First Interstate BancSystem (NASDAQ:FIBK) Shares Pass Above 200-Day Moving Average – Here’s Why

First Interstate BancSystem, Inc. (NASDAQ:FIBK) crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $33.68 and traded as high as $37.54. First Interstate BancSystem shares last traded at $35.77, with a volume of 976,946 shares traded.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Wall Street Zen downgraded First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Sunday, February 15th. UBS Group reissued a “neutral” rating and issued a $38.00 price objective on shares of First Interstate BancSystem in a report on Wednesday, February 4th. Weiss Ratings restated a “hold (c+)” rating on shares of First Interstate BancSystem in a research report on Monday, December 29th. DA Davidson reiterated a “buy” rating and issued a $42.00 target price on shares of First Interstate BancSystem in a report on Thursday, January 29th. Finally, Keefe, Bruyette & Woods increased their price target on shares of First Interstate BancSystem from $37.00 to $39.00 and gave the company an “outperform” rating in a research note on Wednesday, December 17th. Three research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, First Interstate BancSystem presently has a consensus rating of “Hold” and a consensus target price of $38.17.

First Interstate BancSystem Price Performance

The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.72 and a current ratio of 0.73. The stock has a market cap of $3.68 billion, a PE ratio of 12.13 and a beta of 0.80. The stock’s 50-day moving average is $36.72 and its two-hundred day moving average is $33.68.

First Interstate BancSystem (NASDAQ:FIBK) last announced its earnings results on Wednesday, January 28th. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, beating 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 17.62%.The company had revenue of $205.10 million for the quarter, compared to analyst estimates of $256.89 million. During the same quarter in the previous year, the company earned $0.50 earnings per share. The firm’s quarterly revenue was up 19.8% compared to the same quarter last year. On average, equities analysts predict that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 20th. Investors of record on Tuesday, February 10th were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 5.3%. The ex-dividend date was Tuesday, February 10th. First Interstate BancSystem’s dividend payout ratio (DPR) is 63.73%.

Insider Activity

In related news, major shareholder Susan Scott Heyneman Trust, Su sold 10,000 shares of First Interstate BancSystem 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 transaction, the insider 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Jonathan R. Scott sold 3,173 shares of the company’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $36.20, for a total transaction of $114,862.60. Following the sale, the insider directly owned 937,851 shares in the company, valued at approximately $33,950,206.20. The trade was a 0.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 15,000 shares of company stock valued at $509,815. 8.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On First Interstate BancSystem

Several institutional investors have recently modified their holdings of FIBK. State of New Jersey Common Pension Fund D boosted its holdings in shares of First Interstate BancSystem by 13.1% in the 2nd quarter. State of New Jersey Common Pension Fund D now owns 71,154 shares of the financial services provider’s stock valued at $2,051,000 after buying an additional 8,243 shares in the last quarter. Norges Bank purchased a new stake in First Interstate BancSystem in the second quarter valued at $29,082,000. HoldCo Asset Management LP purchased a new stake in First Interstate BancSystem in the second quarter valued at $102,890,000. Peregrine Capital Management LLC boosted its stake in First Interstate BancSystem by 4.4% in the second quarter. Peregrine Capital Management LLC now owns 194,378 shares of the financial services provider’s stock valued at $5,602,000 after acquiring an additional 8,115 shares in the last quarter. Finally, American Trust purchased a new position in shares of First Interstate BancSystem during the second quarter worth about $823,000. Institutional investors and hedge funds own 88.71% of the company’s stock.

First Interstate BancSystem Company Profile

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.