First Interstate BancSystem (NASDAQ:FIBK) Upgraded at StockNews.com

StockNews.com upgraded shares of First Interstate BancSystem (NASDAQ:FIBK) from a sell rating to a hold rating in a research note issued to investors on Tuesday.

Several other research firms have also recently weighed in on FIBK. Barclays downgraded shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $32.00 to $30.00 in a research report on Thursday, October 31st. Wells Fargo & Company cut shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $30.00 to $28.00 in a research report on Tuesday, October 1st. DA Davidson raised their price objective on shares of First Interstate BancSystem from $27.00 to $34.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Keefe, Bruyette & Woods upped their target price on First Interstate BancSystem from $29.00 to $31.00 and gave the stock a “market perform” rating in a report on Monday, July 29th. Finally, Stephens restated an “overweight” rating and issued a $36.00 target price on shares of First Interstate BancSystem in a research note on Thursday, October 10th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $32.50.

First Interstate BancSystem Trading Down 1.0 %

First Interstate BancSystem stock traded down $0.33 during trading hours on Tuesday, reaching $32.95. The stock had a trading volume of 43,610 shares, compared to its average volume of 674,063. The company has a fifty day simple moving average of $30.94 and a 200-day simple moving average of $29.22. First Interstate BancSystem has a 52 week low of $24.16 and a 52 week high of $34.53. The stock has a market cap of $3.44 billion, a PE ratio of 14.60 and a beta of 0.81. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.78 and a quick ratio of 0.78.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). First Interstate BancSystem had a net margin of 15.94% and a return on equity of 7.48%. During the same period in the previous year, the company posted $0.70 EPS. Analysts forecast that First Interstate BancSystem will post 2.28 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Monday, November 4th were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 5.71%. The ex-dividend date of this dividend was Monday, November 4th. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 82.46%.

Insider Buying and Selling at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder Julie A. Scott sold 22,050 shares of First Interstate BancSystem stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $33.80, for a total value of $745,290.00. Following the completion of the sale, the insider now owns 613,019 shares of the company’s stock, valued at approximately $20,720,042.20. This trade represents a 3.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jonathan R. Scott sold 6,500 shares of the company’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $34.18, for a total value of $222,170.00. Following the transaction, the director now directly owns 958,710 shares in the company, valued at approximately $32,768,707.80. The trade was a 0.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 49,320 shares of company stock worth $1,647,096. 6.90% of the stock is owned by insiders.

Institutional Investors Weigh In On First Interstate BancSystem

Large investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP boosted its holdings in shares of First Interstate BancSystem by 8.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,580,800 shares of the financial services provider’s stock valued at $127,204,000 after acquiring an additional 367,212 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of First Interstate BancSystem by 1.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,051,632 shares of the financial services provider’s stock worth $56,974,000 after buying an additional 32,348 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of First Interstate BancSystem by 5.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,073,814 shares of the financial services provider’s stock worth $32,945,000 after acquiring an additional 52,919 shares during the period. Bank of New York Mellon Corp lifted its holdings in First Interstate BancSystem by 1.3% in the second quarter. Bank of New York Mellon Corp now owns 887,559 shares of the financial services provider’s stock valued at $24,648,000 after acquiring an additional 11,493 shares during the period. Finally, Jennison Associates LLC boosted its position in First Interstate BancSystem by 57.3% in the third quarter. Jennison Associates LLC now owns 885,802 shares of the financial services provider’s stock worth $27,176,000 after purchasing an additional 322,578 shares during the last quarter. 88.71% of the stock is currently owned by institutional investors.

About First Interstate BancSystem

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.