First Interstate BancSystem (NASDAQ:FIBK) Downgraded by StockNews.com

StockNews.com downgraded shares of First Interstate BancSystem (NASDAQ:FIBK) from a hold rating to a sell rating in a research report sent to investors on Friday.

FIBK has been the subject of a number of other research reports. Barclays increased their target price on shares of First Interstate BancSystem from $28.00 to $29.00 and gave the stock an equal weight rating in a research report on Friday, April 26th. Stephens reissued an overweight rating and issued a $32.00 target price on shares of First Interstate BancSystem in a research note on Thursday, April 25th. Piper Sandler upped their price target on shares of First Interstate BancSystem from $32.00 to $37.00 and gave the stock an overweight rating in a research report on Monday, April 29th. Wells Fargo & Company raised their price objective on First Interstate BancSystem from $23.00 to $24.00 and gave the company an equal weight rating in a research report on Wednesday, April 10th. Finally, Keefe, Bruyette & Woods upped their target price on First Interstate BancSystem from $28.00 to $29.00 and gave the stock a market perform rating in a research report on Friday, April 26th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, First Interstate BancSystem currently has an average rating of Hold and a consensus target price of $30.20.

First Interstate BancSystem Stock Performance

NASDAQ:FIBK opened at $25.78 on Friday. First Interstate BancSystem has a fifty-two week low of $20.81 and a fifty-two week high of $32.54. The firm’s 50 day moving average is $26.56 and its two-hundred day moving average is $27.40. The company has a market cap of $2.70 billion, a P/E ratio of 10.27 and a beta of 0.82. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.90.

First Interstate BancSystem (NASDAQ:FIBK) last issued its earnings results on Wednesday, April 24th. The financial services provider reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.04. The firm had revenue of $242.20 million for the quarter, compared to analysts’ expectations of $236.80 million. First Interstate BancSystem had a return on equity of 8.51% and a net margin of 17.76%. Analysts expect that First Interstate BancSystem will post 2.28 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 16th. Investors of record on Monday, May 6th were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 7.29%. The ex-dividend date was Friday, May 3rd. First Interstate BancSystem’s dividend payout ratio (DPR) is 74.90%.

Insider Buying and Selling at First Interstate BancSystem

In related news, Director Jonathan R. Scott sold 29,499 shares of First Interstate BancSystem stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $25.29, for a total value of $746,029.71. Following the completion of the sale, the director now owns 1,021,663 shares in the company, valued at $25,837,857.27. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Jonathan R. Scott sold 29,499 shares of the business’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $25.29, for a total value of $746,029.71. Following the completion of the sale, the director now directly owns 1,021,663 shares of the company’s stock, valued at $25,837,857.27. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Julie A. Scott sold 209,831 shares of the stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $25.29, for a total value of $5,306,625.99. Following the transaction, the insider now directly owns 879,869 shares in the company, valued at approximately $22,251,887.01. The disclosure for this sale can be found here. 6.90% of the stock is owned by insiders.

Institutional Trading of First Interstate BancSystem

Several institutional investors have recently added to or reduced their stakes in the business. abrdn plc grew its position in shares of First Interstate BancSystem by 8.4% during the 4th quarter. abrdn plc now owns 923,489 shares of the financial services provider’s stock valued at $28,397,000 after buying an additional 71,839 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of First Interstate BancSystem by 4.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 931,047 shares of the financial services provider’s stock valued at $28,630,000 after purchasing an additional 42,580 shares during the last quarter. Rafferty Asset Management LLC raised its position in shares of First Interstate BancSystem by 27.7% during the 4th quarter. Rafferty Asset Management LLC now owns 146,191 shares of the financial services provider’s stock worth $4,495,000 after purchasing an additional 31,710 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of First Interstate BancSystem by 25.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,099 shares of the financial services provider’s stock worth $618,000 after purchasing an additional 4,040 shares during the last quarter. Finally, FourThought Financial Partners LLC acquired a new position in First Interstate BancSystem during the 4th quarter valued at approximately $208,000. Institutional investors own 88.71% of the company’s stock.

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.