First Interstate BancSystem (NASDAQ:FIBK) Upgraded 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 report issued on Tuesday, MarketBeat Ratings reports. The brokerage currently has $32.00 target price on the financial services provider's stock, up from their previous target price of $28.00.

Several other research firms also recently issued reports on FIBK. Wall Street Zen upgraded shares of First Interstate BancSystem from a "sell" rating to a "hold" rating in a research note on Saturday, May 10th. Wells Fargo & Company decreased their target price on shares of First Interstate BancSystem from $30.00 to $25.00 and set an "underweight" rating for the company in a research note on Wednesday, April 9th. Finally, Keefe, Bruyette & Woods upgraded shares of 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. One investment 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. According to data from MarketBeat, First Interstate BancSystem currently has an average rating of "Hold" and an average target price of $35.00.

First Interstate BancSystem Trading Up 0.3%

FIBK traded up $0.09 during trading on Tuesday, hitting $31.04. 149,302 shares of the company's stock were exchanged, compared to its average volume of 721,569. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.37. First Interstate BancSystem has a 1 year low of $22.95 and a 1 year high of $36.77. The stock has a 50 day moving average price of $27.59 and a 200 day moving average price of $29.17. The firm has a market cap of $3.26 billion, a P/E ratio of 14.69 and a beta of 0.79.

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

First Interstate BancSystem Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Monday, May 12th were issued a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, May 12th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.06%. First Interstate BancSystem's dividend payout ratio (DPR) is 89.10%.

Institutional Trading of First Interstate BancSystem

A number of institutional investors and hedge funds have recently modified their holdings of FIBK. Charles Schwab Investment Management Inc. raised its holdings in shares of First Interstate BancSystem by 3.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,106,782 shares of the financial services provider's stock worth $35,937,000 after purchasing an additional 32,968 shares during the period. Keybank National Association OH raised its holdings in shares of First Interstate BancSystem by 39.1% during the fourth quarter. Keybank National Association OH now owns 9,912 shares of the financial services provider's stock worth $322,000 after purchasing an additional 2,787 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of First Interstate BancSystem during the fourth quarter worth $10,451,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of First Interstate BancSystem by 25.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,707 shares of the financial services provider's stock worth $965,000 after purchasing an additional 6,032 shares during the period. Finally, Great Lakes Advisors LLC raised its holdings in shares of First Interstate BancSystem by 114.0% during the fourth quarter. Great Lakes Advisors LLC now owns 174,827 shares of the financial services provider's stock worth $5,677,000 after purchasing an additional 93,128 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.