Brokerages Set First Interstate BancSystem, Inc. (NASDAQ:FIBK) Price Target at $36.83

Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) have received an average recommendation of “Reduce” from the eight brokerages that are currently covering the stock, Marketbeat.com reports. Three investment analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and two have given a buy recommendation to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $36.8333.

A number of analysts have recently commented on FIBK shares. DA Davidson reiterated a “neutral” rating and issued a $39.00 price target on shares of First Interstate BancSystem in a research note on Monday, July 27th. Wells Fargo & Company restated an “underweight” rating and set a $34.00 price objective (down from $36.00) on shares of First Interstate BancSystem in a research report on Monday, August 10th. Weiss Ratings upgraded shares of First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 1st. Barclays downgraded shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $38.00 to $37.00 in a research report on Monday, August 3rd. Finally, Wall Street Zen upgraded First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research report on Monday, June 22nd.

First Interstate BancSystem Price Performance

NASDAQ FIBK opened at $36.83 on Thursday. First Interstate BancSystem has a one year low of $29.10 and a one year high of $40.60. The stock has a 50-day moving average of $37.85 and a 200 day moving average of $36.21. The company has a market capitalization of $3.51 billion, a price-to-earnings ratio of 11.33 and a beta of 0.75. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.69 and a current ratio of 0.69.

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

First Interstate BancSystem Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Tuesday, August 4th were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 5.1%. The ex-dividend date was Tuesday, August 4th. First Interstate BancSystem’s dividend payout ratio is 57.85%.

Insider Transactions at First Interstate BancSystem

In other news, major shareholder Jonathan Scott sold 8,071 shares of the firm’s stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $37.29, for a total value of $300,967.59. Following the transaction, the insider owned 817,738 shares of the company’s stock, valued at $30,493,450.02. This trade represents a 0.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 owned 484,309 shares in the company, valued at approximately $18,229,390.76. The trade was a 0.55% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 27,700 shares of company stock valued at $1,029,476. Company insiders own 8.00% of the company’s stock.

Institutional Investors Weigh In On First Interstate BancSystem

Institutional investors and hedge funds have recently modified their holdings of the stock. Integrated Wealth Concepts LLC bought a new stake in First Interstate BancSystem in the 2nd quarter valued at $26,000. Eurizon Capital SGR S.p.A. bought a new stake in First Interstate BancSystem during the fourth quarter worth approximately $25,000. Allworth Financial LP purchased a new stake in First Interstate BancSystem during the 2nd quarter valued at $62,000. Public Employees Retirement System of Ohio purchased a new stake in shares of First Interstate BancSystem in the second quarter valued at $65,000. Finally, SJS Investment Consulting Inc. raised its position in First Interstate BancSystem by 15,876.9% in the 1st quarter. SJS Investment Consulting Inc. now owns 2,077 shares of the financial services provider’s stock worth $69,000 after purchasing an additional 2,064 shares during the period. Institutional investors own 88.71% of the company’s stock.

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 provides community banking services to individuals, businesses, governmental entities and nonprofit organizations.

Its products and services include personal and business deposit accounts, consumer and commercial lending, mortgage banking, treasury management, online and mobile banking, investment services, and wealth management.