First Interstate BancSystem (NASDAQ:FIBK) Reaches New 1-Year High - Still a Buy?

Key Points

• First Interstate BancSystem hit a new 52-week high, trading as high as $39.74, after closing previously at $38.94.
• Analyst sentiment remains mixed: the stock has a consensus Hold rating with an average target price of $37.33, even though some firms recently raised their price targets.
• The bank reported better-than-expected quarterly EPS of $0.61 and pays a quarterly dividend of $0.47 per share, implying a 4.7% yield.

First Interstate BancSystem, Inc. (NASDAQ:FIBK - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $39.74 and last traded at $39.5440, with a volume of 175415 shares traded. The stock had previously closed at $38.94.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on FIBK shares. Weiss Ratings upgraded shares of First Interstate BancSystem from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, July 1st. Wells Fargo & Company boosted their price target on First Interstate BancSystem from $30.00 to $36.00 and gave the company an "underweight" rating in a report on Monday, March 30th. Barclays upped their price target on First Interstate BancSystem from $36.00 to $38.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 7th. Piper Sandler dropped their price objective on First Interstate BancSystem from $44.00 to $41.00 and set an "overweight" rating for the company in a report on Thursday, April 2nd. Finally, UBS Group boosted their target price on First Interstate BancSystem from $30.00 to $33.00 and gave the company a "sell" rating in a research note on Friday, May 1st. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, First Interstate BancSystem has an average rating of "Hold" and a consensus target price of $37.33.

First Interstate BancSystem Price Performance

The company has a market cap of $3.88 billion, a PE ratio of 13.02 and a beta of 0.76. The firm's 50-day moving average is $36.58 and its 200-day moving average is $35.83. 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 issued its quarterly earnings data on Wednesday, April 29th. The financial services provider reported $0.61 EPS for the quarter, topping the consensus estimate of $0.60 by $0.01. The business had revenue of $5.10 million during 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 period last year, the business posted $0.49 earnings per share. On average, equities analysts anticipate that First Interstate BancSystem, Inc. will post 2.66 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Monday, May 11th were given a dividend of $0.47 per share. The ex-dividend date was Monday, May 11th. This represents a $1.88 annualized dividend and a dividend yield of 4.7%. First Interstate BancSystem's payout ratio is currently 61.24%.

Insider Buying and Selling at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder Jonathan R. Scott sold 4,500 shares of the firm's stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $36.29, for a total transaction of $163,305.00. Following the completion of the transaction, the insider owned 862,128 shares of the company's stock, valued at approximately $31,286,625.12. This trade represents a 0.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Julie A. Scott sold 15,000 shares of the business's stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $35.97, for a total transaction of $539,550.00. Following the sale, the insider owned 488,359 shares in the company, valued at approximately $17,566,273.23. This trade represents a 2.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 32,392 shares of company stock worth $1,161,552. 8.00% of the stock is owned by insiders.

Institutional Investors Weigh In On First Interstate BancSystem

Several hedge funds have recently bought and sold shares of the business. Eurizon Capital SGR S.p.A. purchased a new position in shares of First Interstate BancSystem during the fourth quarter valued at approximately $25,000. Kestra Advisory Services LLC purchased a new stake in shares of First Interstate BancSystem in the 4th quarter worth approximately $29,000. EverSource Wealth Advisors LLC increased its position in 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 buying an additional 862 shares in the last quarter. First Horizon Corp raised its stake in 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 last quarter. Finally, CIBC Private Wealth Group LLC purchased a new position in First Interstate BancSystem during the third quarter valued at $52,000. Institutional investors own 88.71% of the company's stock.

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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