursday. The firm has a market capitalization of $3.33 billion, a P/E ratio of 14.30 and a beta of 0.79. First Interstate BancSystem has a twelve month low of $22.95 and a twelve month high of $36.77. The company has a quick ratio of 0.74, a current ratio of 0.75 and a debt-to-equity ratio of 0.19. The stock's fifty day simple moving average is $31.28 and its 200 day simple moving average is $29.00.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The financial services provider reported $0.69 earnings per share for the quarter, topping analysts' consensus estimates of $0.57 by $0.12. The business had revenue of $248.30 million for the quarter, compared to analyst estimates of $253.73 million. First Interstate BancSystem had a return on equity of 6.82% and a net margin of 16.04%.First Interstate BancSystem's quarterly revenue was up 1.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.58 EPS. As a group, sell-side analysts predict that First Interstate BancSystem will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Monday, August 11th were given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.9%. The ex-dividend date was Monday, August 11th. First Interstate BancSystem's payout ratio is 84.68%.

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.

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