Brokerages Set First Interstate BancSystem, Inc. (NASDAQ:FIBK) PT at $29.00

Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) have received a consensus rating of “Hold” from the five research firms that are currently covering the company, Marketbeat reports. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $29.20.

Several brokerages have issued reports on FIBK. Stephens reaffirmed an “overweight” rating and set a $32.00 price objective on shares of First Interstate BancSystem in a report on Thursday. Keefe, Bruyette & Woods raised their price target on First Interstate BancSystem from $28.00 to $29.00 and gave the stock a “market perform” rating in a research note on Friday. Wells Fargo & Company boosted their price objective on First Interstate BancSystem from $23.00 to $24.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10th. TheStreet downgraded First Interstate BancSystem from a “b-” rating to a “c+” rating in a report on Monday, March 18th. Finally, Barclays raised their target price on shares of First Interstate BancSystem from $28.00 to $29.00 and gave the stock an “equal weight” rating in a research report on Friday.

First Interstate BancSystem Stock Up 0.2 %

FIBK stock opened at $27.00 on Thursday. The stock has a market cap of $2.81 billion, a P/E ratio of 10.76 and a beta of 0.87. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.89. First Interstate BancSystem has a twelve month low of $20.81 and a twelve month high of $32.54. The company’s 50 day moving average is $26.10 and its two-hundred day moving average is $26.70.

First Interstate BancSystem (NASDAQ:FIBK) last posted its earnings results on Tuesday, January 30th. The financial services provider reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.04. First Interstate BancSystem had a net margin of 18.04% and a return on equity of 8.55%. The firm had revenue of $252.30 million for the quarter, compared to the consensus estimate of $254.50 million. Research analysts expect that First Interstate BancSystem will post 2.17 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Monday, May 6th will be paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 6.96%. The ex-dividend date of this dividend is Friday, May 3rd. First Interstate BancSystem’s dividend payout ratio is presently 74.90%.

Insiders Place Their Bets

In related news, EVP Karlyn M. Knieriem sold 2,900 shares of the stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $26.76, for a total transaction of $77,604.00. Following the completion of the sale, the executive vice president now directly owns 20,599 shares of the company’s stock, valued at $551,229.24. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, EVP Karlyn M. Knieriem sold 2,900 shares of First Interstate BancSystem stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $26.76, for a total value of $77,604.00. Following the sale, the executive vice president now owns 20,599 shares of the company’s stock, valued at $551,229.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Lorrie F. Asker sold 1,921 shares of the stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $26.05, for a total transaction of $50,042.05. Following the transaction, the insider now directly owns 6,909 shares of the company’s stock, valued at $179,979.45. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,531 shares of company stock valued at $197,645. 6.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On First Interstate BancSystem

A number of large investors have recently modified their holdings of FIBK. Raymond James & Associates grew its stake in shares of First Interstate BancSystem by 4.9% during the 3rd quarter. Raymond James & Associates now owns 18,532 shares of the financial services provider’s stock worth $462,000 after purchasing an additional 871 shares during the period. Jennison Associates LLC grew its position in First Interstate BancSystem by 93.4% during the third quarter. Jennison Associates LLC now owns 1,426,641 shares of the financial services provider’s stock worth $35,580,000 after buying an additional 688,906 shares during the period. Teacher Retirement System of Texas increased its holdings in First Interstate BancSystem by 37.7% in the third quarter. Teacher Retirement System of Texas now owns 12,153 shares of the financial services provider’s stock valued at $303,000 after buying an additional 3,328 shares in the last quarter. Mesirow Institutional Investment Management Inc. acquired a new stake in shares of First Interstate BancSystem during the 3rd quarter valued at approximately $10,857,000. Finally, Bahl & Gaynor Inc. lifted its position in shares of First Interstate BancSystem by 2.2% during the 3rd quarter. Bahl & Gaynor Inc. now owns 704,986 shares of the financial services provider’s stock valued at $17,582,000 after acquiring an additional 15,092 shares during the period. 88.71% of the stock is owned by hedge funds and other 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.