First Interstate BancSystem, Inc. (NASDAQ:FIBK) Receives Average Rating of “Hold” from Brokerages

Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) have received a consensus rating of “Hold” from the seven analysts that are currently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $38.00.

Several research firms recently commented on FIBK. Barclays dropped their target price on First Interstate BancSystem from $38.00 to $36.00 and set an “equal weight” rating on the stock in a report on Friday, January 30th. Piper Sandler raised their price objective on shares of First Interstate BancSystem from $41.00 to $44.00 and gave the stock an “overweight” rating in a research note on Monday. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of First Interstate BancSystem in a report on Monday, December 29th. UBS Group reissued a “neutral” rating and set a $37.00 price target on shares of First Interstate BancSystem in a report on Tuesday, January 6th. Finally, DA Davidson restated a “buy” rating and set a $42.00 price target on shares of First Interstate BancSystem in a research report on Thursday, January 29th.

First Interstate BancSystem Stock Up 2.1%

NASDAQ:FIBK opened at $37.60 on Wednesday. The firm has a market capitalization of $3.87 billion, a P/E ratio of 12.75 and a beta of 0.80. The company’s fifty day moving average price is $35.67 and its 200-day moving average price is $32.86. First Interstate BancSystem has a 1-year low of $22.95 and a 1-year high of $38.78. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.73 and a quick ratio of 0.72.

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 for the quarter, topping the consensus estimate of $0.64 by $0.44. The company had revenue of $205.10 million for the quarter, compared to the consensus estimate of $256.89 million. First Interstate BancSystem had a return on equity of 8.83% and a net margin of 17.62%.The firm’s revenue for the quarter was up 19.8% compared to the same quarter last year. During the same period last year, the firm earned $0.50 EPS. As a group, equities research analysts anticipate that First Interstate BancSystem will post 2.53 EPS for the current year.

First Interstate BancSystem Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 20th. Stockholders of record on Tuesday, February 10th will be given a dividend of $0.47 per share. The ex-dividend date is Tuesday, February 10th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.0%. First Interstate BancSystem’s dividend payout ratio (DPR) is 63.73%.

Insider Buying and Selling

In other First Interstate BancSystem news, Director John M. Heyneman, Jr. sold 30,432 shares of the stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $31.03, for a total transaction of $944,304.96. Following the transaction, the director owned 1,414,636 shares in the company, valued at approximately $43,896,155.08. This represents a 2.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Susan Scott Heyneman Trust, Su sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $32.75, for a total value of $327,500.00. Following the completion of the sale, the insider directly owned 224,460 shares in the company, valued at approximately $7,351,065. The trade was a 4.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 45,432 shares of company stock valued at $1,454,120. 8.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On First Interstate BancSystem

A number of large investors have recently added to or reduced their stakes in FIBK. Vanguard Group Inc. grew its position in shares of First Interstate BancSystem by 13.7% in the fourth quarter. Vanguard Group Inc. now owns 10,048,419 shares of the financial services provider’s stock valued at $347,675,000 after purchasing an additional 1,214,454 shares during the period. Wellington Management Group LLP lifted its stake in First Interstate BancSystem by 20.4% in the 3rd quarter. Wellington Management Group LLP now owns 5,915,425 shares of the financial services provider’s stock valued at $188,525,000 after buying an additional 1,003,021 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in First Interstate BancSystem by 1.5% in the 3rd quarter. Dimensional Fund Advisors LP now owns 5,495,403 shares of the financial services provider’s stock valued at $175,140,000 after buying an additional 78,835 shares in the last quarter. State Street Corp boosted its holdings in First Interstate BancSystem by 2.3% in the 2nd quarter. State Street Corp now owns 4,050,473 shares of the financial services provider’s stock worth $116,735,000 after buying an additional 92,715 shares during the last quarter. Finally, HoldCo Asset Management LP increased its stake in First Interstate BancSystem by 10.6% during the 3rd quarter. HoldCo Asset Management LP now owns 3,950,107 shares of the financial services provider’s stock worth $125,890,000 after buying an additional 380,000 shares in the last quarter. 88.71% of the stock is currently 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.