First Interstate BancSystem (NASDAQ:FIBK) Upgraded by StockNews.com to Hold

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

Several other research analysts have also weighed in on the stock. Stephens lifted their price objective on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the stock an overweight rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods lifted their price objective on shares of First Interstate BancSystem from $29.00 to $31.00 and gave the stock a market perform rating in a research note on Monday, July 29th. Barclays lifted their price objective on shares of First Interstate BancSystem from $29.00 to $31.00 and gave the stock an equal weight rating in a research note on Monday, July 29th. DA Davidson lifted their price objective on shares of First Interstate BancSystem from $27.00 to $34.00 and gave the stock a neutral rating in a research note on Monday, July 29th. Finally, Wells Fargo & Company lifted their price objective on shares of First Interstate BancSystem from $25.00 to $30.00 and gave the stock an equal weight rating in a research note on Monday, July 29th. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of Hold and an average price target of $33.33.

First Interstate BancSystem Stock Down 3.2 %

Shares of NASDAQ FIBK opened at $28.77 on Friday. The firm has a market capitalization of $3.01 billion, a PE ratio of 11.46 and a beta of 0.82. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.90. First Interstate BancSystem has a 1 year low of $20.81 and a 1 year high of $33.00. The firm’s 50-day moving average is $28.08 and its 200-day moving average is $27.21.

First Interstate BancSystem (NASDAQ:FIBK) last issued its earnings results on Thursday, July 25th. The financial services provider reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.03. First Interstate BancSystem had a net margin of 17.76% and a return on equity of 8.22%. During the same period last year, the firm posted $0.66 EPS. Equities analysts expect that First Interstate BancSystem will post 2.32 EPS for the current year.

First Interstate BancSystem Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, August 5th will be issued a dividend of $0.47 per share. The ex-dividend date of this dividend is Monday, August 5th. This represents a $1.88 annualized dividend and a yield of 6.53%. First Interstate BancSystem’s dividend payout ratio (DPR) is currently 74.90%.

Insiders Place Their Bets

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

Hedge Funds Weigh In On First Interstate BancSystem

A number of institutional investors have recently added to or reduced their stakes in the company. TNF LLC increased its holdings in First Interstate BancSystem by 1.7% during the second quarter. TNF LLC now owns 25,009 shares of the financial services provider’s stock worth $694,000 after buying an additional 410 shares during the last quarter. CWM LLC increased its holdings in First Interstate BancSystem by 16.0% during the second quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock worth $87,000 after buying an additional 430 shares during the last quarter. Caprock Group LLC boosted its position in First Interstate BancSystem by 1.8% during the first quarter. Caprock Group LLC now owns 25,251 shares of the financial services provider’s stock worth $687,000 after purchasing an additional 437 shares during the period. Global Retirement Partners LLC boosted its position in First Interstate BancSystem by 132.8% during the fourth quarter. Global Retirement Partners LLC now owns 929 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 530 shares during the period. Finally, Inspire Investing LLC boosted its position in First Interstate BancSystem by 4.6% during the first quarter. Inspire Investing LLC now owns 13,057 shares of the financial services provider’s stock worth $355,000 after purchasing an additional 570 shares during the period. 88.71% of the stock is currently owned by institutional investors and hedge funds.

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.