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

Key Points

• First Interstate BancSystem has a consensus “Hold” rating from eight analysts, with an average 12-month price target of $37.00.
• Recent analyst moves have been mixed, including downgrades from DA Davidson and Wall Street Zen as well as price-target cuts from Piper Sandler and KBW.
• Insider selling has been notable, with major shareholders Jonathan R. Scott and Julie A. Scott selling shares in recent weeks; meanwhile, the stock yields about 4.8% after its quarterly dividend.

First Interstate BancSystem, Inc. (NASDAQ:FIBK - Get Free Report) has been given a consensus rating of "Hold" by the eight analysts that are covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and two have assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $37.00.

Several brokerages have recently weighed in on FIBK. Wall Street Zen upgraded First Interstate BancSystem from a "strong sell" rating to a "sell" rating in a research note on Monday, June 22nd. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $37.00 price target (down from $38.00) on shares of First Interstate BancSystem in a report on Friday, May 1st. Piper Sandler lowered their price objective on First Interstate BancSystem from $44.00 to $41.00 and set an "overweight" rating for the company in a research note on Thursday, April 2nd. Weiss Ratings upgraded First Interstate BancSystem from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday. Finally, DA Davidson lowered First Interstate BancSystem from a "buy" rating to a "neutral" rating and cut their target price for the company from $41.00 to $39.00 in a research report on Wednesday, May 27th.

Insider Buying and Selling at First Interstate BancSystem

In related news, major shareholder Jonathan R. Scott sold 12,892 shares of First Interstate BancSystem stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $35.58, for a total value of $458,697.36. Following the completion of the transaction, the insider directly owned 866,628 shares in the company, valued at approximately $30,834,624.24. This trade represents a 1.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Julie A. Scott sold 15,000 shares of the company's stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $35.97, for a total value of $539,550.00. Following the sale, the insider owned 488,359 shares in the company, valued at $17,566,273.23. The trade was a 2.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 32,392 shares of company stock valued at $1,161,552. 8.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On First Interstate BancSystem

Several large investors have recently added to or reduced their stakes in FIBK. Eurizon Capital SGR S.p.A. acquired a new position in First Interstate BancSystem in the fourth quarter worth $25,000. Kestra Advisory Services LLC bought a new position in shares of First Interstate BancSystem in the 4th quarter worth about $29,000. First Horizon Corp lifted its position in shares of First Interstate BancSystem by 56.0% in the 4th quarter. First Horizon Corp now owns 1,268 shares of the financial services provider's stock worth $44,000 after buying an additional 455 shares during the last quarter. EverSource Wealth Advisors LLC lifted 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. Finally, GAMMA Investing LLC boosted its holdings in shares of First Interstate BancSystem by 49.6% in the 4th quarter. GAMMA Investing LLC now owns 1,556 shares of the financial services provider's stock valued at $54,000 after buying an additional 516 shares during the period. 88.71% of the stock is currently owned by institutional investors.

First Interstate BancSystem Price Performance

FIBK opened at $39.15 on Friday. The company has a fifty day simple moving average of $36.06 and a 200 day simple moving average of $35.67. The firm has a market cap of $3.80 billion, a price-to-earnings ratio of 12.75 and a beta of 0.76. First Interstate BancSystem has a twelve month low of $27.60 and a twelve month high of $39.65. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.09.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The financial services provider reported $0.61 EPS for the quarter, topping analysts' consensus estimates of $0.60 by $0.01. The firm had revenue of $5.10 million for the quarter, compared to analyst estimates of $242.78 million. First Interstate BancSystem had a net margin of 22.64% and a return on equity of 9.13%. During the same quarter in the previous year, the business posted $0.49 EPS. Equities research analysts expect that First Interstate BancSystem will post 2.66 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Monday, May 11th were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date was Monday, May 11th. First Interstate BancSystem's payout ratio is 61.24%.

About First Interstate BancSystem

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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