First Interstate BancSystem, Inc. (NASDAQ:FIBK) Receives Average Recommendation of “Hold” from Brokerages

Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) have been assigned a consensus rating of “Hold” from the eight research firms that are presently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $38.1667.

Several research firms recently weighed in on FIBK. Barclays decreased their target price on First Interstate BancSystem from $38.00 to $36.00 and set an “equal weight” rating for the company in a research note on Friday, January 30th. DA Davidson reissued a “buy” rating and set a $42.00 price objective on shares of First Interstate BancSystem in a report on Thursday, January 29th. Piper Sandler upped their target price on shares of First Interstate BancSystem from $41.00 to $44.00 and gave the company an “overweight” rating in a report on Monday, February 2nd. Weiss Ratings reiterated a “hold (c+)” rating on shares of First Interstate BancSystem in a research note on Monday, December 29th. Finally, Stephens cut shares of First Interstate BancSystem from an “overweight” rating to an “equal weight” rating in a research report on Thursday.

Insider Activity

In other news, major shareholder Jonathan R. Scott sold 1,827 shares of the firm’s stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $36.92, for a total transaction of $67,452.84. Following the transaction, the insider directly owned 936,024 shares in the company, valued at approximately $34,558,006.08. This trade represents a 0.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John M. Heyneman, Jr. sold 30,432 shares of the stock in a transaction 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 owned 1,414,636 shares of the company’s stock, valued at approximately $43,896,155.08. This represents a 2.11% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 45,432 shares of company stock valued at $1,454,120. 8.20% of the stock is currently owned by company insiders.

Institutional Trading of First Interstate BancSystem

Several institutional investors and hedge funds have recently added to or reduced their stakes in FIBK. State of New Jersey Common Pension Fund D raised its stake in First Interstate BancSystem by 13.1% in the 2nd quarter. State of New Jersey Common Pension Fund D now owns 71,154 shares of the financial services provider’s stock valued at $2,051,000 after purchasing an additional 8,243 shares during the last quarter. Norges Bank acquired a new position in shares of First Interstate BancSystem in the second quarter valued at approximately $29,082,000. HoldCo Asset Management LP purchased a new position in shares of First Interstate BancSystem during the second quarter valued at approximately $102,890,000. Villere ST Denis J & Co. LLC boosted its position in First Interstate BancSystem by 4.9% during the second quarter. Villere ST Denis J & Co. LLC now owns 556,628 shares of the financial services provider’s stock worth $16,042,000 after acquiring an additional 25,799 shares during the last quarter. Finally, Peregrine Capital Management LLC grew its stake in First Interstate BancSystem by 4.4% in the 2nd quarter. Peregrine Capital Management LLC now owns 194,378 shares of the financial services provider’s stock worth $5,602,000 after acquiring an additional 8,115 shares during the period. 88.71% of the stock is owned by hedge funds and other institutional investors.

First Interstate BancSystem Stock Performance

Shares of FIBK stock opened at $38.82 on Wednesday. The company has a current ratio of 0.73, a quick ratio of 0.72 and a debt-to-equity ratio of 0.09. The firm has a fifty day moving average price of $36.00 and a 200 day moving average price of $33.03. The company has a market cap of $3.99 billion, a P/E ratio of 13.16 and a beta of 0.80. First Interstate BancSystem has a 12 month low of $22.95 and a 12 month high of $39.17.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings results on Wednesday, January 28th. The financial services provider reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.44. The company had revenue of $205.10 million for the quarter, compared to analysts’ expectations of $256.89 million. First Interstate BancSystem had a return on equity of 8.83% and a net margin of 17.62%.First Interstate BancSystem’s quarterly revenue was up 19.8% on a year-over-year basis. During the same period last year, the firm earned $0.50 earnings per share. Sell-side analysts predict that First Interstate BancSystem will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

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

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.