First Interstate BancSystem (NASDAQ:FIBK) Receives Overweight Rating from Stephens

Stephens reiterated their overweight rating on shares of First Interstate BancSystem (NASDAQ:FIBK) in a report released on Thursday, Benzinga reports. Stephens currently has a $32.00 price target on the financial services provider’s stock.

A number of other equities research analysts have also recently commented on the company. Barclays initiated coverage on First Interstate BancSystem in a research note on Friday, March 8th. They issued an equal weight rating and a $28.00 price target for the company. TheStreet cut First Interstate BancSystem from a b- rating to a c+ rating in a research note on Monday, March 18th. Finally, Wells Fargo & Company raised their price objective on First Interstate BancSystem from $23.00 to $24.00 and gave the stock an equal weight rating in a research note on Wednesday, April 10th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, First Interstate BancSystem presently has a consensus rating of Hold and a consensus target price of $29.00.

First Interstate BancSystem Price Performance

Shares of FIBK stock opened at $26.95 on Thursday. The stock’s 50-day moving average is $26.08 and its 200 day moving average is $26.66. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.77 and a quick ratio of 0.76. First Interstate BancSystem has a 1-year low of $20.81 and a 1-year high of $32.54. The company has a market cap of $2.80 billion, a P/E ratio of 10.74 and a beta of 0.87.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings results on Tuesday, January 30th. The financial services provider reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.04. First Interstate BancSystem had a return on equity of 8.55% and a net margin of 18.04%. The company had revenue of $252.30 million during the quarter, compared to analysts’ expectations of $254.50 million. Research analysts predict that First Interstate BancSystem will post 2.17 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Monday, May 6th will be given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.98%. The ex-dividend date of this dividend is Friday, May 3rd. First Interstate BancSystem’s dividend payout ratio (DPR) is 74.90%.

Insider Activity

In other news, EVP Kristina Robbins sold 2,710 shares of the stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $25.83, for a total value of $69,999.30. Following the completion of the sale, the executive vice president now directly owns 9,047 shares in the company, valued at $233,684.01. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, EVP Kristina Robbins sold 2,710 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $25.83, for a total transaction of $69,999.30. Following the completion of the sale, the executive vice president now directly owns 9,047 shares in the company, valued at $233,684.01. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Karlyn M. Knieriem sold 2,900 shares of the firm’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $26.76, for a total transaction of $77,604.00. Following the sale, the executive vice president now owns 20,599 shares of the company’s stock, valued at $551,229.24. The disclosure for this sale can be found here. Insiders sold 7,531 shares of company stock worth $197,645 over the last three months. Insiders own 6.90% of the company’s stock.

Institutional Investors Weigh In On First Interstate BancSystem

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Raymond James & Associates boosted its stake in First Interstate BancSystem by 4.9% during the third quarter. Raymond James & Associates now owns 18,532 shares of the financial services provider’s stock worth $462,000 after buying an additional 871 shares during the period. Jennison Associates LLC boosted its stake in shares of First Interstate BancSystem by 93.4% in the third quarter. Jennison Associates LLC now owns 1,426,641 shares of the financial services provider’s stock valued at $35,580,000 after purchasing an additional 688,906 shares during the period. Teacher Retirement System of Texas boosted its stake in shares of First Interstate BancSystem by 37.7% in the third quarter. Teacher Retirement System of Texas now owns 12,153 shares of the financial services provider’s stock valued at $303,000 after purchasing an additional 3,328 shares during the period. Mesirow Institutional Investment Management Inc. purchased a new position in shares of First Interstate BancSystem in the third quarter valued at approximately $10,857,000. Finally, Bahl & Gaynor Inc. raised its holdings in First Interstate BancSystem by 2.2% in the third quarter. Bahl & Gaynor Inc. now owns 704,986 shares of the financial services provider’s stock valued at $17,582,000 after acquiring an additional 15,092 shares in the last quarter. 88.71% of the stock is currently owned by institutional investors and hedge funds.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc operates as the bank holding company for First Interstate Bank that provides range of banking products and services in the United States. It offers various traditional depository products, including checking, savings, and time deposits; and repurchase agreements primarily for commercial and municipal depositors.