Stephens Reiterates Overweight Rating for First Interstate BancSystem (NASDAQ:FIBK)

Stephens reaffirmed their overweight rating on shares of First Interstate BancSystem (NASDAQ:FIBK) in a report published on Thursday, Benzinga reports. The firm currently has a $36.00 price target on the financial services provider’s stock.

Other equities analysts also recently issued research reports about the stock. Wells Fargo & Company downgraded shares of First Interstate BancSystem from an equal weight rating to an underweight rating and dropped their price target for the stock from $30.00 to $28.00 in a research note on Tuesday, October 1st. Keefe, Bruyette & Woods upped their price target on First Interstate BancSystem from $29.00 to $31.00 and gave the stock a market perform rating in a report on Monday, July 29th. Piper Sandler reaffirmed an overweight rating and issued a $38.00 price target on shares of First Interstate BancSystem in a research report on Monday, August 26th. StockNews.com downgraded First Interstate BancSystem from a hold rating to a sell rating in a research report on Thursday, October 3rd. Finally, Barclays raised their target price on shares of First Interstate BancSystem from $31.00 to $32.00 and gave the company an equal weight rating in a report on Friday, September 27th. Two analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $33.17.

First Interstate BancSystem Trading Up 3.7 %

Shares of NASDAQ FIBK opened at $30.77 on Thursday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.92. The stock has a market capitalization of $3.22 billion, a PE ratio of 12.26 and a beta of 0.81. First Interstate BancSystem has a twelve month low of $20.81 and a twelve month high of $33.00. The stock has a fifty day simple moving average of $29.75 and a 200-day simple moving average of $28.25.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.03. First Interstate BancSystem had a net margin of 17.22% and a return on equity of 8.19%. The company had revenue of $244.30 million for the quarter, compared to analyst estimates of $246.07 million. During the same period in the prior year, the firm earned $0.66 earnings per share. On average, equities analysts forecast that First Interstate BancSystem will post 2.34 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 5th were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 6.11%. The ex-dividend date of this dividend was Monday, August 5th. First Interstate BancSystem’s payout ratio is 74.90%.

Hedge Funds Weigh In On First Interstate BancSystem

Several hedge funds have recently added to or reduced their stakes in FIBK. Creative Planning raised its stake in First Interstate BancSystem by 23.0% during the 3rd quarter. Creative Planning now owns 30,033 shares of the financial services provider’s stock worth $921,000 after acquiring an additional 5,618 shares in the last quarter. Procyon Advisors LLC acquired a new stake in shares of First Interstate BancSystem during the third quarter worth about $358,000. Inspire Investing LLC lifted its holdings in shares of First Interstate BancSystem by 5.3% in the 3rd quarter. Inspire Investing LLC now owns 13,422 shares of the financial services provider’s stock valued at $412,000 after purchasing an additional 673 shares during the last quarter. CWM LLC boosted its position in shares of First Interstate BancSystem by 65.0% in the 3rd quarter. CWM LLC now owns 5,152 shares of the financial services provider’s stock valued at $158,000 after purchasing an additional 2,029 shares during the period. Finally, Algert Global LLC purchased a new position in First Interstate BancSystem during the 2nd quarter worth approximately $261,000. 88.71% of the stock is currently owned by hedge funds and other institutional investors.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc operates as the bank holding company for First Interstate Bank that provides range of banking products and services in the United States. It offers various traditional depository products, including checking, savings, and time deposits; and repurchase agreements primarily for commercial and municipal depositors.