First Interstate BancSystem (NASDAQ:FIBK) Reaches New 52-Week High - Should You Buy?

Key Points

• First Interstate BancSystem hit a new 52-week high, trading as high as $39.27 as investors reacted to recent momentum in the stock.
• Analysts remain cautious overall: the stock’s consensus rating is Hold with a consensus price target of $37.00, even though some firms recently nudged targets higher.
• The bank reported Q1 EPS of $0.61, slightly beating estimates, and recently paid a quarterly dividend of $0.47 per share, implying an annualized yield of 4.8%.

First Interstate BancSystem, Inc. (NASDAQ:FIBK - Get Free Report)'s stock price hit a new 52-week high during trading on Wednesday . The stock traded as high as $39.27 and last traded at $39.1410, with a volume of 334382 shares traded. The stock had previously closed at $38.56.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on FIBK shares. Wall Street Zen raised First Interstate BancSystem from a "strong sell" rating to a "sell" rating in a research note on Monday, June 22nd. UBS Group boosted their target price 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. DA Davidson lowered First Interstate BancSystem from a "buy" rating to a "neutral" rating and lowered their target price for the company from $41.00 to $39.00 in a report on Wednesday, May 27th. Weiss Ratings cut First Interstate BancSystem from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, June 16th. Finally, Wells Fargo & Company lifted their price target on First Interstate BancSystem from $30.00 to $36.00 and gave the stock an "underweight" rating in a research note on Monday, March 30th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $37.00.

First Interstate BancSystem Stock Performance

The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.09. The stock's 50 day moving average price is $35.78 and its two-hundred day moving average price is $35.59. The firm has a market capitalization of $3.81 billion, a PE ratio of 12.77 and a beta of 0.76.

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 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.01. The firm had revenue of $5.10 million during the quarter, compared to the consensus estimate of $242.78 million. First Interstate BancSystem had a return on equity of 9.13% and a net margin of 22.64%.During the same period in the previous year, the firm posted $0.49 EPS. On average, equities analysts expect that First Interstate BancSystem, Inc. will post 2.66 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Monday, May 11th were issued 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 of this dividend was Monday, May 11th. First Interstate BancSystem's payout ratio is 61.24%.

Insider Buying and Selling at First Interstate BancSystem

In related news, major shareholder Julie A. Scott sold 15,000 shares of First Interstate BancSystem stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $35.97, for a total transaction of $539,550.00. Following the completion of 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 transaction of $163,305.00. Following the completion of the transaction, the insider directly owned 862,128 shares of the company's stock, valued at $31,286,625.12. The trade was a 0.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 32,392 shares of company stock worth $1,161,552 over the last 90 days. Company insiders own 8.00% of the company's stock.

Hedge Funds Weigh In On First Interstate BancSystem

Institutional investors have recently modified their holdings of the company. AQR Capital Management LLC boosted its position in First Interstate BancSystem by 37.2% during the first quarter. AQR Capital Management LLC now owns 67,214 shares of the financial services provider's stock worth $1,926,000 after acquiring an additional 18,210 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in First Interstate BancSystem by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 47,230 shares of the financial services provider's stock valued at $1,353,000 after acquiring an additional 2,070 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of First Interstate BancSystem during the 1st quarter worth $238,000. Jones Financial Companies Lllp lifted its stake in shares of First Interstate BancSystem by 24,352.5% during the 1st quarter. Jones Financial Companies Lllp now owns 24,697 shares of the financial services provider's stock worth $708,000 after purchasing an additional 24,596 shares during the period. Finally, Jane Street Group LLC acquired a new stake in shares of First Interstate BancSystem during the first quarter worth $5,125,000. Institutional investors and hedge funds own 88.71% of the company's stock.

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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