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

Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) have been given an average recommendation of “Hold” by the eight analysts that are presently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $38.1667.

FIBK has been the subject of several recent research reports. Wall Street Zen downgraded First Interstate BancSystem from a “hold” rating to a “sell” rating in a report on Sunday, February 15th. DA Davidson reissued a “buy” rating and set a $42.00 target price on shares of First Interstate BancSystem in a research report on Thursday, January 29th. Keefe, Bruyette & Woods upped their price target on shares of First Interstate BancSystem from $37.00 to $39.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 17th. Weiss Ratings reissued a “hold (c+)” rating on shares of First Interstate BancSystem in a report on Monday, December 29th. Finally, UBS Group reissued a “neutral” rating and issued a $38.00 price objective on shares of First Interstate BancSystem in a research note on Wednesday, February 4th.

First Interstate BancSystem Stock Down 5.9%

Shares of NASDAQ:FIBK opened at $34.61 on Friday. First Interstate BancSystem has a 52-week low of $22.95 and a 52-week high of $39.26. The stock has a market cap of $3.56 billion, a P/E ratio of 11.73 and a beta of 0.80. The business’s 50 day moving average is $36.74 and its 200 day moving average is $33.83. 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 (NASDAQ:FIBK) last issued its earnings results on Wednesday, January 28th. The financial services provider reported $1.08 earnings per share 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 business had revenue of $205.10 million during the quarter, compared to analyst estimates of $256.89 million. During the same period in the previous year, the company posted $0.50 EPS. First Interstate BancSystem’s revenue was up 19.8% on a year-over-year basis. Sell-side analysts predict that First Interstate BancSystem will post 2.53 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 20th. Investors of record on Tuesday, February 10th were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.4%. The ex-dividend date was Tuesday, February 10th. First Interstate BancSystem’s dividend payout ratio is 63.73%.

Insider Activity

In related news, major shareholder Jonathan R. Scott sold 3,173 shares of the stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $36.20, for a total transaction of $114,862.60. Following the completion of the sale, the insider owned 937,851 shares of the company’s stock, valued at $33,950,206.20. This represents a 0.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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 transaction of $327,500.00. Following the completion of the sale, the insider owned 224,460 shares of the company’s stock, valued at approximately $7,351,065. This trade represents a 4.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 15,000 shares of company stock worth $509,815 in the last quarter. 8.20% of the stock is owned by insiders.

Institutional Trading of First Interstate BancSystem

Several hedge funds and other institutional investors have recently made changes to their positions in FIBK. Eurizon Capital SGR S.p.A. acquired a new stake in shares of First Interstate BancSystem in the 4th quarter worth $25,000. First Horizon Corp purchased a new stake in First Interstate BancSystem in the third quarter valued at about $26,000. Kestra Advisory Services LLC acquired a new stake in First Interstate BancSystem in the fourth quarter worth about $29,000. EverSource Wealth Advisors LLC grew its stake in shares of First Interstate BancSystem by 139.3% during the second quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 862 shares during the last quarter. Finally, Jones Financial Companies Lllp increased its holdings in shares of First Interstate BancSystem by 1,485.1% during the third quarter. Jones Financial Companies Lllp now owns 1,601 shares of the financial services provider’s stock valued at $52,000 after acquiring an additional 1,500 shares in the last quarter. Hedge funds and other institutional investors 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.