Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK – Get Free Report) have been given a consensus rating of “Hold” by the five research firms that are covering the company, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $30.50.
A number of research firms have commented on FIBK. TheStreet upgraded shares of First Interstate BancSystem from a “c” rating to a “b-” rating in a report on Wednesday, December 13th. Barclays assumed coverage on shares of First Interstate BancSystem in a research note on Friday, March 8th. They issued an “equal weight” rating and a $28.00 target price on the stock.
Read Our Latest Stock Report on FIBK
First Interstate BancSystem Stock Performance
First Interstate BancSystem (NASDAQ:FIBK – Get Free Report) last posted its quarterly earnings data on Tuesday, January 30th. The financial services provider reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.04. The company had revenue of $252.30 million during the quarter, compared to analysts’ expectations of $254.50 million. First Interstate BancSystem had a net margin of 18.04% and a return on equity of 8.47%. As a group, research analysts forecast that First Interstate BancSystem will post 2.31 earnings per share for the current fiscal year.
First Interstate BancSystem Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, February 19th. Stockholders of record on Friday, February 9th were given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 7.21%. The ex-dividend date of this dividend was Thursday, February 8th. This is a positive change from First Interstate BancSystem’s previous quarterly dividend of $0.20. First Interstate BancSystem’s payout ratio is presently 75.81%.
Insider Activity
In other news, insider Lorrie F. Asker sold 1,921 shares of First Interstate BancSystem stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $26.05, for a total transaction of $50,042.05. Following the sale, the insider now owns 6,909 shares of the company’s stock, valued at approximately $179,979.45. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, EVP Kristina Robbins sold 2,710 shares of First Interstate BancSystem stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $25.83, for a total value of $69,999.30. Following the completion of the sale, the executive vice president now owns 9,047 shares in the company, valued at approximately $233,684.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Lorrie F. Asker sold 1,921 shares of First Interstate BancSystem stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $26.05, for a total transaction of $50,042.05. Following the completion of the sale, the insider now owns 6,909 shares of the company’s stock, valued at approximately $179,979.45. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,531 shares of company stock valued at $197,645. 6.80% of the stock is currently owned by company insiders.
Institutional Trading of First Interstate BancSystem
Several institutional investors have recently added to or reduced their stakes in FIBK. Advisor Group Holdings Inc. increased its holdings in First Interstate BancSystem by 5.7% in the 1st quarter. Advisor Group Holdings Inc. now owns 7,822 shares of the financial services provider’s stock valued at $288,000 after purchasing an additional 422 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of First Interstate BancSystem by 225.1% in the first quarter. JPMorgan Chase & Co. now owns 281,299 shares of the financial services provider’s stock worth $10,344,000 after acquiring an additional 194,783 shares in the last quarter. Raymond James & Associates grew its stake in shares of First Interstate BancSystem by 13.0% in the first quarter. Raymond James & Associates now owns 9,640 shares of the financial services provider’s stock worth $354,000 after acquiring an additional 1,107 shares in the last quarter. American Century Companies Inc. acquired a new position in shares of First Interstate BancSystem in the first quarter worth $1,046,000. Finally, PNC Financial Services Group Inc. grew its stake in shares of First Interstate BancSystem by 263.2% in the first quarter. PNC Financial Services Group Inc. now owns 2,081 shares of the financial services provider’s stock worth $77,000 after acquiring an additional 1,508 shares in the last quarter. Institutional investors and hedge funds own 78.62% of the company’s stock.
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.
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