Wall Street Zen upgraded shares of First Interstate BancSystem (NASDAQ:FIBK - Free Report) from a sell rating to a hold rating in a research report released on Sunday morning.
Other equities analysts have also issued reports about the company. Keefe, Bruyette & Woods upgraded First Interstate BancSystem from a "hold" rating to a "moderate buy" rating and set a $32.00 target price for the company in a research note on Monday, June 23rd. Barclays raised shares of First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and raised their target price for the stock from $28.00 to $32.00 in a research report on Tuesday, July 8th. Finally, Wells Fargo & Company lifted their price target on shares of First Interstate BancSystem from $25.00 to $28.00 and gave the company an "underweight" rating in a report on Thursday, July 10th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $35.43.
View Our Latest Analysis on First Interstate BancSystem
First Interstate BancSystem Price Performance
FIBK stock traded down $0.61 during trading on Friday, hitting $29.10. The stock had a trading volume of 322,502 shares, compared to its average volume of 830,130. The stock has a market cap of $3.05 billion, a price-to-earnings ratio of 13.10 and a beta of 0.83. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.77 and a current ratio of 0.77. The company's 50 day moving average price is $28.84 and its two-hundred day moving average price is $28.89. First Interstate BancSystem has a 1-year low of $22.95 and a 1-year high of $36.77.
First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced its earnings results on Tuesday, July 29th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.57 by $0.12. The firm had revenue of $248.30 million for the quarter, compared to analyst estimates of $253.73 million. First Interstate BancSystem had a net margin of 14.93% and a return on equity of 6.86%. First Interstate BancSystem's revenue was up 1.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.58 earnings per share. On average, sell-side analysts forecast that First Interstate BancSystem will post 2.53 EPS for the current fiscal year.
First Interstate BancSystem Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Shareholders of record on Monday, August 11th will be issued a dividend of $0.47 per share. The ex-dividend date is Monday, August 11th. This represents a $1.88 annualized dividend and a yield of 6.5%. First Interstate BancSystem's payout ratio is currently 84.68%.
Insider Activity
In related news, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the company's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $27.86, for a total value of $1,532,300.00. Following the sale, the insider directly owned 529,256 shares of the company's stock, valued at $14,745,072.16. This represents a 9.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 8.20% of the stock is currently owned by insiders.
Institutional Trading of First Interstate BancSystem
Hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of First Interstate BancSystem during the fourth quarter worth $24,137,000. Wells Fargo & Company MN lifted its stake in First Interstate BancSystem by 5.1% in the fourth quarter. Wells Fargo & Company MN now owns 141,032 shares of the financial services provider's stock valued at $4,579,000 after buying an additional 6,867 shares during the last quarter. Cullen Capital Management LLC boosted its holdings in shares of First Interstate BancSystem by 12.9% during the fourth quarter. Cullen Capital Management LLC now owns 18,056 shares of the financial services provider's stock valued at $586,000 after acquiring an additional 2,069 shares during the period. FMR LLC increased its holdings in shares of First Interstate BancSystem by 35.5% in the 4th quarter. FMR LLC now owns 6,786,334 shares of the financial services provider's stock worth $220,352,000 after acquiring an additional 1,778,269 shares during the period. Finally, Kennedy Capital Management LLC bought a new stake in First Interstate BancSystem in the 4th quarter valued at about $6,907,000. 88.71% of the stock is owned by institutional investors.
About First Interstate BancSystem
(
Get Free Report)
First Interstate BancSystem, Inc operates as the bank holding company for First Interstate Bank that provides range of banking products and services in the United States. It offers various traditional depository products, including checking, savings, and time deposits; and repurchase agreements primarily for commercial and municipal depositors.
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