First Interstate BancSystem (NASDAQ:FIBK) Downgraded by UBS Group to “Sell”

UBS Group cut shares of First Interstate BancSystem (NASDAQ:FIBK) from a neutral rating to a sell rating in a report issued on Tuesday, Marketbeat.com reports. They currently have $35.00 price target on the financial services provider’s stock, down from their previous price target of $38.00.

FIBK has been the subject of a number of other research reports. Keefe, Bruyette & Woods boosted their price target on First Interstate BancSystem from $37.00 to $39.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 17th. Stephens downgraded First Interstate BancSystem from an “overweight” rating to an “equal weight” rating in a research note on Thursday, February 5th. Wells Fargo & Company boosted their price objective on First Interstate BancSystem from $30.00 to $36.00 and gave the stock an “underweight” rating in a research note on Monday, March 30th. Piper Sandler dropped their price objective on First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating on the stock in a research note on Thursday, April 2nd. Finally, Wall Street Zen raised First Interstate BancSystem from a “sell” rating to a “hold” rating in a research note on Saturday, March 7th. Four investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $38.17.

First Interstate BancSystem Trading Down 1.9%

Shares of FIBK stock opened at $33.22 on Tuesday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.72 and a current ratio of 0.72. First Interstate BancSystem has a 1 year low of $22.95 and a 1 year high of $39.26. The stock has a fifty day moving average of $35.20 and a two-hundred day moving average of $34.14. The firm has a market capitalization of $3.36 billion, a PE ratio of 11.26 and a beta of 0.77.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings results on Wednesday, January 28th. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.44. First Interstate BancSystem had a return on equity of 8.83% and a net margin of 21.40%.The company had revenue of $205.10 million during the quarter, compared to analyst estimates of $256.89 million. During the same quarter in the previous year, the firm posted $0.50 EPS. The firm’s quarterly revenue was up 19.8% on a year-over-year basis. As a group, research analysts expect that First Interstate BancSystem will post 2.53 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 20th. Stockholders of record on Tuesday, February 10th were given a dividend of $0.47 per share. The ex-dividend date of this dividend was Tuesday, February 10th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.7%. First Interstate BancSystem’s payout ratio is 63.73%.

Institutional Investors Weigh In On First Interstate BancSystem

Institutional investors and hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP raised its position in shares of First Interstate BancSystem by 1.5% during the third quarter. Dimensional Fund Advisors LP now owns 5,495,403 shares of the financial services provider’s stock worth $175,140,000 after purchasing an additional 78,835 shares during the period. Teachers Retirement System of The State of Kentucky acquired a new position in First Interstate BancSystem during the third quarter valued at $2,115,000. Cambria Investment Management L.P. acquired a new position in First Interstate BancSystem during the third quarter valued at $9,083,000. Vestmark Advisory Solutions Inc. acquired a new position in First Interstate BancSystem during the third quarter valued at $895,000. Finally, HoldCo Asset Management LP raised its position in First Interstate BancSystem by 10.6% during the third quarter. HoldCo Asset Management LP now owns 3,950,107 shares of the financial services provider’s stock valued at $125,890,000 after buying an additional 380,000 shares during the period. 88.71% of the stock is owned by institutional investors and hedge funds.

About First Interstate BancSystem

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.