First Interstate BancSystem (NASDAQ:FIBK) Shares Gap Down – Here’s What Happened

First Interstate BancSystem, Inc. (NASDAQ:FIBK) shares gapped down before the market opened on Monday . The stock had previously closed at $38.22, but opened at $36.66. First Interstate BancSystem shares last traded at $36.6750, with a volume of 14,312 shares traded.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on FIBK. Keefe, Bruyette & Woods raised their price target on shares of First Interstate BancSystem from $37.00 to $39.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 17th. Wells Fargo & Company raised their target price on shares of First Interstate BancSystem from $28.00 to $30.00 and gave the stock an “underweight” rating in a research note on Monday, September 29th. Barclays raised their price objective on shares of First Interstate BancSystem from $36.00 to $38.00 and gave the stock an “equal weight” rating in a research report on Friday, December 19th. Wall Street Zen downgraded shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a report on Friday, November 28th. Finally, UBS Group reissued a “neutral” rating and set a $37.00 target price on shares of First Interstate BancSystem in a research note on Tuesday, January 6th. Four equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $37.29.

First Interstate BancSystem Price Performance

The company has a 50-day moving average of $34.89 and a 200-day moving average of $32.58. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.73 and a current ratio of 0.74. The stock has a market cap of $3.78 billion, a price-to-earnings ratio of 15.49 and a beta of 0.80.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings data on Thursday, November 6th. The financial services provider reported $0.69 EPS for the quarter. First Interstate BancSystem had a net margin of 17.62% and a return on equity of 7.25%. The firm had revenue of $250.50 million during the quarter. As a group, equities research analysts predict that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 20th. Shareholders of record on Monday, November 10th were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 5.1%. The ex-dividend date of this dividend was Monday, November 10th. First Interstate BancSystem’s dividend payout ratio is 79.32%.

Insider Transactions at First Interstate BancSystem

In other news, major shareholder Jonathan R. Scott sold 1,827 shares of the firm’s stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $36.92, for a total value of $67,452.84. Following the transaction, the insider directly owned 936,024 shares in the company, valued at $34,558,006.08. This trade represents a 0.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John M. Heyneman, Jr. sold 30,432 shares of the stock in a transaction on Friday, November 21st. The stock was sold at an average price of $31.03, for a total transaction of $944,304.96. Following the completion of the sale, the director directly owned 1,414,636 shares of the company’s stock, valued at $43,896,155.08. The trade was a 2.11% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 67,232 shares of company stock worth $2,138,746 over the last quarter. 8.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On First Interstate BancSystem

Several institutional investors have recently made changes to their positions in FIBK. First Horizon Corp acquired a new position in shares of First Interstate BancSystem in the 3rd quarter valued at about $26,000. GAMMA Investing LLC raised its stake in shares of First Interstate BancSystem by 186.5% in the 2nd quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 647 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of First Interstate BancSystem by 139.3% in the second quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider’s stock worth $43,000 after buying an additional 862 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in First Interstate BancSystem by 1,485.1% during the third quarter. Jones Financial Companies Lllp now owns 1,601 shares of the financial services provider’s stock valued at $52,000 after acquiring an additional 1,500 shares during the period. Finally, CIBC Private Wealth Group LLC bought a new stake in First Interstate BancSystem during the 3rd quarter valued at approximately $52,000. 88.71% of the stock is owned by institutional investors.

First Interstate BancSystem Company Profile

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.