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. The company also offers real estate loans comprising commercial real estate, construction, residential, agricultural, and other real estate loans; consumer loans comprising direct personal loans, credit card loans and lines of credit, and indirect loans; variable and fixed rate commercial loans for small and medium-sized manufacturing, wholesale, retail, and service businesses for working capital needs and business expansions; and agricultural loans. In addition, it provides a range of trust, employee benefit, investment management, insurance, agency, and custodial services to individuals, businesses, and nonprofit organizations. Further, the company offers marketing, credit review, loan servicing, credit cards issuance and servicing, mortgage loan sales and servicing, indirect consumer loan purchasing and processing, loan collection services, and other operational services, as well as online and mobile banking services. It serves individuals, businesses, municipalities, and other entities in various industries, including agriculture, construction, education, energy, governmental services, healthcare, hospitality, housing, mining, professional services, real estate development, retail, technology, tourism, and wholesale trade. As of December 31, 2021, it operated 147 banking offices, including detached drive-up facilities in communities across Idaho, Montana, Oregon, South Dakota, Washington, and Wyoming. The company was incorporated in 1971 and is headquartered in Billings, Montana.
Analysts Set New Price Targets
Several brokerages have recently commented on FIBK. Janney Montgomery Scott upgraded shares of First Interstate BancSystem from a "neutral" rating to a "buy" rating and set a $42.00 price objective on the stock in a research report on Tuesday, May 3rd. StockNews.com downgraded shares of First Interstate BancSystem from a "hold" rating to a "sell" rating in a research report on Wednesday, August 10th. Keefe, Bruyette & Woods upgraded shares of First Interstate BancSystem from a "market perform" rating to an "outperform" rating and set a $45.00 price objective on the stock in a research report on Monday, May 2nd. Finally, TheStreet downgraded shares of First Interstate BancSystem from a "b" rating to a "c" rating in a research report on Tuesday, May 31st. One investment analyst has rated the stock with a sell rating and three have assigned a buy rating to the stock. According to data from MarketBeat, First Interstate BancSystem has a consensus rating of "Moderate Buy" and an average target price of $44.00.
First Interstate BancSystem Price Performance
NASDAQ:FIBK traded down $0.60 on Wednesday, reaching $41.36. The company had a trading volume of 527,891 shares, compared to its average volume of 837,411. The company has a quick ratio of 0.64, a current ratio of 0.65 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $4.53 billion, a PE ratio of 22.73 and a beta of 0.96. The firm's 50 day moving average price is $38.89 and its 200 day moving average price is $37.44. First Interstate BancSystem has a 12 month low of $32.40 and a 12 month high of $45.80.
First Interstate BancSystem (NASDAQ:FIBK - Get Rating) last announced its quarterly earnings results on Tuesday, July 26th. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.75 by ($0.16). The company had revenue of $288.90 million during the quarter, compared to the consensus estimate of $271.40 million. First Interstate BancSystem had a net margin of 14.93% and a return on equity of 8.43%. During the same quarter in the prior year, the firm posted $0.69 earnings per share. As a group, equities analysts predict that First Interstate BancSystem will post 3.05 earnings per share for the current year.
First Interstate BancSystem Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 19th. Stockholders of record on Tuesday, August 9th will be issued a $0.41 dividend. The ex-dividend date of this dividend is Monday, August 8th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 3.97%. First Interstate BancSystem's dividend payout ratio (DPR) is presently 90.11%.
Insider Transactions at First Interstate BancSystem
In other news, major shareholder James R. Scott, Jr. sold 2,500 shares of the business's stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $42.03, for a total value of $105,075.00. Following the sale, the insider now directly owns 100,436 shares in the company, valued at approximately $4,221,325.08. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Kevin P. Riley purchased 15,899 shares of the company's stock in a transaction that occurred on Wednesday, June 1st. The stock was purchased at an average cost of $37.33 per share, with a total value of $593,509.67. Following the purchase, the chief executive officer now owns 92,555 shares in the company, valued at $3,455,078.15. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder James R. Scott, Jr. sold 2,500 shares of First Interstate BancSystem stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $42.03, for a total transaction of $105,075.00. Following the transaction, the insider now directly owns 100,436 shares of the company's stock, valued at $4,221,325.08. The disclosure for this sale can be found here. Insiders have sold a total of 17,400 shares of company stock worth $688,264 in the last three months. Insiders own 6.40% of the company's stock.
