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

Key Points

• Analyst sentiment is mixed but leans cautious: First Interstate BancSystem has an average rating of “Hold” from eight analysts, with two sell ratings, four hold ratings, and two buy ratings. The average 1-year price target is $37.00.
• Recent earnings beat estimates slightly: The company reported $0.61 EPS for the latest quarter, topping consensus by $0.01. However, revenue came in far below analyst expectations at $5.10 million versus an estimated $242.78 million.
• It continues to offer a sizable dividend: First Interstate BancSystem recently paid a quarterly dividend of $0.47 per share, or $1.88 annualized, which implies a 5.3% yield.

Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Get Free Report) have received an average recommendation of "Hold" from the eight ratings firms that are covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $37.00.

A number of research analysts have weighed in on FIBK shares. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $37.00 price objective (down from $38.00) on shares of First Interstate BancSystem in a research note on Friday, May 1st. Weiss Ratings raised First Interstate BancSystem from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, May 15th. Wells Fargo & Company boosted their price objective on First Interstate BancSystem from $30.00 to $36.00 and gave the stock an "underweight" rating in a report on Monday, March 30th. DA Davidson lowered First Interstate BancSystem from a "buy" rating to a "neutral" rating and decreased their price objective for the stock from $41.00 to $39.00 in a report on Wednesday, May 27th. Finally, UBS Group boosted their price objective on First Interstate BancSystem from $30.00 to $33.00 and gave the stock a "sell" rating in a report on Friday, May 1st.

First Interstate BancSystem Price Performance

First Interstate BancSystem stock opened at $35.57 on Tuesday. First Interstate BancSystem has a 1-year low of $25.81 and a 1-year high of $39.26. The firm has a market capitalization of $3.46 billion, a price-to-earnings ratio of 11.59 and a beta of 0.76. The firm's fifty day moving average price is $34.71 and its two-hundred day moving average price is $35.12. 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 released its quarterly earnings data on Wednesday, April 29th. The financial services provider reported $0.61 earnings per share for the quarter, beating analysts' consensus estimates of $0.60 by $0.01. First Interstate BancSystem had a net margin of 22.64% and a return on equity of 9.13%. The firm had revenue of $5.10 million for the quarter, compared to analyst estimates of $242.78 million. During the same period last year, the firm earned $0.49 earnings per share. On average, equities research analysts predict that First Interstate BancSystem will post 2.66 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Monday, May 11th were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 5.3%. The ex-dividend date of this dividend was Monday, May 11th. First Interstate BancSystem's payout ratio is currently 61.24%.

Insider Buying and Selling

In other First Interstate BancSystem news, major shareholder Jonathan R. Scott sold 12,892 shares of the business's stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $35.58, for a total transaction of $458,697.36. Following the completion of the sale, the insider directly owned 866,628 shares of the company's stock, valued at approximately $30,834,624.24. The trade was a 1.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 8.00% of the company's stock.

Institutional Trading of First Interstate BancSystem

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. McIlrath & Eck LLC increased its holdings in First Interstate BancSystem by 17.2% during 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. Bank of America Corp DE grew its holdings in shares of First Interstate BancSystem by 1.4% in the first 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. Amundi grew its holdings in shares of First Interstate BancSystem by 88.4% in the first quarter. Amundi now owns 24,976 shares of the financial services provider's stock valued at $834,000 after acquiring an additional 11,720 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of 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 valued at $70,000 after acquiring an additional 315 shares in the last quarter. Finally, California State Teachers Retirement System grew its holdings in shares of First Interstate BancSystem by 36.9% in the first quarter. California State Teachers Retirement System now owns 113,551 shares of the financial services provider's stock valued at $3,793,000 after acquiring an additional 30,614 shares in the last quarter. 88.71% of the stock is owned by institutional investors.

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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