First Interstate BancSystem (NASDAQ:FIBK) Share Price Breaks Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• First Interstate BancSystem shares briefly moved above their 200-day moving average, reaching $36.48 before last trading at $36.00, up 0.6%.
• Analyst sentiment remains cautious: the stock has a consensus “Reduce” rating and an average price target of $36.83, with recent downgrades from Wells Fargo and Barclays.
• The company exceeded quarterly expectations, reporting $0.87 in EPS versus the $0.69 consensus and $263.9 million in revenue. It also maintains a quarterly dividend of $0.47 per share, equivalent to a 5.2% annual yield.

First Interstate BancSystem, Inc. (NASDAQ:FIBK - Get Free Report) crossed above its two hundred day moving average during trading on Friday. The stock has a two hundred day moving average of $36.33 and traded as high as $36.48. First Interstate BancSystem shares last traded at $36.00, with a volume of 1,238,282 shares traded.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on FIBK shares. Wall Street Zen upgraded shares of First Interstate BancSystem from a "strong sell" rating to a "sell" rating in a report on Monday, June 22nd. Wells Fargo & Company reissued an "underweight" rating and set a $34.00 price objective (down from $36.00) on shares of First Interstate BancSystem in a report on Monday, August 10th. Weiss Ratings restated a "buy (b)" rating on shares of First Interstate BancSystem in a research report on Monday. DA Davidson reaffirmed a "neutral" rating and issued a $39.00 target price on shares of First Interstate BancSystem in a report on Monday, July 27th. Finally, Barclays downgraded shares of First Interstate BancSystem from an "equal weight" rating to an "underweight" rating and reduced their price target for the company from $38.00 to $37.00 in a research report on Monday, August 3rd. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Reduce" and an average target price of $36.83.

First Interstate BancSystem Trading Up 0.6%

The firm has a market cap of $3.43 billion, a PE ratio of 11.08 and a beta of 0.73. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.69 and a quick ratio of 0.69. The business has a 50-day moving average price of $37.37 and a two-hundred day moving average price of $36.33.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.87 EPS for the quarter, topping the consensus estimate of $0.69 by $0.18. The business had revenue of $263.90 million for the quarter, compared to analyst estimates of $249.32 million. First Interstate BancSystem had a net margin of 23.63% and a return on equity of 9.55%. The business's revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.69 EPS. Analysts forecast that First Interstate BancSystem, Inc. will post 2.84 EPS for the current year.

First Interstate BancSystem Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Tuesday, August 4th were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date of this dividend was Tuesday, August 4th. First Interstate BancSystem's payout ratio is 57.85%.

Insider Activity at First Interstate BancSystem

In related news, major shareholder Jonathan Scott sold 8,071 shares of First Interstate BancSystem stock in a transaction on Monday, September 14th. The shares were sold at an average price of $37.29, for a total transaction of $300,967.59. Following the transaction, the insider owned 817,738 shares in the company, valued at approximately $30,493,450.02. The trade was a 0.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Julie A. Scott sold 2,700 shares of the company's stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $37.64, for a total transaction of $101,628.00. Following the sale, the insider directly owned 484,309 shares of the company's stock, valued at approximately $18,229,390.76. This trade represents a 0.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 27,700 shares of company stock valued at $1,029,476. 8.00% of the stock is owned by insiders.

Institutional Trading of First Interstate BancSystem

Hedge funds have recently made changes to their positions in the company. Eurizon Capital SGR S.p.A. acquired a new position in shares of First Interstate BancSystem during the fourth quarter worth $25,000. Integrated Wealth Concepts LLC acquired a new stake in First Interstate BancSystem during the 2nd quarter valued at $26,000. Allworth Financial LP acquired a new stake in First Interstate BancSystem during the 2nd quarter valued at $62,000. Public Employees Retirement System of Ohio purchased a new stake in First Interstate BancSystem during the 2nd quarter worth $65,000. Finally, SJS Investment Consulting Inc. increased its stake in First Interstate BancSystem by 15,876.9% during the 1st quarter. SJS Investment Consulting Inc. now owns 2,077 shares of the financial services provider's stock worth $69,000 after buying an additional 2,064 shares during the period. Hedge funds and other institutional investors own 88.71% of the company's stock.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc is a financial holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company operates as a community-focused regional bank serving individuals, businesses, agricultural customers and public-sector organizations.

First Interstate Bank offers a range of banking products and services, including checking and savings accounts, certificates of deposit, consumer loans, residential mortgages, commercial and agricultural lending, treasury management, online and mobile banking, and credit cards.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.