First Interstate BancSystem, Inc. (NASDAQ:FIBK) Receives Average Rating of “Hold” from Analysts

First Interstate BancSystem, Inc. (NASDAQ:FIBK) has been given a consensus recommendation of “Hold” by the eight analysts that are covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and two have issued a buy recommendation on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $37.3333.

A number of equities analysts have commented on the stock. Wall Street Zen raised shares of First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research report on Monday, June 22nd. 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 price target (down from $38.00) on shares of First Interstate BancSystem in a research note on Friday, May 1st. Wells Fargo & Company increased their price target on shares of First Interstate BancSystem from $30.00 to $36.00 and gave the company an “underweight” rating in a report on Monday, March 30th. Finally, UBS Group boosted their price objective on First Interstate BancSystem from $30.00 to $33.00 and gave the stock a “sell” rating in a report on Friday, May 1st.

First Interstate BancSystem Stock Performance

Shares of FIBK stock opened at $38.25 on Friday. The company has a fifty day moving average price of $36.30 and a two-hundred day moving average price of $35.74. First Interstate BancSystem has a one year low of $27.60 and a one year high of $39.65. The stock has a market cap of $3.72 billion, a P/E ratio of 12.46 and a beta of 0.76. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.70 and a quick ratio of 0.70.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings data on Wednesday, April 29th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.01. The firm had revenue of $5.10 million for the quarter, compared to analyst estimates of $242.78 million. First Interstate BancSystem had a return on equity of 9.13% and a net margin of 22.64%.During the same quarter in the prior year, the company earned $0.49 earnings per share. As a group, equities analysts predict that First Interstate BancSystem will post 2.66 EPS for the current year.

First Interstate BancSystem Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Monday, May 11th were given a dividend of $0.47 per share. The ex-dividend date was Monday, May 11th. This represents a $1.88 annualized dividend and a yield of 4.9%. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 61.24%.

Insider Transactions at First Interstate BancSystem

In related news, major shareholder Julie A. Scott sold 15,000 shares of the company’s 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 transaction, the insider directly owned 488,359 shares in the company, valued at approximately $17,566,273.23. This represents a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Jonathan R. Scott sold 4,500 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $36.29, for a total transaction of $163,305.00. Following the transaction, the insider directly owned 862,128 shares in the company, valued at approximately $31,286,625.12. This represents a 0.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 32,392 shares of company stock valued at $1,161,552. 8.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On First Interstate BancSystem

Hedge funds have recently added to or reduced their stakes in the stock. Capital International Investors bought a new stake in shares of First Interstate BancSystem during the 4th quarter valued at $92,504,000. State Street Corp increased its position in shares of First Interstate BancSystem by 29.7% in the fourth quarter. State Street Corp now owns 5,482,245 shares of the financial services provider’s stock worth $189,686,000 after purchasing an additional 1,254,321 shares during the period. Vanguard Group Inc. increased its position in shares of First Interstate BancSystem by 13.7% in the fourth quarter. Vanguard Group Inc. now owns 10,048,419 shares of the financial services provider’s stock worth $347,675,000 after purchasing an additional 1,214,454 shares during the period. Azora Capital LP raised its stake in First Interstate BancSystem by 1,538.7% in the third quarter. Azora Capital LP now owns 1,275,693 shares of the financial services provider’s stock valued at $40,656,000 after purchasing an additional 1,197,843 shares in the last quarter. Finally, North Reef Capital Management LP raised its stake in First Interstate BancSystem by 132.4% in the fourth quarter. North Reef Capital Management LP now owns 1,974,999 shares of the financial services provider’s stock valued at $68,335,000 after purchasing an additional 1,124,999 shares in the last quarter. Institutional investors own 88.71% of the company’s stock.

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.