First Interstate BancSystem (NASDAQ:FIBK) Reaches New 1-Year Low After Analyst Downgrade

First Interstate BancSystem, Inc. (NASDAQ:FIBK)’s stock price reached a new 52-week low during mid-day trading on Thursday after Wells Fargo & Company lowered their price target on the stock from $30.00 to $25.00. Wells Fargo & Company currently has an underweight rating on the stock. First Interstate BancSystem traded as low as $22.95 and last traded at $26.01, with a volume of 2352677 shares traded. The stock had previously closed at $23.86.

Other equities research analysts have also issued research reports about the company. UBS Group assumed coverage on First Interstate BancSystem in a report on Tuesday, December 17th. They issued a “neutral” rating and a $35.00 price objective for the company. Stephens reduced their target price on shares of First Interstate BancSystem from $39.00 to $38.00 and set an “overweight” rating for the company in a research note on Friday, January 31st. Barclays lowered their price target on shares of First Interstate BancSystem from $31.00 to $28.00 and set an “underweight” rating on the stock in a research report on Tuesday. StockNews.com raised shares of First Interstate BancSystem from a “sell” rating to a “hold” rating in a report on Monday, March 3rd. Finally, DA Davidson reiterated a “buy” rating and issued a $42.00 price objective on shares of First Interstate BancSystem in a research note on Thursday, January 30th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, First Interstate BancSystem presently has an average rating of “Hold” and a consensus target price of $35.00.

Insider Activity at First Interstate BancSystem

In related news, Director John M. Heyneman, Jr. sold 1,335 shares of First Interstate BancSystem stock in a transaction on Friday, February 14th. The stock was sold at an average price of $32.56, for a total transaction of $43,467.60. Following the completion of the sale, the director now owns 1,414,886 shares of the company’s stock, valued at approximately $46,068,688.16. This trade represents a 0.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 6.90% of the stock is owned by corporate insiders.

Institutional Trading of First Interstate BancSystem

Institutional investors and hedge funds have recently modified their holdings of the business. Wood Tarver Financial Group LLC purchased a new position in shares of First Interstate BancSystem during the fourth quarter worth about $26,000. Meeder Asset Management Inc. bought a new stake in First Interstate BancSystem during the fourth quarter valued at approximately $69,000. Covestor Ltd lifted its position in First Interstate BancSystem by 25.8% during the fourth quarter. Covestor Ltd now owns 2,485 shares of the financial services provider’s stock valued at $81,000 after purchasing an additional 510 shares during the last quarter. Sterling Capital Management LLC grew its stake in First Interstate BancSystem by 826.3% in the 4th quarter. Sterling Capital Management LLC now owns 2,501 shares of the financial services provider’s stock worth $81,000 after buying an additional 2,231 shares in the last quarter. Finally, KBC Group NV increased its holdings in shares of First Interstate BancSystem by 34.1% in the 4th quarter. KBC Group NV now owns 4,018 shares of the financial services provider’s stock worth $130,000 after buying an additional 1,022 shares during the last quarter. Hedge funds and other institutional investors own 88.71% of the company’s stock.

First Interstate BancSystem Stock Performance

The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market cap of $2.54 billion, a PE ratio of 11.11 and a beta of 0.81. The company’s 50-day moving average price is $29.25 and its two-hundred day moving average price is $31.32.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.01. First Interstate BancSystem had a return on equity of 6.92% and a net margin of 15.94%. On average, equities research analysts forecast that First Interstate BancSystem, Inc. will post 2.53 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 20th. Investors of record on Monday, February 10th were given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 7.73%. The ex-dividend date of this dividend was Monday, February 10th. First Interstate BancSystem’s payout ratio is presently 85.84%.

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.