First Interstate BancSystem (NASDAQ:FIBK) Shares Pass Above 200 Day Moving Average – Here’s Why

First Interstate BancSystem, Inc. (NASDAQ:FIBK)’s stock price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $36.10 and traded as high as $37.77. First Interstate BancSystem shares last traded at $37.53, with a volume of 878,865 shares trading hands.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Weiss Ratings raised shares of First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 1st. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $37.00 target price (down from $38.00) on shares of First Interstate BancSystem in a research note on Friday, May 1st. DA Davidson restated a “neutral” rating and set a $39.00 price target on shares of First Interstate BancSystem in a research note on Monday, July 27th. Wall Street Zen upgraded First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research note on Monday, June 22nd. Finally, Barclays downgraded First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $38.00 to $37.00 in a research report on Monday, August 3rd. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus target price of $37.17.

First Interstate BancSystem Trading Up 0.3%

The company has a debt-to-equity ratio of 0.09, a current ratio of 0.69 and a quick ratio of 0.70. The company has a market cap of $3.65 billion, a PE ratio of 11.55 and a beta of 0.76. The firm’s 50 day moving average is $37.71 and its 200 day moving average is $36.10.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.18. First Interstate BancSystem had a net margin of 23.63% and a return on equity of 9.55%. The firm had revenue of $263.90 million during the quarter, compared to analyst estimates of $249.32 million. During the same period in the previous year, the business earned $0.69 EPS. The business’s revenue for the quarter was up 6.4% on a year-over-year basis. On average, equities analysts anticipate that First Interstate BancSystem, Inc. will post 2.84 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Tuesday, August 4th will be given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 5.0%. The ex-dividend date is Tuesday, August 4th. First Interstate BancSystem’s payout ratio is presently 57.85%.

Insider Transactions at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder Jonathan R. Scott sold 12,892 shares of the firm’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $35.58, for a total value of $458,697.36. Following the sale, the insider owned 866,628 shares of the company’s stock, valued at $30,834,624.24. This trade represents a 1.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Julie A. Scott sold 15,000 shares of First Interstate BancSystem stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $35.97, for a total value of $539,550.00. Following the sale, the insider owned 488,359 shares of the company’s stock, valued at approximately $17,566,273.23. This trade represents a 2.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 32,392 shares of company stock worth $1,161,552 over the last 90 days. Corporate insiders own 8.00% of the company’s stock.

Institutional Investors Weigh In On First Interstate BancSystem

Hedge funds have recently bought and sold shares of the stock. Louisiana State Employees Retirement System bought a new stake in shares of First Interstate BancSystem during the 1st quarter worth $1,303,000. State of Alaska Department of Revenue raised its position in First Interstate BancSystem by 1,104.9% during the fourth quarter. State of Alaska Department of Revenue now owns 49,857 shares of the financial services provider’s stock valued at $1,724,000 after purchasing an additional 45,719 shares in the last quarter. Hsbc Holdings PLC bought a new stake in First Interstate BancSystem during the fourth quarter worth about $2,127,000. SG Americas Securities LLC boosted its holdings in shares of First Interstate BancSystem by 43.5% in the 1st quarter. SG Americas Securities LLC now owns 108,497 shares of the financial services provider’s stock worth $3,624,000 after purchasing an additional 32,914 shares in the last quarter. Finally, Villere ST Denis J & Co. LLC increased its position in shares of First Interstate BancSystem by 15.1% during the 1st quarter. Villere ST Denis J & Co. LLC now owns 627,031 shares of the financial services provider’s stock valued at $20,943,000 after purchasing an additional 82,117 shares during the last quarter. 88.71% of the stock is currently owned by institutional investors.

About First Interstate BancSystem

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.