First Interstate BancSystem (NASDAQ:FIBK) Stock Price Breaks Above 200 Day Moving Average – What’s Next?

First Interstate BancSystem, Inc. (NASDAQ:FIBK) shares crossed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $36.33 and traded as high as $36.48. First Interstate BancSystem shares last traded at $36.00, with a volume of 1,238,282 shares.

Analysts Set New Price Targets

Several brokerages have issued reports on FIBK. DA Davidson reissued a “neutral” rating and issued a $39.00 price target on shares of First Interstate BancSystem in a report on Monday, July 27th. Wells Fargo & Company reaffirmed an “underweight” rating and set a $34.00 price objective (down from $36.00) on shares of First Interstate BancSystem in a report on Monday, August 10th. Weiss Ratings reiterated a “buy (b)” rating on shares of First Interstate BancSystem in a research report on Monday, September 28th. Barclays cut shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $38.00 to $37.00 in a research note on Monday, August 3rd. Finally, Wall Street Zen upgraded shares of First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research note on Monday, June 22nd. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $36.83.

First Interstate BancSystem Stock Up 0.6%

The company has a debt-to-equity ratio of 0.09, a current ratio of 0.69 and a quick ratio of 0.69. The firm has a 50 day simple moving average of $37.37 and a 200-day simple moving average of $36.33. The stock has a market capitalization of $3.43 billion, a price-to-earnings ratio of 11.08 and a beta of 0.73.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.18. First Interstate BancSystem had a return on equity of 9.55% and a net margin of 23.63%.The company had revenue of $263.90 million during the quarter, compared to analysts’ expectations of $249.32 million. During the same period last year, the business earned $0.69 earnings per share. The business’s revenue was up 6.4% on a year-over-year basis. On average, sell-side analysts forecast that First Interstate BancSystem, Inc. will post 2.84 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Tuesday, August 4th were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 5.2%. The ex-dividend date of this dividend was Tuesday, August 4th. First Interstate BancSystem’s dividend payout ratio (DPR) is currently 57.85%.

Insider Transactions at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder Jonathan Scott sold 16,929 shares of the company’s stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $37.03, for a total transaction of $626,880.87. Following the sale, the insider directly owned 825,809 shares of the company’s stock, valued at approximately $30,579,707.27. This represents a 2.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Julie A. Scott sold 2,700 shares of the firm’s stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $37.64, for a total transaction of $101,628.00. Following the sale, the insider directly owned 484,309 shares of the company’s stock, valued at approximately $18,229,390.76. The trade was a 0.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 27,700 shares of company stock worth $1,029,476. Company insiders own 8.00% of the company’s stock.

Institutional Investors Weigh In On First Interstate BancSystem

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Eurizon Capital SGR S.p.A. bought a new position in First Interstate BancSystem in the 4th quarter valued at $25,000. Integrated Wealth Concepts LLC bought a new stake in shares of First Interstate BancSystem during the second quarter worth $26,000. Allworth Financial LP bought a new stake in shares of First Interstate BancSystem during the second quarter worth $62,000. Public Employees Retirement System of Ohio acquired a new stake in shares of First Interstate BancSystem in the second quarter valued at $65,000. Finally, SJS Investment Consulting Inc. increased its stake in shares of First Interstate BancSystem by 15,876.9% in the first quarter. SJS Investment Consulting Inc. now owns 2,077 shares of the financial services provider’s stock valued at $69,000 after buying an additional 2,064 shares in the last quarter. 88.71% of the stock is owned by institutional investors and hedge funds.

About First Interstate BancSystem

First Interstate BancSystem, Inc is a financial holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company operates as a community-focused regional bank serving individuals, businesses, agricultural customers and public-sector organizations.

First Interstate Bank offers a range of banking products and services, including checking and savings accounts, certificates of deposit, consumer loans, residential mortgages, commercial and agricultural lending, treasury management, online and mobile banking, and credit cards.