First Interstate BancSystem (NASDAQ:FIBK) Shares Pass Above 200-Day Moving Average - Here's Why

First Interstate BancSystem, Inc. (NASDAQ:FIBK - Get Free Report) shares passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $36.10 and traded as high as $37.77. First Interstate BancSystem shares last traded at $37.53, with a volume of 878,865 shares trading hands.

Analyst Ratings Changes

Several brokerages have commented on FIBK. Weiss Ratings upgraded shares of First Interstate BancSystem from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, July 1st. Wall Street Zen upgraded First Interstate BancSystem from a "strong sell" rating to a "sell" rating in a research report on Monday, June 22nd. 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 report on Friday, May 1st. Barclays cut shares of First Interstate BancSystem from an "equal weight" rating to an "underweight" rating and cut their target price for the company from $38.00 to $37.00 in a report on Monday. Finally, DA Davidson reiterated a "neutral" rating and issued a $39.00 price target on shares of First Interstate BancSystem in a research report on Monday, July 27th. Two equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Reduce" and an average target price of $37.17.

First Interstate BancSystem Stock Up 0.3%

The firm's 50 day moving average is $37.71 and its 200-day moving average is $36.10. The firm has a market cap of $3.65 billion, a PE ratio of 11.55 and a beta of 0.76. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.09.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.18. The company had revenue of $263.90 million during the quarter, compared to the consensus estimate of $249.32 million. First Interstate BancSystem had a return on equity of 9.55% and a net margin of 23.63%.First Interstate BancSystem's revenue was up 6.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.69 EPS. As a group, equities research analysts expect that First Interstate BancSystem, Inc. will post 2.84 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Tuesday, August 4th will be paid a dividend of $0.47 per share. The ex-dividend date of this dividend is Tuesday, August 4th. This represents a $1.88 annualized dividend and a yield of 5.0%. First Interstate BancSystem's payout ratio is 57.85%.

Insiders Place Their Bets

In other First Interstate BancSystem news, major shareholder Jonathan R. Scott sold 4,500 shares of the stock in a transaction that occurred 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 transaction, the insider owned 862,128 shares of the company's stock, valued at $31,286,625.12. This trade represents a 0.52% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Julie A. Scott sold 15,000 shares of the business's stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $35.97, for a total transaction of $539,550.00. Following the transaction, the insider directly owned 488,359 shares of the company's stock, valued at $17,566,273.23. The trade was a 2.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 32,392 shares of company stock valued at $1,161,552. Insiders own 8.00% of the company's stock.

Institutional Investors Weigh In On First Interstate BancSystem

A number of large investors have recently bought and sold shares of FIBK. Louisiana State Employees Retirement System purchased a new stake in shares of First Interstate BancSystem in the 1st quarter valued at about $1,303,000. State of Alaska Department of Revenue grew its holdings in shares of First Interstate BancSystem by 1,104.9% during the 4th quarter. State of Alaska Department of Revenue now owns 49,857 shares of the financial services provider's stock valued at $1,724,000 after purchasing an additional 45,719 shares during the last quarter. Hsbc Holdings PLC purchased a new position in shares of First Interstate BancSystem in the fourth quarter worth about $2,127,000. SG Americas Securities LLC boosted its stake in shares of First Interstate BancSystem by 43.5% during the first quarter. SG Americas Securities LLC now owns 108,497 shares of the financial services provider's stock valued at $3,624,000 after purchasing an additional 32,914 shares during the period. Finally, Villere ST Denis J & Co. LLC boosted its position in First Interstate BancSystem by 15.1% during the 1st quarter. Villere ST Denis J & Co. LLC now owns 627,031 shares of the financial services provider's stock valued at $20,943,000 after buying an additional 82,117 shares during the period. 88.71% of the stock is currently owned by institutional investors.

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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