First Interstate BancSystem (NASDAQ:FIBK) Stock Rating Raised 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 Saturday morning,Wall Street Zen reports.

Several other research analysts have also commented on FIBK. Weiss Ratings reaffirmed a “buy (b)” rating on shares of First Interstate BancSystem in a report on Monday, September 28th. Barclays increased their price objective on shares of First Interstate BancSystem from $37.00 to $38.00 and gave the stock an “underweight” rating in a research note on Monday, October 5th. Benchmark upgraded First Interstate BancSystem to a “hold” rating in a research note on Wednesday, September 23rd. Wells Fargo & Company reaffirmed an “underweight” rating and set a $34.00 target price (down from $36.00) on shares of First Interstate BancSystem in a report on Monday, August 10th. Finally, DA Davidson reiterated a “neutral” rating and set a $39.00 price target on shares of First Interstate BancSystem in a research report on Monday, July 27th. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, First Interstate BancSystem currently has an average rating of “Reduce” and a consensus target price of $37.00.

First Interstate BancSystem Stock Performance

Shares of FIBK opened at $34.52 on Friday. The stock has a market capitalization of $3.29 billion, a PE ratio of 10.62 and a beta of 0.73. The business’s fifty day moving average price is $37.07 and its 200 day moving average price is $36.41. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.69 and a quick ratio of 0.69. First Interstate BancSystem has a 12-month low of $29.10 and a 12-month high of $40.60.

First Interstate BancSystem (NASDAQ:FIBK) last released its earnings results on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.18. The firm had revenue of $263.90 million during the quarter, compared to analyst estimates of $249.32 million. First Interstate BancSystem had a net margin of 23.63% and a return on equity of 9.55%. The firm’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.69 earnings per share. Equities research analysts forecast that First Interstate BancSystem will post 2.84 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Tuesday, August 4th were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.4%. The ex-dividend date of this dividend was Tuesday, August 4th. First Interstate BancSystem’s dividend payout ratio (DPR) is 57.85%.

Insider Activity

In other First Interstate BancSystem news, major shareholder Jonathan R. Scott sold 8,071 shares of the company’s stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $37.29, for a total value of $300,967.59. Following the completion of the transaction, the insider owned 817,738 shares in the company, valued at approximately $30,493,450.02. This represents a 0.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Julie A. Scott sold 2,700 shares of the firm’s stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $37.64, for a total transaction of $101,628.00. Following the completion of the sale, the insider owned 484,309 shares in the company, valued at $18,229,390.76. The trade was a 0.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 27,700 shares of company stock worth $1,029,476. 8.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On First Interstate BancSystem

A number of hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC boosted its position in shares of First Interstate BancSystem by 31.0% during the third quarter. GAMMA Investing LLC now owns 2,698 shares of the financial services provider’s stock worth $96,000 after buying an additional 639 shares during the period. Integrated Wealth Concepts LLC bought a new stake in First Interstate BancSystem during the 2nd quarter valued at $26,000. NewEdge Advisors LLC bought a new stake in First Interstate BancSystem during the 2nd quarter valued at $232,000. IFP Advisors Inc raised its stake in First Interstate BancSystem by 3,833.3% during the 2nd quarter. IFP Advisors Inc now owns 3,422 shares of the financial services provider’s stock valued at $132,000 after acquiring an additional 3,335 shares in the last quarter. Finally, Squarepoint Ops LLC boosted its position in First Interstate BancSystem by 3.0% during the 2nd quarter. Squarepoint Ops LLC now owns 124,773 shares of the financial services provider’s stock worth $4,811,000 after acquiring an additional 3,643 shares during the period. Institutional investors own 88.71% of the company’s stock.

About First Interstate BancSystem

First Interstate BancSystem, Inc is a financial holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company operates as a community-focused regional bank serving individuals, businesses, agricultural customers and public-sector organizations.

First Interstate Bank offers a range of banking products and services, including checking and savings accounts, certificates of deposit, consumer loans, residential mortgages, commercial and agricultural lending, treasury management, online and mobile banking, and credit cards.