First Interstate BancSystem (NASDAQ:FIBK) Sets New 12-Month High – Still a Buy?

First Interstate BancSystem, Inc. (NASDAQ:FIBK) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $36.35 and last traded at $35.9790, with a volume of 136481 shares traded. The stock had previously closed at $35.57.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on FIBK. Wells Fargo & Company raised their price target on First Interstate BancSystem from $28.00 to $30.00 and gave the company an “underweight” rating in a report on Monday, September 29th. Barclays increased their price objective on First Interstate BancSystem from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 11th. Weiss Ratings lowered shares of First Interstate BancSystem from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday. DA Davidson increased their price target on shares of First Interstate BancSystem from $35.00 to $38.00 and gave the company a “buy” rating in a report on Friday, September 12th. Finally, Wall Street Zen downgraded shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a report on Friday, November 28th. Three equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $35.57.

First Interstate BancSystem Stock Performance

The company has a quick ratio of 0.73, a current ratio of 0.74 and a debt-to-equity ratio of 0.09. The stock has a fifty day moving average price of $32.23 and a two-hundred day moving average price of $30.99. The company has a market capitalization of $3.70 billion, a price-to-earnings ratio of 15.17 and a beta of 0.82.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings data on Thursday, November 6th. The financial services provider reported $0.69 EPS for the quarter. First Interstate BancSystem had a return on equity of 7.25% and a net margin of 17.62%.The business had revenue of $250.50 million for the quarter. As a group, analysts forecast that First Interstate BancSystem, Inc. will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 20th. Stockholders of record on Monday, November 10th were given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.2%. The ex-dividend date of this dividend was Monday, November 10th. First Interstate BancSystem’s payout ratio is currently 79.32%.

Insider Activity at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder Jonathan R. Scott sold 13,715 shares of the stock in a transaction on Tuesday, October 7th. The stock was sold at an average price of $32.09, for a total transaction of $440,114.35. Following the transaction, the insider owned 959,109 shares of the company’s stock, valued at $30,777,807.81. This represents a 1.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Susan Scott Heyneman Trust, Su sold 10,000 shares of the company’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $32.75, for a total value of $327,500.00. Following the completion of the transaction, the insider owned 224,460 shares of the company’s stock, valued at $7,351,065. The trade was a 4.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 92,232 shares of company stock valued at $2,913,388. Company insiders own 8.20% of the company’s stock.

Institutional Trading of First Interstate BancSystem

Several hedge funds have recently made changes to their positions in FIBK. State of New Jersey Common Pension Fund D boosted its holdings in shares of First Interstate BancSystem by 13.1% during the second quarter. State of New Jersey Common Pension Fund D now owns 71,154 shares of the financial services provider’s stock valued at $2,051,000 after acquiring an additional 8,243 shares during the period. Norges Bank bought a new stake in First Interstate BancSystem in the 2nd quarter valued at about $29,082,000. Harbor Capital Advisors Inc. boosted its stake in First Interstate BancSystem by 18.7% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 419,104 shares of the financial services provider’s stock valued at $12,079,000 after purchasing an additional 66,018 shares during the period. Ieq Capital LLC bought a new position in First Interstate BancSystem in the 1st quarter worth about $283,000. Finally, Villere ST Denis J & Co. LLC increased its stake in shares of First Interstate BancSystem by 4.9% in the second quarter. Villere ST Denis J & Co. LLC now owns 556,628 shares of the financial services provider’s stock valued at $16,042,000 after purchasing an additional 25,799 shares during the period. 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.