First Interstate BancSystem (NASDAQ:FIBK) Downgraded by Wall Street Zen to “Strong Sell”

Wall Street Zen cut shares of First Interstate BancSystem (NASDAQ:FIBK) from a hold rating to a strong sell rating in a research report sent to investors on Monday.

Several other equities analysts have also recently issued reports on FIBK. Weiss Ratings upgraded First Interstate BancSystem from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, April 2nd. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $37.00 price target (down from $38.00) on shares of First Interstate BancSystem in a report on Friday, May 1st. UBS Group raised their price target on First Interstate BancSystem from $30.00 to $33.00 and gave the company a “sell” rating in a report on Friday, May 1st. Piper Sandler decreased their price target on First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating on the stock in a report on Thursday, April 2nd. Finally, Wells Fargo & Company raised their price target on First Interstate BancSystem from $30.00 to $36.00 and gave the company an “underweight” rating in a report on Monday, March 30th. Three analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given 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 target price of $37.33.

First Interstate BancSystem Price Performance

First Interstate BancSystem stock opened at $35.10 on Monday. The business’s 50-day simple moving average is $34.15 and its 200 day simple moving average is $34.64. The stock has a market cap of $3.55 billion, a price-to-earnings ratio of 11.43 and a beta of 0.77. First Interstate BancSystem has a 12-month low of $25.81 and a 12-month high of $39.26. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.09.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings results on Wednesday, April 29th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.01. The business had revenue of $41.10 million for the quarter, compared to analysts’ expectations of $242.78 million. First Interstate BancSystem had a return on equity of 9.13% and a net margin of 22.64%.During the same quarter last year, the business earned $0.49 earnings per share. As a group, research analysts anticipate that First Interstate BancSystem will post 2.66 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 21st. Shareholders of record on Monday, May 11th will be issued a dividend of $0.47 per share. The ex-dividend date is Monday, May 11th. This represents a $1.88 dividend on an annualized basis and a yield of 5.4%. First Interstate BancSystem’s dividend payout ratio (DPR) is 61.24%.

Hedge Funds Weigh In On First Interstate BancSystem

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FIBK. Northern Capital Management Inc. lifted its holdings in shares of First Interstate BancSystem by 0.5% during the 4th 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 in the last quarter. HighTower Advisors LLC lifted its holdings in shares of First Interstate BancSystem by 2.7% during the 4th quarter. HighTower Advisors LLC now owns 14,177 shares of the financial services provider’s stock valued at $491,000 after purchasing an additional 375 shares in the last quarter. Alliancebernstein L.P. lifted its holdings 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 purchasing an additional 397 shares in the last quarter. First Horizon Corp lifted its holdings 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 purchasing an additional 455 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of First Interstate BancSystem by 49.6% during the 4th quarter. GAMMA Investing LLC now owns 1,556 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 516 shares in the last quarter. Institutional investors own 88.71% of the company’s stock.

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.