First Interstate BancSystem’s (FIBK) “Neutral” Rating Reiterated at DA Davidson

DA Davidson reissued their neutral rating on shares of First Interstate BancSystem (NASDAQ:FIBK) in a research note published on Monday,Benzinga reports. The firm currently has a $39.00 price target on the financial services provider’s stock.

A number of other equities analysts also recently issued reports on FIBK. Weiss Ratings raised shares of First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 1st. Wall Street Zen raised shares of First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a report on Monday, June 22nd. Wells Fargo & Company increased 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 report on Monday, March 30th. Piper Sandler dropped their price target on shares of First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating on the stock in a research note on Thursday, April 2nd. Finally, Barclays boosted their price objective on shares of First Interstate BancSystem from $36.00 to $38.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 7th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $37.33.

First Interstate BancSystem Stock Down 0.9%

FIBK stock opened at $37.75 on Monday. The company has a market cap of $3.67 billion, a price-to-earnings ratio of 11.62 and a beta of 0.76. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.70 and a current ratio of 0.70. The business’s 50-day moving average is $37.37 and its two-hundred day moving average is $36.04. First Interstate BancSystem has a fifty-two week low of $27.60 and a fifty-two week high of $40.60.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.19. First Interstate BancSystem had a return on equity of 9.55% and a net margin of 29.44%.The business had revenue of $99.10 million during the quarter, compared to the consensus estimate of $249.32 million. As a group, analysts forecast that First Interstate BancSystem will post 2.84 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Tuesday, August 4th will be issued a dividend of $0.47 per share. The ex-dividend date of this dividend is Tuesday, August 4th. This represents a $1.88 dividend on an annualized basis and a yield of 5.0%. First Interstate BancSystem’s dividend payout ratio (DPR) is currently 57.85%.

Insider Activity

In other news, major shareholder Julie A. Scott sold 15,000 shares of the business’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $35.97, for a total value of $539,550.00. Following the transaction, the insider directly owned 488,359 shares in the company, valued at $17,566,273.23. The trade was a 2.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Jonathan R. Scott sold 12,892 shares of the company’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $35.58, for a total value of $458,697.36. Following the completion of the transaction, the insider directly owned 866,628 shares of the company’s stock, valued at approximately $30,834,624.24. This trade represents a 1.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 32,392 shares of company stock worth $1,161,552 over the last 90 days. Company insiders own 8.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Northern Capital Management Inc. lifted its position in First Interstate BancSystem by 0.5% during the fourth quarter. Northern Capital Management Inc. now owns 52,100 shares of the financial services provider’s stock valued at $1,803,000 after purchasing an additional 275 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of First Interstate BancSystem by 17.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,099 shares of the financial services provider’s stock worth $70,000 after buying an additional 315 shares during the last quarter. HighTower Advisors LLC increased its holdings in shares of First Interstate BancSystem by 2.7% in the 4th quarter. HighTower Advisors LLC now owns 14,177 shares of the financial services provider’s stock worth $491,000 after buying an additional 375 shares during the last quarter. Alliancebernstein L.P. raised its position in shares of First Interstate BancSystem by 0.4% during the 3rd quarter. Alliancebernstein L.P. now owns 108,600 shares of the financial services provider’s stock valued at $3,461,000 after buying an additional 397 shares in the last quarter. Finally, First Horizon Corp raised its position in shares of First Interstate BancSystem by 56.0% during the 4th quarter. First Horizon Corp now owns 1,268 shares of the financial services provider’s stock valued at $44,000 after buying an additional 455 shares in the last quarter. 88.71% of the stock is currently owned by institutional investors.

About First Interstate BancSystem

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.