First Interstate BancSystem (NASDAQ:FIBK) Lowered to Sell at StockNews.com

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

FIBK has been the topic of a number of other reports. Keefe, Bruyette & Woods lifted 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. Barclays boosted their target price on shares of First Interstate BancSystem from $29.00 to $31.00 and gave the stock an equal weight rating in a report on Monday, July 29th. Stephens raised their target price on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the stock an overweight rating in a report on Monday, July 29th. Wells Fargo & Company lifted their target price on First Interstate BancSystem from $25.00 to $30.00 and gave the stock an equal weight rating in a report on Monday, July 29th. Finally, DA Davidson upped their target price on First Interstate BancSystem from $27.00 to $34.00 and gave the company a neutral rating in a report on Monday, July 29th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and a consensus price target of $33.33.

First Interstate BancSystem Trading Down 1.4 %

First Interstate BancSystem stock opened at $30.69 on Tuesday. First Interstate BancSystem has a 12-month low of $20.81 and a 12-month high of $33.00. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.78 and a quick ratio of 0.78. The stock has a market capitalization of $3.21 billion, a PE ratio of 12.23 and a beta of 0.82. The firm has a 50 day simple moving average of $29.24 and a 200-day simple moving average of $27.38.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.03. First Interstate BancSystem had a return on equity of 8.22% and a net margin of 17.76%. The firm had revenue of $244.30 million during the quarter, compared to analyst estimates of $246.07 million. During the same period last year, the company posted $0.66 EPS. As a group, equities research analysts expect that First Interstate BancSystem will post 2.32 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 5th were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 6.13%. The ex-dividend date of this dividend was Monday, August 5th. First Interstate BancSystem’s dividend payout ratio (DPR) is currently 74.90%.

Insider Activity

In other 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 transaction of $746,029.71. Following the transaction, the director now owns 1,021,663 shares in the company, valued at $25,837,857.27. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other First Interstate BancSystem news, major shareholder Julie A. Scott sold 209,831 shares of the 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 sale, the insider now owns 879,869 shares in the company, valued at approximately $22,251,887.01. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 transaction of $746,029.71. Following the sale, the director now directly owns 1,021,663 shares of the company’s stock, valued at approximately $25,837,857.27. The disclosure for this sale can be found here. Insiders sold 239,880 shares of company stock worth $6,069,480 over the last quarter. Corporate insiders own 6.90% of the company’s stock.

Institutional Trading of First Interstate BancSystem

Several hedge funds and other institutional investors have recently modified their holdings of the company. Parallel Advisors LLC increased its position in First Interstate BancSystem by 205.3% in the 4th quarter. Parallel Advisors LLC now owns 1,273 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 856 shares during the last quarter. CWM LLC increased its holdings in First Interstate BancSystem by 42.1% in the fourth quarter. CWM LLC now owns 2,368 shares of the financial services provider’s stock worth $73,000 after buying an additional 702 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in 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 worth $104,000 after buying an additional 744 shares during the last quarter. Innealta Capital LLC bought a new position in First Interstate BancSystem during the second quarter valued at approximately $106,000. Finally, nVerses Capital LLC lifted its stake in First Interstate BancSystem by 412.5% in the second quarter. nVerses Capital LLC now owns 4,100 shares of the financial services provider’s stock valued at $114,000 after acquiring an additional 3,300 shares during the last quarter. 88.71% of the stock is currently 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.