First Interstate BancSystem (NASDAQ:FIBK) Rating Increased 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 note published on Tuesday morning, Marketbeat.com reports. Barclays currently has $32.00 target price on the financial services provider's stock, up from their prior target price of $28.00.

FIBK has been the topic of a number of other research reports. Wall Street Zen raised First Interstate BancSystem from a "sell" rating to a "hold" rating in a research note on Saturday, May 10th. Keefe, Bruyette & Woods raised First Interstate BancSystem from a "hold" rating to a "moderate buy" rating and set a $32.00 price target on the stock in a research note on Monday, June 23rd. Finally, Wells Fargo & Company cut their price target on First Interstate BancSystem from $30.00 to $25.00 and set an "underweight" rating on the stock in a research note on Wednesday, April 9th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $35.00.

First Interstate BancSystem Trading Up 0.7%

FIBK traded up $0.23 during mid-day trading on Tuesday, reaching $31.18. The stock had a trading volume of 698,773 shares, compared to its average volume of 724,274. The firm's fifty day simple moving average is $27.65 and its two-hundred day simple moving average is $29.18. 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 stock has a market capitalization of $3.27 billion, a P/E ratio of 14.78 and a beta of 0.79. 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 posted its quarterly earnings results on Tuesday, April 29th. The financial services provider reported $0.49 earnings per share for the quarter, missing analysts' consensus estimates of $0.56 by ($0.07). The company had revenue of $42.00 million during the quarter, compared to analyst estimates 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 revenue for the quarter was up 2.0% compared to the same quarter last year. During the same period last year, the company earned $0.57 EPS. On average, equities analysts predict that First Interstate BancSystem will post 2.53 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Stockholders of record on Monday, May 12th were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.03%. The ex-dividend date was Monday, May 12th. First Interstate BancSystem's dividend payout ratio is currently 89.10%.

Institutional Trading of First Interstate BancSystem

Hedge funds and other institutional investors have recently modified their holdings of the company. Wood Tarver Financial Group LLC acquired a new stake in shares of First Interstate BancSystem in the 4th quarter valued at about $26,000. JNBA Financial Advisors acquired a new stake in shares of First Interstate BancSystem in the 1st quarter valued at about $29,000. Quarry LP raised its stake in shares of First Interstate BancSystem by 63.8% in the 1st quarter. Quarry LP now owns 1,155 shares of the financial services provider's stock valued at $33,000 after purchasing an additional 450 shares during the period. Meeder Asset Management Inc. acquired a new stake in shares of First Interstate BancSystem in the 4th quarter valued at about $69,000. Finally, Covestor Ltd raised its stake in shares of First Interstate BancSystem by 25.8% in the 4th quarter. Covestor Ltd now owns 2,485 shares of the financial services provider's stock valued at $81,000 after purchasing an additional 510 shares during the period. Institutional investors and hedge funds own 88.71% of the company's stock.

About First Interstate BancSystem

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.