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

First Interstate BancSystem, Inc. (NASDAQ:FIBK) has received a consensus recommendation of “Hold” from the six ratings firms that are presently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and two have given a buy recommendation to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $33.17.

Several research firms have weighed in on FIBK. Barclays increased their target price on shares of First Interstate BancSystem from $31.00 to $32.00 and gave the stock an “equal weight” rating in a report on Friday, September 27th. Stephens reiterated an “overweight” rating and issued a $36.00 target price on shares of First Interstate BancSystem in a report on Thursday, October 10th. Wells Fargo & Company lowered shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $30.00 to $28.00 in a report on Tuesday, October 1st. Piper Sandler reiterated an “overweight” rating and issued a $38.00 target price on shares of First Interstate BancSystem in a report on Monday, August 26th. Finally, Keefe, Bruyette & Woods increased their target price on shares of First Interstate BancSystem from $29.00 to $31.00 and gave the stock a “market perform” rating in a report on Monday, July 29th.

First Interstate BancSystem Price Performance

Shares of FIBK stock opened at $32.50 on Thursday. First Interstate BancSystem has a 52-week low of $20.81 and a 52-week high of $33.00. The stock has a market cap of $3.40 billion, a PE ratio of 12.95 and a beta of 0.81. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.79 and a current ratio of 0.79. The firm’s 50 day moving average price is $29.99 and its two-hundred day moving average price is $28.34.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.03. The firm had revenue of $244.30 million for the quarter, compared to analysts’ expectations of $246.07 million. First Interstate BancSystem had a net margin of 17.22% and a return on equity of 8.19%. During the same period last year, the firm earned $0.66 earnings per share. As a group, analysts forecast that First Interstate BancSystem will post 2.34 EPS for the current year.

First Interstate BancSystem Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 5th were issued a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, August 5th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.78%. First Interstate BancSystem’s payout ratio is 74.90%.

Institutional Investors Weigh In On First Interstate BancSystem

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in First Interstate BancSystem by 6.2% in the fourth quarter. Vanguard Group Inc. now owns 9,180,595 shares of the financial services provider’s stock valued at $282,303,000 after purchasing an additional 533,293 shares in the last quarter. Dimensional Fund Advisors LP grew its position in First Interstate BancSystem by 8.7% in the second quarter. Dimensional Fund Advisors LP now owns 4,580,800 shares of the financial services provider’s stock valued at $127,204,000 after purchasing an additional 367,212 shares in the last quarter. Wellington Management Group LLP grew its position in First Interstate BancSystem by 5.0% in the fourth quarter. Wellington Management Group LLP now owns 2,970,727 shares of the financial services provider’s stock valued at $91,350,000 after purchasing an additional 142,069 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in First Interstate BancSystem by 1.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 2,051,632 shares of the financial services provider’s stock valued at $56,974,000 after purchasing an additional 32,348 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in First Interstate BancSystem by 1.3% in the second quarter. Bank of New York Mellon Corp now owns 887,559 shares of the financial services provider’s stock valued at $24,648,000 after purchasing an additional 11,493 shares in the last quarter. 88.71% of the stock is currently owned by institutional investors and hedge funds.

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.