First Interstate BancSystem (NASDAQ:FIBK) Reaches New 12-Month High – Time to Buy?

First Interstate BancSystem, Inc. (NASDAQ:FIBK) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $39.74 and last traded at $39.5440, with a volume of 175415 shares. The stock had previously closed at $38.94.

Analysts Set New Price Targets

FIBK has been the subject of several analyst reports. DA Davidson cut First Interstate BancSystem from a “buy” rating to a “neutral” rating and dropped their target price for the company from $41.00 to $39.00 in a report on Wednesday, May 27th. Piper Sandler lowered their price objective on First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating for the company in a research report on Thursday, April 2nd. Wall Street Zen upgraded First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research report on Monday, June 22nd. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $37.00 price objective (down from $38.00) on shares of First Interstate BancSystem in a research note on Friday, May 1st. Finally, Wells Fargo & Company raised their target price on shares of First Interstate BancSystem from $30.00 to $36.00 and gave the stock an “underweight” rating in a report on Monday, March 30th. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $37.33.

First Interstate BancSystem Stock Up 2.2%

The company has a market capitalization of $3.91 billion, a P/E ratio of 13.10 and a beta of 0.76. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.70 and a quick ratio of 0.70. The company has a 50 day moving average of $36.72 and a 200-day moving average of $35.88.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings results on Wednesday, April 29th. The financial services provider reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.01. First Interstate BancSystem had a return on equity of 9.13% and a net margin of 22.64%.The business had revenue of $5.10 million during the quarter, compared to analyst estimates of $242.78 million. During the same quarter in the prior year, the company posted $0.49 EPS. As a group, equities analysts anticipate that First Interstate BancSystem, Inc. will post 2.66 EPS for the current year.

First Interstate BancSystem Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Monday, May 11th were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date was Monday, May 11th. First Interstate BancSystem’s dividend payout ratio is currently 61.24%.

Insiders Place Their Bets

In other First Interstate BancSystem news, major shareholder Jonathan R. Scott sold 4,500 shares of the company’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $36.29, for a total value of $163,305.00. Following the completion of the transaction, the insider directly owned 862,128 shares in the company, valued at approximately $31,286,625.12. This represents a 0.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Julie A. Scott sold 15,000 shares of the firm’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $35.97, for a total transaction of $539,550.00. Following the completion of the sale, the insider directly owned 488,359 shares of the company’s stock, valued at approximately $17,566,273.23. This represents a 2.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 32,392 shares of company stock valued at $1,161,552 in the last ninety days. 8.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On First Interstate BancSystem

Hedge funds and other institutional investors have recently modified their holdings of the stock. Northern Capital Management Inc. lifted its holdings in First Interstate BancSystem by 0.5% in the fourth quarter. Northern Capital Management Inc. now owns 52,100 shares of the financial services provider’s stock worth $1,803,000 after buying an additional 275 shares during the period. EverSource Wealth Advisors LLC grew its holdings in shares of First Interstate BancSystem by 17.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,099 shares of the financial services provider’s stock worth $70,000 after acquiring an additional 315 shares during the period. HighTower Advisors LLC grew its holdings in shares of First Interstate BancSystem by 2.7% during the 4th quarter. HighTower Advisors LLC now owns 14,177 shares of the financial services provider’s stock worth $491,000 after acquiring an additional 375 shares during the period. Alliancebernstein L.P. grew its holdings in shares of First Interstate BancSystem by 0.4% during the 3rd quarter. Alliancebernstein L.P. now owns 108,600 shares of the financial services provider’s stock worth $3,461,000 after acquiring an additional 397 shares during the period. Finally, First Horizon Corp raised its position in shares of First Interstate BancSystem by 56.0% in the 4th quarter. First Horizon Corp now owns 1,268 shares of the financial services provider’s stock worth $44,000 after acquiring an additional 455 shares in the last quarter. Hedge funds and other institutional investors own 88.71% of the company’s stock.

About First Interstate BancSystem

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.