First Interstate BancSystem Inc. (FIBK) Downgraded by Zacks Investment Research to Hold
First Interstate BancSystem Inc. (NASDAQ:FIBK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “First Interstate BancSystem, Inc. is a financial and bank holding company. Through its wholly-owned subsidiary, First Interstate Bank, it delivers a range of banking products and services to individuals, businesses, municipalities and other entities throughout its market areas. The Company’s banking products and services include demand, time, checking, and savings deposits. The Company’s loan portfolio consists of a mix of real estate, consumer, commercial, agricultural, and other loans, including fixed and variable rate loans. Its real estate loans comprise commercial real estate, construction, residential, agricultural, and other real estate loans. It also provides a range of trust, employee benefit, investment management, insurance, agency, and custodial services to individuals, businesses, and nonprofit organizations. First Interstate BancSystem, Inc. is headquartered in Billings, Montana. “
Several other brokerages have also issued reports on FIBK. Sandler O’Neill upgraded shares of First Interstate BancSystem from a “hold” rating to a “buy” rating in a report on Monday, November 21st. Barclays PLC boosted their price objective on shares of First Interstate BancSystem from $31.00 to $34.00 and gave the company an “overweight” rating in a report on Tuesday, October 11th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $33.33.
First Interstate BancSystem (NASDAQ:FIBK) traded up 0.13% during mid-day trading on Tuesday, reaching $37.30. 311,517 shares of the company were exchanged. The firm has a market capitalization of $1.67 billion, a P/E ratio of 17.85 and a beta of 0.97. The stock has a 50-day moving average of $33.76 and a 200 day moving average of $30.47. First Interstate BancSystem has a 1-year low of $24.92 and a 1-year high of $38.75.
First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings data on Monday, October 24th. The financial services provider reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.04. First Interstate BancSystem had a net margin of 22.52% and a return on equity of 9.66%. Equities research analysts forecast that First Interstate BancSystem will post $2.14 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, November 14th. Shareholders of record on Monday, October 31st were paid a dividend of $0.22 per share. The ex-dividend date was Thursday, October 27th. This is a positive change from First Interstate BancSystem’s previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a yield of 2.36%. First Interstate BancSystem’s dividend payout ratio is 42.11%.
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A number of hedge funds have recently modified their holdings of FIBK. Renaissance Technologies LLC raised its stake in First Interstate BancSystem by 31.2% in the first quarter. Renaissance Technologies LLC now owns 461,700 shares of the financial services provider’s stock worth $12,988,000 after buying an additional 109,800 shares during the last quarter. Acadian Asset Management LLC raised its stake in First Interstate BancSystem by 210.4% in the second quarter. Acadian Asset Management LLC now owns 22,068 shares of the financial services provider’s stock worth $621,000 after buying an additional 14,958 shares during the last quarter. First Quadrant L P CA raised its stake in First Interstate BancSystem by 107.1% in the second quarter. First Quadrant L P CA now owns 20,500 shares of the financial services provider’s stock worth $576,000 after buying an additional 10,600 shares during the last quarter. Bank of Montreal Can purchased a new stake in First Interstate BancSystem during the second quarter worth $2,001,000. Finally, Strs Ohio raised its stake in First Interstate BancSystem by 8.6% in the second quarter. Strs Ohio now owns 13,900 shares of the financial services provider’s stock worth $390,000 after buying an additional 1,100 shares during the last quarter. Institutional investors own 33.45% of the company’s stock.
First Interstate BancSystem Company Profile
First Interstate BancSystem, Inc is a financial and bank holding company. The Company, through its bank subsidiary First Interstate Bank (the Bank), delivers a range of banking products and services to individuals, businesses, municipalities and other entities. The Company operates through community banking segment.
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