First Interstate BancSystem (NASDAQ:FIBK) Lowered to “Equal Weight” Rating by Stephens

Stephens cut shares of First Interstate BancSystem (NASDAQ:FIBK) from an overweight rating to an equal weight rating in a research report report published on Thursday morning, MarketBeat.com reports.

Other equities analysts have also recently issued research reports about the company. DA Davidson restated a “buy” rating and issued a $42.00 price objective on shares of First Interstate BancSystem in a report on Thursday, January 29th. Weiss Ratings restated a “hold (c+)” rating on shares of First Interstate BancSystem in a research note on Monday, December 29th. UBS Group reaffirmed a “neutral” rating and set a $38.00 price target on shares of First Interstate BancSystem in a research report on Wednesday. Keefe, Bruyette & Woods increased their price objective on First Interstate BancSystem from $37.00 to $39.00 and gave the company an “outperform” rating in a report on Wednesday, December 17th. Finally, Wall Street Zen cut shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Friday, November 28th. Three research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, First Interstate BancSystem currently has an average rating of “Hold” and a consensus price target of $38.17.

First Interstate BancSystem Price Performance

Shares of FIBK opened at $38.00 on Thursday. The company has a quick ratio of 0.72, a current ratio of 0.73 and a debt-to-equity ratio of 0.09. First Interstate BancSystem has a twelve month low of $22.95 and a twelve month high of $38.78. The stock has a market capitalization of $3.91 billion, a P/E ratio of 12.88 and a beta of 0.80. The company has a 50 day moving average of $35.88 and a 200-day moving average of $32.94.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings data on Wednesday, January 28th. The financial services provider reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.44. The business had revenue of $205.10 million for the quarter, compared to analyst estimates of $256.89 million. First Interstate BancSystem had a net margin of 17.62% and a return on equity of 8.83%. The firm’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.50 earnings per share. As a group, equities research analysts forecast that First Interstate BancSystem will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 20th. Investors of record on Tuesday, February 10th will be paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date is Tuesday, February 10th. First Interstate BancSystem’s dividend payout ratio is 63.73%.

Insider Buying and Selling at First Interstate BancSystem

In related news, major shareholder Jonathan R. Scott sold 1,827 shares of First Interstate BancSystem stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $36.92, for a total transaction of $67,452.84. Following the completion of the sale, the insider owned 936,024 shares of the company’s stock, valued at approximately $34,558,006.08. The trade was a 0.19% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John M. Heyneman, Jr. sold 30,432 shares of the company’s stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $31.03, for a total transaction of $944,304.96. Following the completion of the transaction, the director owned 1,414,636 shares in the company, valued at approximately $43,896,155.08. This trade represents a 2.11% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 45,432 shares of company stock valued at $1,454,120 in the last quarter. 8.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On First Interstate BancSystem

A number of institutional investors have recently made changes to their positions in FIBK. AQR Capital Management LLC grew its position in shares of First Interstate BancSystem by 37.2% in the first quarter. AQR Capital Management LLC now owns 67,214 shares of the financial services provider’s stock valued at $1,926,000 after purchasing an additional 18,210 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in First Interstate BancSystem by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 47,230 shares of the financial services provider’s stock valued at $1,353,000 after buying an additional 2,070 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in First Interstate BancSystem during the 1st quarter worth $238,000. Jones Financial Companies Lllp lifted its holdings in shares of First Interstate BancSystem by 24,352.5% during the first quarter. Jones Financial Companies Lllp now owns 24,697 shares of the financial services provider’s stock worth $708,000 after buying an additional 24,596 shares in the last quarter. Finally, Jane Street Group LLC bought a new stake in shares of First Interstate BancSystem in the first quarter valued at about $5,125,000. Institutional investors own 88.71% of the company’s stock.

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.