First Interstate BancSystem, Inc. (NASDAQ:FIBK) Receives $37.33 Consensus Target Price from Brokerages

First Interstate BancSystem, Inc. (NASDAQ:FIBK) has received an average rating of “Reduce” from the eight research firms that are presently covering the firm, Marketbeat reports. Three research analysts have rated the stock with a sell recommendation, three have given a hold recommendation and two have issued a buy recommendation on the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $37.1667.

FIBK has been the topic of a number of recent research reports. Wall Street Zen upgraded First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a report on Monday, June 22nd. UBS Group boosted their price target on shares of First Interstate BancSystem from $30.00 to $33.00 and gave the company a “sell” rating in a research note on Friday, May 1st. Barclays downgraded shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $38.00 to $37.00 in a report on Monday. Weiss Ratings raised shares of First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 1st. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $37.00 price objective (down from $38.00) on shares of First Interstate BancSystem in a report on Friday, May 1st.

First Interstate BancSystem Stock Down 0.4%

Shares of NASDAQ:FIBK opened at $38.40 on Wednesday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.70 and a current ratio of 0.70. First Interstate BancSystem has a 52-week low of $28.57 and a 52-week high of $40.60. The business’s 50 day simple moving average is $37.59 and its two-hundred day simple moving average is $36.08. The firm has a market cap of $3.73 billion, a P/E ratio of 11.82 and a beta of 0.76.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.87 EPS for the quarter, beating the consensus estimate of $0.69 by $0.18. First Interstate BancSystem had a return on equity of 9.55% and a net margin of 29.44%.The firm had revenue of $263.90 million during the quarter, compared to the consensus estimate of $249.32 million. During the same quarter in the previous year, the company posted $0.69 earnings per share. The company’s quarterly revenue was up 6.4% on a year-over-year basis. As a group, research analysts forecast that First Interstate BancSystem will post 2.84 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Tuesday, August 4th will be given a $0.47 dividend. The ex-dividend date of this dividend is Tuesday, August 4th. This represents a $1.88 annualized dividend and a yield of 4.9%. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 57.85%.

Insider Transactions at First Interstate BancSystem

In other news, major shareholder Julie A. Scott sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $35.97, for a total value of $539,550.00. Following the transaction, the insider owned 488,359 shares in the company, valued at $17,566,273.23. This trade represents a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Jonathan R. Scott sold 12,892 shares of the firm’s stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $35.58, for a total value of $458,697.36. Following the completion of the transaction, the insider owned 866,628 shares in the company, valued at $30,834,624.24. This represents a 1.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 32,392 shares of company stock valued at $1,161,552 in the last quarter. Company insiders own 8.00% of the company’s stock.

Institutional Investors Weigh In On First Interstate BancSystem

Several institutional investors have recently bought and sold shares of the stock. McIlrath & Eck LLC raised its position in First Interstate BancSystem by 17.2% in the 1st quarter. McIlrath & Eck LLC now owns 9,963 shares of the financial services provider’s stock valued at $333,000 after buying an additional 1,461 shares during the last quarter. Bank of America Corp DE boosted its holdings in First Interstate BancSystem by 1.4% during the 1st quarter. Bank of America Corp DE now owns 1,778,094 shares of the financial services provider’s stock worth $59,388,000 after acquiring an additional 24,250 shares during the last quarter. Amundi boosted its holdings in First Interstate BancSystem by 88.4% during the 1st quarter. Amundi now owns 24,976 shares of the financial services provider’s stock worth $834,000 after acquiring an additional 11,720 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of First Interstate BancSystem by 17.7% in 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 in the last quarter. Finally, California State Teachers Retirement System grew its stake in shares of First Interstate BancSystem by 36.9% in the 1st quarter. California State Teachers Retirement System now owns 113,551 shares of the financial services provider’s stock worth $3,793,000 after acquiring an additional 30,614 shares in the last quarter. Institutional investors own 88.71% of the company’s stock.

First Interstate BancSystem Company Profile

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.