First Interstate BancSystem’s (FIBK) “Overweight” Rating Reiterated at Stephens

Stephens restated their overweight rating on shares of First Interstate BancSystem (NASDAQ:FIBK) in a research report sent to investors on Monday, Benzinga reports. The brokerage currently has a $32.00 price objective on the financial services provider’s stock.

Several other equities research analysts also recently commented on FIBK. Barclays increased their price objective on First Interstate BancSystem from $28.00 to $29.00 and gave the company an equal weight rating in a report on Friday, April 26th. Wells Fargo & Company raised their price target on First Interstate BancSystem from $23.00 to $24.00 and gave the stock an equal weight rating in a research report on Wednesday, April 10th. TheStreet cut First Interstate BancSystem from a b- rating to a c+ rating in a research report on Monday, March 18th. StockNews.com cut First Interstate BancSystem from a hold rating to a sell rating in a research report on Friday, June 14th. Finally, Keefe, Bruyette & Woods reiterated a market perform rating and issued a $29.00 target price on shares of First Interstate BancSystem in a research report on Monday, June 17th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of Hold and a consensus target price of $30.20.

First Interstate BancSystem Price Performance

NASDAQ FIBK opened at $26.72 on Monday. The business has a 50 day simple moving average of $26.75 and a 200 day simple moving average of $27.33. First Interstate BancSystem has a 52-week low of $20.81 and a 52-week high of $32.54. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market cap of $2.79 billion, a price-to-earnings ratio of 10.65 and a beta of 0.82.

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

First Interstate BancSystem Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 16th. Stockholders of record on Monday, May 6th were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 7.04%. The ex-dividend date was Friday, May 3rd. First Interstate BancSystem’s dividend payout ratio (DPR) is currently 74.90%.

Insider Buying and Selling

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

Hedge Funds Weigh In On First Interstate BancSystem

Institutional investors have recently added to or reduced their stakes in the business. Bayesian Capital Management LP bought a new stake in shares of First Interstate BancSystem during the first quarter valued at approximately $286,000. Price T Rowe Associates Inc. MD grew its stake in First Interstate BancSystem by 6.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 51,919 shares of the financial services provider’s stock valued at $1,413,000 after purchasing an additional 2,940 shares during the period. Seven Eight Capital LP bought a new position in First Interstate BancSystem in the 1st quarter valued at $851,000. Edgestream Partners L.P. purchased a new position in shares of First Interstate BancSystem during the 1st quarter valued at $1,597,000. Finally, Entropy Technologies LP purchased a new position in shares of First Interstate BancSystem during the 1st quarter valued at $414,000. 88.71% of the stock is owned by institutional investors and hedge funds.

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.