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 report published on Tuesday morning, MarketBeat Ratings reports. They currently have $32.00 price objective on the financial services provider's stock, up from their prior price objective of $28.00.

Several other analysts also recently weighed in on the stock. Wall Street Zen upgraded shares of First Interstate BancSystem from a "sell" rating to a "hold" rating in a research report on Saturday, May 10th. Wells Fargo & Company cut their price objective on shares of 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, Keefe, Bruyette & Woods upgraded shares of First Interstate BancSystem from a "hold" rating to a "moderate buy" rating and set a $32.00 price objective on the stock in a research report on Monday, June 23rd. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. According to MarketBeat.com, First Interstate BancSystem currently has an average rating of "Hold" and an average target price of $35.43.

First Interstate BancSystem Stock Performance

Shares of NASDAQ FIBK traded up $0.24 during midday trading on Tuesday, hitting $31.42. The company's stock had a trading volume of 498,647 shares, compared to its average volume of 724,262. First Interstate BancSystem has a 1-year low of $22.95 and a 1-year high of $36.77. The firm's fifty day moving average price is $27.75 and its 200-day moving average price is $29.19. 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 firm has a market cap of $3.30 billion, a P/E ratio of 14.89 and a beta of 0.79.

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

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Investors of record on Monday, May 12th were issued a $0.47 dividend. The ex-dividend date was Monday, May 12th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.98%. First Interstate BancSystem's payout ratio is currently 89.10%.

Institutional Trading of First Interstate BancSystem

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of First Interstate BancSystem by 6.8% in the 4th quarter. Vanguard Group Inc. now owns 9,229,785 shares of the financial services provider's stock worth $299,691,000 after purchasing an additional 587,975 shares in the last quarter. FMR LLC raised its holdings in shares of First Interstate BancSystem by 35.5% during the fourth quarter. FMR LLC now owns 6,786,334 shares of the financial services provider's stock valued at $220,352,000 after acquiring an additional 1,778,269 shares during the period. Franklin Resources Inc. raised its holdings in shares of First Interstate BancSystem by 2.7% during the fourth quarter. Franklin Resources Inc. now owns 5,474,757 shares of the financial services provider's stock valued at $177,765,000 after acquiring an additional 145,842 shares during the period. Dimensional Fund Advisors LP grew its position in First Interstate BancSystem by 3.2% in the first quarter. Dimensional Fund Advisors LP now owns 5,209,671 shares of the financial services provider's stock worth $149,254,000 after acquiring an additional 163,930 shares in the last quarter. Finally, First Interstate Bank grew 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 acquiring an additional 624,268 shares in the last quarter. 88.71% of the stock is currently owned by institutional investors.

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.