First Interstate BancSystem (NASDAQ:FIBK) Upgraded to Hold 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 report issued on Sunday.

Other equities research analysts have also recently issued reports about the stock. Wells Fargo & Company raised their price target on shares of First Interstate BancSystem from $30.00 to $36.00 and gave the stock an “underweight” rating in a research note on Monday, March 30th. Barclays cut their price objective on shares of 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. UBS Group increased their price objective on shares of First Interstate BancSystem from $30.00 to $33.00 and gave the stock a “sell” rating in a report on Friday. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $37.00 price objective (down from $38.00) on shares of First Interstate BancSystem in a report on Friday. Finally, Weiss Ratings upgraded shares of First Interstate BancSystem from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, April 2nd. Three investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, First Interstate BancSystem presently has an average rating of “Hold” and a consensus price target of $37.33.

First Interstate BancSystem Price Performance

First Interstate BancSystem stock opened at $35.45 on Friday. First Interstate BancSystem has a 12-month low of $25.81 and a 12-month high of $39.26. The stock has a market capitalization of $3.58 billion, a P/E ratio of 11.55 and a beta of 0.77. The firm’s 50-day moving average is $34.19 and its two-hundred day moving average is $34.45. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.71 and a quick ratio of 0.70.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings results on Wednesday, April 29th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.01. First Interstate BancSystem had a net margin of 28.19% and a return on equity of 9.13%. The company had revenue of $41.10 million for the quarter, compared to analysts’ expectations of $242.78 million. During the same period last year, the company earned $0.49 EPS. Equities analysts predict that First Interstate BancSystem will post 2.69 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 21st. Stockholders of record on Monday, May 11th will be issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 5.3%. The ex-dividend date is Monday, May 11th. First Interstate BancSystem’s dividend payout ratio is presently 61.24%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of FIBK. Vanguard Group Inc. raised its holdings in 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 buying an additional 1,214,454 shares during the period. Wellington Management Group LLP raised its holdings in First Interstate BancSystem by 20.4% in the third 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 during the period. Dimensional Fund Advisors LP raised its holdings in First Interstate BancSystem by 1.5% in the third 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 during the period. State Street Corp raised its holdings in First Interstate BancSystem by 29.7% in the fourth quarter. State Street Corp now owns 5,482,245 shares of the financial services provider’s stock valued at $189,686,000 after buying an additional 1,254,321 shares during the period. Finally, HoldCo Asset Management LP raised its holdings in First Interstate BancSystem by 10.6% in the third quarter. HoldCo Asset Management LP now owns 3,950,107 shares of the financial services provider’s stock valued at $125,890,000 after buying an additional 380,000 shares during the period. 88.71% of the stock is currently owned by hedge funds and other institutional investors.

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.