First Interstate BancSystem (NASDAQ:FIBK) Upgraded 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 research report report published on Saturday,Wall Street Zen reports.

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

First Interstate BancSystem Trading Up 0.8%

Shares of FIBK opened at $34.79 on Friday. First Interstate BancSystem has a fifty-two week low of $29.10 and a fifty-two week high of $40.60. The company has a market capitalization of $3.32 billion, a PE ratio of 10.70 and a beta of 0.73. The stock has a fifty day moving average of $37.00 and a two-hundred day moving average of $36.45. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.69 and a current ratio of 0.69.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.18. The business had revenue of $263.90 million for the quarter, compared to analysts’ expectations of $249.32 million. First Interstate BancSystem had a return on equity of 9.55% and a net margin of 23.63%. The business’s revenue was up 6.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.69 earnings per share. As a group, analysts forecast that First Interstate BancSystem will post 2.84 EPS for the current year.

First Interstate BancSystem Dividend Announcement

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

Insider Buying and Selling

In related news, 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 value of $101,628.00. Following the transaction, the insider owned 484,309 shares in the company, valued at approximately $18,229,390.76. This trade represents a 0.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Jonathan Scott sold 8,071 shares of the firm’s stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $37.29, for a total transaction of $300,967.59. Following the completion of the transaction, the insider owned 817,738 shares in the company, valued at $30,493,450.02. The trade was a 0.98% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 27,700 shares of company stock valued at $1,029,476. Corporate insiders own 8.00% of the company’s stock.

Hedge Funds Weigh In On First Interstate BancSystem

A number of hedge funds have recently made changes to their positions in FIBK. Integrated Wealth Concepts LLC acquired a new position in shares of First Interstate BancSystem during the second quarter worth $26,000. Allworth Financial LP purchased a new position in shares of First Interstate BancSystem in the second quarter valued at $62,000. Public Employees Retirement System of Ohio purchased a new position in shares of First Interstate BancSystem in the second quarter valued at $65,000. SJS Investment Consulting Inc. grew its holdings in First Interstate BancSystem by 15,876.9% during the 1st quarter. SJS Investment Consulting Inc. now owns 2,077 shares of the financial services provider’s stock valued at $69,000 after purchasing an additional 2,064 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in First Interstate BancSystem by 17.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,099 shares of the financial services provider’s stock valued at $70,000 after purchasing an additional 315 shares in the last quarter. Hedge funds and other institutional investors own 88.71% of the company’s stock.

First Interstate BancSystem Company Profile

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.