First Interstate BancSystem (NASDAQ:FIBK) Rating Increased to Buy at DA Davidson

DA Davidson upgraded shares of First Interstate BancSystem (NASDAQ:FIBK) from a neutral rating to a buy rating in a report issued on Tuesday, Marketbeat reports. They currently have $42.00 price objective on the financial services provider’s stock, up from their previous price objective of $32.00.

A number of other equities analysts have also recently issued reports on the company. Keefe, Bruyette & Woods upped their target price on First Interstate BancSystem from $29.00 to $31.00 and gave the stock a “market perform” rating in a report on Monday, July 29th. StockNews.com downgraded First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Wednesday, November 20th. Wells Fargo & Company lowered shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $30.00 to $28.00 in a report on Tuesday, October 1st. Stephens restated an “overweight” rating and issued a $36.00 price target on shares of First Interstate BancSystem in a research report on Thursday, October 10th. Finally, Piper Sandler cut their price target on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating on the stock in a report on Monday, October 28th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, First Interstate BancSystem has a consensus rating of “Hold” and an average target price of $33.83.

First Interstate BancSystem Price Performance

Shares of NASDAQ:FIBK opened at $34.97 on Tuesday. The firm has a 50 day moving average of $31.93 and a 200-day moving average of $29.77. First Interstate BancSystem has a 12 month low of $24.16 and a 12 month high of $36.77. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $3.66 billion, a PE ratio of 15.34 and a beta of 0.81.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.04). First Interstate BancSystem had a net margin of 15.94% and a return on equity of 7.48%. During the same period in the prior year, the business posted $0.70 earnings per share. On average, equities research analysts predict that First Interstate BancSystem will post 2.28 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Monday, November 4th were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 5.38%. The ex-dividend date was Monday, November 4th. First Interstate BancSystem’s dividend payout ratio is presently 82.46%.

Insider Buying and Selling at First Interstate BancSystem

In related news, Director Jonathan R. Scott sold 6,500 shares of First Interstate BancSystem stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $34.18, for a total value of $222,170.00. Following the completion of the sale, the director now owns 958,710 shares of the company’s stock, valued at approximately $32,768,707.80. This trade represents a 0.67 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Julie A. Scott sold 22,050 shares of the company’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $33.80, for a total transaction of $745,290.00. Following the transaction, the insider now owns 613,019 shares in the company, valued at approximately $20,720,042.20. The trade was a 3.47 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 54,837 shares of company stock valued at $1,839,583. Corporate insiders own 6.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC lifted its position in First Interstate BancSystem by 3.1% in the 3rd quarter. Geode Capital Management LLC now owns 1,992,873 shares of the financial services provider’s stock valued at $61,152,000 after acquiring an additional 59,367 shares in the last quarter. Barclays PLC raised its stake in shares of First Interstate BancSystem by 18.6% in the third quarter. Barclays PLC now owns 206,213 shares of the financial services provider’s stock worth $6,326,000 after purchasing an additional 32,298 shares during the last quarter. Jane Street Group LLC lifted its holdings in shares of First Interstate BancSystem by 13.9% in the third quarter. Jane Street Group LLC now owns 188,084 shares of the financial services provider’s stock valued at $5,770,000 after purchasing an additional 22,899 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of First Interstate BancSystem by 6.5% during the third quarter. Wellington Management Group LLP now owns 1,288,214 shares of the financial services provider’s stock valued at $39,522,000 after buying an additional 78,596 shares during the last quarter. Finally, Systematic Financial Management LP bought a new stake in First Interstate BancSystem during the third quarter worth $840,000. 88.71% of the stock is currently owned by institutional investors and hedge funds.

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.