First Interstate BancSystem (NASDAQ:FIBK) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of First Interstate BancSystem (NASDAQ:FIBK) from a sell rating to a hold rating in a research note released on Saturday.

A number of other brokerages also recently issued reports on FIBK. Piper Sandler upped 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 report on Monday, February 2nd. Keefe, Bruyette & Woods lifted their target price 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. DA Davidson restated a “buy” rating and issued a $42.00 target price on shares of First Interstate BancSystem in a research note on Thursday, January 29th. Stephens lowered First Interstate BancSystem from an “overweight” rating to an “equal weight” rating in a report on Thursday, February 5th. Finally, 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, February 4th. Four research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $38.17.

First Interstate BancSystem Price Performance

Shares of NASDAQ:FIBK opened at $34.02 on Friday. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.09. The stock has a market cap of $3.50 billion, a PE ratio of 11.53 and a beta of 0.77. The stock’s fifty day simple moving average is $36.61 and its two-hundred day simple moving average is $34.04. First Interstate BancSystem has a 1-year low of $22.95 and a 1-year high of $39.26.

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

First Interstate BancSystem Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 20th. Shareholders of record on Tuesday, February 10th were given a $0.47 dividend. The ex-dividend date of this dividend was Tuesday, February 10th. This represents a $1.88 annualized dividend and a yield of 5.5%. First Interstate BancSystem’s payout ratio is currently 63.73%.

Insiders Place Their Bets

In other 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 transaction, the insider directly owned 937,851 shares of the company’s stock, valued at $33,950,206.20. This represents a 0.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 8.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On First Interstate BancSystem

Large investors have recently modified their holdings of the stock. Hsbc Holdings PLC bought a new stake in shares of First Interstate BancSystem in the 4th quarter worth approximately $2,127,000. Capstone Wealth Management Inc. bought a new position in First Interstate BancSystem during the fourth quarter valued at $776,000. Invesco Ltd. increased its position in First Interstate BancSystem by 21.7% in the fourth quarter. Invesco Ltd. now owns 370,064 shares of the financial services provider’s stock worth $12,804,000 after buying an additional 66,038 shares during the last quarter. Mercer Global Advisors Inc. ADV raised its stake in shares of First Interstate BancSystem by 32.1% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 19,865 shares of the financial services provider’s stock valued at $687,000 after buying an additional 4,829 shares during the period. Finally, State of Tennessee Department of Treasury purchased a new position in shares of First Interstate BancSystem during the 4th quarter valued at $705,000. 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.