First Interstate BancSystem, Inc. (NASDAQ:FIBK) Stock Has Average Target Price of $37.14

Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) have been given an average rating of “Reduce” by the nine research firms that are covering the stock, MarketBeat reports. Three research analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $37.43.

FIBK has been the topic of several analyst reports. Stephens increased their price objective on First Interstate BancSystem from $37.00 to $38.00 and gave the company an “equal weight” rating in a research note on Thursday, October 29th. Barclays boosted their target price on First Interstate BancSystem from $37.00 to $38.00 and gave the stock an “underweight” rating in a research note on Monday, October 5th. DA Davidson reissued a “neutral” rating and set a $39.00 target price on shares of First Interstate BancSystem in a research note on Monday, July 27th. Wall Street Zen downgraded First Interstate BancSystem from a “hold” rating to a “sell” rating in a report on Saturday, October 24th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of First Interstate BancSystem in a research report on Monday, September 28th.

First Interstate BancSystem Trading Down 1.1%

Shares of FIBK stock opened at $38.00 on Friday. First Interstate BancSystem has a fifty-two week low of $29.39 and a fifty-two week high of $40.60. The company has a 50 day moving average price of $36.61 and a 200 day moving average price of $36.33. The stock has a market capitalization of $3.52 billion, a P/E ratio of 11.97 and a beta of 0.73. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.68 and a current ratio of 0.68.

First Interstate BancSystem (NASDAQ:FIBK) last released its earnings results on Thursday, October 22nd. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.03). First Interstate BancSystem had a return on equity of 9.49% and a net margin of 23.30%. The business had revenue of $43.30 million for the quarter, compared to analyst estimates of $247.93 million. Equities research analysts predict that First Interstate BancSystem will post 2.79 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Tuesday, November 3rd will be paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date is Tuesday, November 3rd. First Interstate BancSystem’s dividend payout ratio is presently 58.57%.

Insider Buying and Selling

In related news, major shareholder Julie A. Scott sold 2,700 shares of the firm’s stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $37.64, for a total value of $101,628.00. Following the sale, the insider owned 484,309 shares of the company’s stock, valued at $18,229,390.76. This trade represents a 0.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James Scott, Jr. sold 3,108 shares of First Interstate BancSystem stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $38.00, for a total transaction of $118,104.00. Following the completion of the transaction, the director owned 77,634 shares of the company’s stock, valued at $2,950,092. This represents a 3.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 50,858 shares of company stock worth $1,905,587. Company insiders own 8.00% of the company’s stock.

Institutional Investors Weigh In On First Interstate BancSystem

Institutional investors have recently modified their holdings of the company. BlackRock Inc. acquired a new position in shares of First Interstate BancSystem during the second quarter worth $529,533,000. Bank of America Corp DE acquired a new stake in First Interstate BancSystem in the second quarter valued at $56,386,000. Bank of New York Mellon Corp acquired a new stake in First Interstate BancSystem in the second quarter valued at $38,663,000. First Trust Advisors LP lifted its holdings in First Interstate BancSystem by 214.9% during the 1st quarter. First Trust Advisors LP now owns 1,197,557 shares of the financial services provider’s stock worth $39,998,000 after buying an additional 817,235 shares during the last quarter. Finally, Punch & Associates Investment Management Inc. purchased a new stake in First Interstate BancSystem during the 2nd quarter worth about $30,000,000. 88.71% of the stock is owned by hedge funds and other institutional investors.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc. is a financial holding company whose principal subsidiary is First Interstate Bank. The bank provides personal, business and agricultural banking services, including deposit accounts, loans, mortgage lending and treasury management. Its other offerings include wealth management, trust and investment services, and insurance. The company serves individuals, businesses and communities across a multistate footprint in the western and north-central United States. Established in Montana in 1968, First Interstate BancSystem has grown through the development of its banking operations and acquisitions.