First Interstate BancSystem (NASDAQ:FIBK) Hits New 1-Year High – What’s Next?

First Interstate BancSystem, Inc. (NASDAQ:FIBK)’s share price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $39.27 and last traded at $39.1410, with a volume of 334382 shares. The stock had previously closed at $38.56.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on FIBK shares. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $37.00 price objective (down from $38.00) on shares of First Interstate BancSystem in a research report on Friday, May 1st. Wells Fargo & Company raised their target price on shares of First Interstate BancSystem from $30.00 to $36.00 and gave the stock an “underweight” rating in a report on Monday, March 30th. Piper Sandler decreased their target price on First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating for the company in a research note on Thursday, April 2nd. Weiss Ratings raised First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday. Finally, Wall Street Zen raised First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a report on Monday, June 22nd. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $37.00.

First Interstate BancSystem Price Performance

The company has a market capitalization of $3.80 billion, a P/E ratio of 12.75 and a beta of 0.76. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.09. The business has a 50 day simple moving average of $35.97 and a 200-day simple moving average of $35.64.

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

First Interstate BancSystem Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Monday, May 11th were given a $0.47 dividend. The ex-dividend date was Monday, May 11th. This represents a $1.88 annualized dividend and a yield of 4.8%. First Interstate BancSystem’s dividend payout ratio is 61.24%.

Insider Activity at First Interstate BancSystem

In other news, major shareholder Julie A. Scott sold 15,000 shares of First Interstate BancSystem stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $35.97, for a total transaction 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. The trade was a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Jonathan R. Scott sold 4,500 shares of the stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $36.29, for a total value of $163,305.00. Following the completion of the transaction, the insider directly owned 862,128 shares of the company’s stock, valued at $31,286,625.12. This trade represents a 0.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 32,392 shares of company stock worth $1,161,552 in the last 90 days. 8.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its holdings in First Interstate BancSystem by 1.5% in the third quarter. Dimensional Fund Advisors LP now owns 5,495,403 shares of the financial services provider’s stock worth $175,140,000 after purchasing an additional 78,835 shares during the period. HoldCo Asset Management LP grew its position in First Interstate BancSystem by 10.6% in the 3rd quarter. HoldCo Asset Management LP now owns 3,950,107 shares of the financial services provider’s stock valued at $125,890,000 after buying an additional 380,000 shares in the last quarter. Teachers Retirement System of The State of Kentucky acquired a new position in First Interstate BancSystem during the 3rd quarter valued at about $2,115,000. Cambria Investment Management L.P. acquired a new position in First Interstate BancSystem during the 3rd quarter valued at about $9,083,000. Finally, Cramer Rosenthal Mcglynn LLC bought a new stake in shares of First Interstate BancSystem during the 3rd quarter worth about $29,381,000. Institutional investors and hedge funds 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.