First Interstate BancSystem (NASDAQ:FIBK) Raised to Equal Weight at Barclays

Barclays upgraded shares of First Interstate BancSystem (NASDAQ:FIBK - Free Report) from an underweight rating to an equal weight rating in a research report sent to investors on Tuesday morning, Marketbeat reports. The firm currently has $32.00 price target on the financial services provider's stock, up from their prior price target of $28.00.

Other equities analysts have also recently 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. Wells Fargo & Company dropped their price target on First Interstate BancSystem from $30.00 to $25.00 and set an "underweight" rating on the stock in a research report on Wednesday, April 9th. Finally, Wall Street Zen raised First Interstate BancSystem from a "sell" rating to a "hold" rating in a research report on Saturday, May 10th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, First Interstate BancSystem presently has an average rating of "Hold" and an average target price of $35.43.

First Interstate BancSystem Stock Down 1.1%

Shares of First Interstate BancSystem stock traded down $0.34 on Tuesday, hitting $31.04. 594,195 shares of the company's stock traded hands, compared to its average volume of 724,288. The stock has a market cap of $3.26 billion, a P/E ratio of 14.71 and a beta of 0.79. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.37. The firm's 50-day moving average is $27.92 and its 200 day moving average is $29.17. First Interstate BancSystem has a 52-week low of $22.95 and a 52-week high of $36.77.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last released its earnings results on Tuesday, April 29th. The financial services provider reported $0.49 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.07). The business had revenue of $42.00 million for the quarter, compared to analysts' expectations of $253.50 million. First Interstate BancSystem had a net margin of 14.93% and a return on equity of 6.57%. The business's quarterly revenue was up 2.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.57 earnings per share. Equities analysts anticipate that First Interstate BancSystem will post 2.53 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Investors of record on Monday, May 12th were given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 6.06%. The ex-dividend date of this dividend was Monday, May 12th. First Interstate BancSystem's dividend payout ratio is currently 89.10%.

Institutional Investors Weigh In On First Interstate BancSystem

Several large investors have recently added to or reduced their stakes in FIBK. FMR LLC increased its position in First Interstate BancSystem by 35.5% in the fourth quarter. FMR LLC now owns 6,786,334 shares of the financial services provider's stock worth $220,352,000 after buying an additional 1,778,269 shares during the period. Nuveen LLC acquired a new stake in First Interstate BancSystem in the first quarter worth $32,796,000. Wellington Management Group LLP increased its position in First Interstate BancSystem by 88.3% in the fourth quarter. Wellington Management Group LLP now owns 2,425,615 shares of the financial services provider's stock worth $78,760,000 after buying an additional 1,137,401 shares during the period. Norges Bank acquired a new stake in First Interstate BancSystem in the fourth quarter worth $24,137,000. Finally, First Interstate Bank increased its position in First Interstate BancSystem by 14.1% in the first quarter. First Interstate Bank now owns 5,053,342 shares of the financial services provider's stock worth $144,778,000 after buying an additional 624,268 shares during the period. 88.71% of the stock is owned by institutional investors and hedge funds.

First Interstate BancSystem Company Profile

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.