First Interstate BancSystem (NASDAQ:FIBK) Cut to “Equal Weight” at Stephens

Stephens downgraded shares of First Interstate BancSystem (NASDAQ:FIBK) from an overweight rating to an equal weight rating in a report released on Thursday, Marketbeat reports.

Several other equities research analysts have also recently weighed in on the company. Keefe, Bruyette & Woods upped their target price on First Interstate BancSystem from $37.00 to $39.00 and gave the stock an “outperform” rating in a report on Wednesday, December 17th. DA Davidson restated a “buy” rating and issued a $42.00 price objective on shares of First Interstate BancSystem in a report on Thursday, January 29th. UBS Group reiterated a “neutral” rating and set a $38.00 target price on shares of First Interstate BancSystem in a report on Wednesday. Wall Street Zen downgraded shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a research report on Friday, November 28th. Finally, Piper Sandler upped their price target 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. Three equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $38.17.

First Interstate BancSystem Price Performance

FIBK opened at $38.82 on Thursday. First Interstate BancSystem has a 52-week low of $22.95 and a 52-week high of $39.17. 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 company’s 50-day simple moving average is $36.00 and its two-hundred day simple moving average is $33.01. The stock has a market capitalization of $3.99 billion, a P/E ratio of 13.16 and a beta of 0.80.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings data 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 17.62% and a return on equity of 8.83%. The business had revenue of $205.10 million during the quarter, compared to the consensus estimate of $256.89 million. During the same quarter last year, the firm earned $0.50 earnings per share. The firm’s quarterly revenue was up 19.8% compared to the same quarter last year. As a group, analysts predict that First Interstate BancSystem will post 2.53 EPS for the current year.

First Interstate BancSystem Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 20th. Stockholders of record on Tuesday, February 10th will be issued a $0.47 dividend. The ex-dividend date of this dividend is Tuesday, February 10th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 4.8%. First Interstate BancSystem’s dividend payout ratio is currently 63.73%.

Insiders Place Their Bets

In other First Interstate BancSystem news, major shareholder Susan Scott Heyneman Trust, Su sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $32.75, for a total value of $327,500.00. Following the sale, the insider owned 224,460 shares in the company, valued at approximately $7,351,065. This represents a 4.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director John M. Heyneman, Jr. sold 30,432 shares of the firm’s stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $31.03, for a total transaction of $944,304.96. Following the sale, the director directly owned 1,414,636 shares in the company, valued at $43,896,155.08. The trade was a 2.11% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 45,432 shares of company stock valued at $1,454,120. 8.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of 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 acquiring an additional 1,214,454 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of First Interstate BancSystem by 20.4% during the third quarter. Wellington Management Group LLP now owns 5,915,425 shares of the financial services provider’s stock worth $188,525,000 after buying an additional 1,003,021 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of First Interstate BancSystem by 1.5% during the third quarter. Dimensional Fund Advisors LP now owns 5,495,403 shares of the financial services provider’s stock worth $175,140,000 after buying an additional 78,835 shares in the last quarter. State Street Corp raised its position in shares of First Interstate BancSystem by 2.3% in the second quarter. State Street Corp now owns 4,050,473 shares of the financial services provider’s stock valued at $116,735,000 after buying an additional 92,715 shares during the last quarter. Finally, HoldCo Asset Management LP lifted its stake in shares of 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 worth $125,890,000 after buying an additional 380,000 shares in the last quarter. 88.71% of the stock is owned by institutional investors and hedge funds.

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.