Zacks Investment Research lowered shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) from a buy rating to a hold rating in a research report released on Thursday morning.

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. “

FIBK has been the subject of a number of other reports. Keefe, Bruyette & Woods set a $43.00 price target on shares of First Interstate BancSystem and gave the stock a hold rating in a report on Saturday, May 27th. BidaskClub upgraded shares of First Interstate BancSystem from a strong sell rating to a sell rating in a report on Saturday, June 10th. Wells Fargo & Company upgraded shares of First Interstate BancSystem from a market perform rating to an outperform rating in a report on Friday, June 2nd. Barclays PLC restated an overweight rating and issued a $41.00 target price on shares of First Interstate BancSystem in a report on Tuesday, June 13th. Finally, ValuEngine upgraded shares of First Interstate BancSystem from a hold rating to a buy rating in a report on Wednesday, May 31st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. First Interstate BancSystem has a consensus rating of Buy and an average target price of $42.00.

Shares of First Interstate BancSystem (NASDAQ FIBK) traded up 2.08% during trading on Thursday, hitting $36.75. 224,936 shares of the stock traded hands. First Interstate BancSystem has a 52-week low of $29.13 and a 52-week high of $45.35. The firm has a market cap of $1.22 billion, a PE ratio of 16.55 and a beta of 1.15. The company’s 50 day moving average is $37.02 and its 200 day moving average is $39.02.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.03. The business had revenue of $116.50 million during the quarter, compared to the consensus estimate of $119.97 million. First Interstate BancSystem had a net margin of 22.60% and a return on equity of 10.44%. On average, equities research analysts predict that First Interstate BancSystem will post $2.28 EPS for the current year.

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The business also recently announced a quarterly dividend, which will be paid on Friday, August 11th. Investors of record on Wednesday, August 2nd will be issued a $0.24 dividend. The ex-dividend date is Monday, July 31st. This represents a $0.96 dividend on an annualized basis and a yield of 2.61%. First Interstate BancSystem’s payout ratio is 46.38%.

A number of large investors have recently added to or reduced their stakes in FIBK. Vanguard Group Inc. increased its stake in First Interstate BancSystem by 44.7% in the first quarter. Vanguard Group Inc. now owns 1,795,049 shares of the financial services provider’s stock worth $71,175,000 after buying an additional 554,418 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in First Interstate BancSystem by 3.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,734,195 shares of the financial services provider’s stock worth $68,762,000 after buying an additional 50,442 shares during the last quarter. Bank of New York Mellon Corp increased its stake in First Interstate BancSystem by 63.2% in the second quarter. Bank of New York Mellon Corp now owns 1,603,013 shares of the financial services provider’s stock worth $59,632,000 after buying an additional 620,854 shares during the last quarter. Macquarie Group Ltd. increased its stake in First Interstate BancSystem by 2.0% in the first quarter. Macquarie Group Ltd. now owns 956,504 shares of the financial services provider’s stock worth $37,925,000 after buying an additional 19,049 shares during the last quarter. Finally, State Street Corp increased its stake in First Interstate BancSystem by 66.0% in the first quarter. State Street Corp now owns 769,627 shares of the financial services provider’s stock worth $30,523,000 after buying an additional 305,988 shares during the last quarter. Hedge funds and other institutional investors own 38.70% of the company’s stock.

About First Interstate BancSystem

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 also, through its subsidiary Bank of the Cascades, offers full-service community banking through 46 branches in Oregon, Idaho and Washington.

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Analyst Recommendations for First Interstate BancSystem (NASDAQ:FIBK)

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