First Interstate BancSystem, Inc. (NASDAQ:FIBK) Receives $36.83 Average PT from Analysts

First Interstate BancSystem, Inc. (NASDAQ:FIBK) has been assigned an average recommendation of “Reduce” from the eight ratings firms that are presently covering the stock, MarketBeat Ratings reports. Three analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating on the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $36.8333.

A number of analysts have recently weighed in on FIBK shares. Wells Fargo & Company restated an “underweight” rating and issued a $34.00 price target (down from $36.00) on shares of First Interstate BancSystem in a report on Monday, August 10th. Weiss Ratings raised shares of First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 1st. DA Davidson restated a “neutral” rating and issued a $39.00 target price on shares of First Interstate BancSystem in a research note on Monday, July 27th. Barclays lowered shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $38.00 to $37.00 in a report on Monday, August 3rd. Finally, Wall Street Zen raised First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research report on Monday, June 22nd.

First Interstate BancSystem Trading Down 1.4%

FIBK opened at $36.02 on Thursday. The firm has a market cap of $3.43 billion, a price-to-earnings ratio of 11.08 and a beta of 0.75. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.09. First Interstate BancSystem has a 12 month low of $29.10 and a 12 month high of $40.60. The stock has a fifty day moving average price of $37.73 and a 200-day moving average price of $36.22.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.18. The company had revenue of $263.90 million for the quarter, compared to the consensus estimate of $249.32 million. First Interstate BancSystem had a return on equity of 9.55% and a net margin of 23.63%.The firm’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.69 earnings per share. As a group, equities research analysts anticipate that First Interstate BancSystem will post 2.84 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Tuesday, August 4th were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 5.2%. The ex-dividend date was Tuesday, August 4th. First Interstate BancSystem’s payout ratio is 57.85%.

Insider Activity

In other First Interstate BancSystem news, major shareholder Julie A. Scott sold 2,700 shares of the firm’s stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $37.64, for a total value of $101,628.00. Following the completion of the sale, the insider owned 484,309 shares of the company’s stock, valued at approximately $18,229,390.76. This trade represents a 0.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Jonathan R. Scott sold 16,929 shares of the business’s stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $37.03, for a total value of $626,880.87. Following the sale, the insider owned 825,809 shares in the company, valued at $30,579,707.27. The trade was a 2.01% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 27,700 shares of company stock worth $1,029,476 over the last ninety days. 8.00% of the stock is currently owned by corporate insiders.

Institutional Trading of First Interstate BancSystem

A number of institutional investors have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC lifted its holdings in shares of First Interstate BancSystem by 17.7% during the first quarter. EverSource Wealth Advisors LLC now owns 2,099 shares of the financial services provider’s stock worth $70,000 after purchasing an additional 315 shares during the period. Integrated Wealth Concepts LLC acquired a new position in First Interstate BancSystem in the 2nd quarter worth approximately $26,000. Eurizon Capital SGR S.p.A. purchased a new position in First Interstate BancSystem during the 4th quarter worth approximately $25,000. McIlrath & Eck LLC lifted its stake in First Interstate BancSystem by 17.2% during the 1st quarter. McIlrath & Eck LLC now owns 9,963 shares of the financial services provider’s stock valued at $333,000 after acquiring an additional 1,461 shares during the period. Finally, Allworth Financial LP acquired a new stake in First Interstate BancSystem during the 2nd quarter valued at approximately $62,000. 88.71% of the stock is currently owned by institutional investors and hedge funds.

About First Interstate BancSystem

First Interstate BancSystem, Inc is a financial holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides community banking services to individuals, businesses, governmental entities and nonprofit organizations.

Its products and services include personal and business deposit accounts, consumer and commercial lending, mortgage banking, treasury management, online and mobile banking, investment services, and wealth management.