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

StockNews.com lowered shares of First Interstate BancSystem (NASDAQ:FIBK) from a hold rating to a sell rating in a research note released on Thursday morning.

FIBK has been the subject of a number of other research reports. Stephens reiterated an overweight rating and set a $32.00 price target on shares of First Interstate BancSystem in a research report on Monday, June 24th. Keefe, Bruyette & Woods reaffirmed a market perform rating and issued a $29.00 price objective on shares of First Interstate BancSystem in a report on Monday, June 17th. Piper Sandler raised their target price on shares of First Interstate BancSystem from $32.00 to $37.00 and gave the company an overweight rating in a research note on Monday, April 29th. Barclays upped their price target on shares of First Interstate BancSystem from $28.00 to $29.00 and gave the stock an equal weight rating in a research note on Friday, April 26th. Finally, Wells Fargo & Company raised their price objective on shares of First Interstate BancSystem from $24.00 to $25.00 and gave the company an equal weight rating in a research note on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of Hold and an average target price of $30.40.

First Interstate BancSystem Stock Down 0.2 %

FIBK stock opened at $31.16 on Thursday. The stock has a market cap of $3.26 billion, a PE ratio of 12.41 and a beta of 0.82. The firm’s 50-day simple moving average is $27.33 and its 200 day simple moving average is $27.07. First Interstate BancSystem has a fifty-two week low of $20.81 and a fifty-two week high of $32.54. 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 announced its quarterly earnings results on Wednesday, April 24th. The financial services provider reported $0.57 EPS for the quarter, beating the consensus estimate of $0.53 by $0.04. The company had revenue of $242.20 million for the quarter, compared to analyst estimates of $236.80 million. First Interstate BancSystem had a net margin of 17.76% and a return on equity of 8.51%. As a group, sell-side analysts predict that First Interstate BancSystem will post 2.28 EPS for the current year.

First Interstate BancSystem Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 16th. Shareholders of record on Monday, May 6th were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 6.03%. The ex-dividend date was Friday, May 3rd. First Interstate BancSystem’s payout ratio is 74.90%.

Insider Transactions at First Interstate BancSystem

In related news, Director Jonathan R. Scott sold 29,499 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 $746,029.71. Following the sale, the director now directly owns 1,021,663 shares in the company, valued at approximately $25,837,857.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Jonathan R. Scott sold 29,499 shares of First Interstate BancSystem stock in a transaction 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 in the company, valued at approximately $25,837,857.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 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 disclosure for this sale can be found here. Corporate insiders own 6.90% of the company’s stock.

Institutional Trading of First Interstate BancSystem

A number of hedge funds have recently bought and sold shares of FIBK. CWM LLC increased its position in shares of First Interstate BancSystem by 16.0% in the second quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock worth $87,000 after acquiring an additional 430 shares in the last quarter. Caprock Group LLC boosted its stake in First Interstate BancSystem by 1.8% in the 1st 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 grew its position in First Interstate BancSystem by 132.8% during the 4th 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 in the last quarter. Inspire Investing LLC raised its stake in First Interstate BancSystem by 4.6% during the 1st quarter. Inspire Investing LLC now owns 13,057 shares of the financial services provider’s stock valued at $355,000 after purchasing an additional 570 shares during the period. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of First Interstate BancSystem by 28.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,378 shares of the financial services provider’s stock valued at $104,000 after purchasing an additional 744 shares in the last quarter. 88.71% of the stock is owned by hedge funds and other 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.