Barclays Downgrades First Interstate BancSystem (NASDAQ:FIBK) to Underweight

Barclays cut shares of First Interstate BancSystem (NASDAQ:FIBK) from an equal weight rating to an underweight rating in a research report released on Thursday morning, MarketBeat Ratings reports. Barclays currently has $30.00 price target on the financial services provider’s stock, down from their previous price target of $32.00.

A number of other research firms have also commented on FIBK. Piper Sandler reduced their price objective on First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating on the stock in a research note on Monday, October 28th. Stephens restated an “overweight” rating and issued a $36.00 price objective on shares of First Interstate BancSystem in a research report on Thursday, October 10th. StockNews.com lowered shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd. DA Davidson raised their price target on shares of First Interstate BancSystem from $27.00 to $34.00 and gave the company a “neutral” rating in a report on Monday, July 29th. Finally, Keefe, Bruyette & Woods increased their price objective on First Interstate BancSystem from $29.00 to $31.00 and gave the company a “market perform” rating in a research report on Monday, July 29th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, First Interstate BancSystem currently has a consensus rating of “Hold” and an average price target of $32.50.

First Interstate BancSystem Stock Down 0.1 %

Shares of FIBK opened at $30.78 on Thursday. First Interstate BancSystem has a 12 month low of $22.89 and a 12 month high of $33.00. The stock has a market cap of $3.22 billion, a price-to-earnings ratio of 13.50 and a beta of 0.81. The company has a 50-day moving average price of $30.64 and a two-hundred day moving average price of $28.85. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.92.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.04). First Interstate BancSystem had a net margin of 17.22% and a return on equity of 7.57%. During the same quarter in the prior year, the company earned $0.70 EPS. Equities analysts predict that First Interstate BancSystem will post 2.29 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Monday, November 4th will be issued a $0.47 dividend. The ex-dividend date of this dividend is Monday, November 4th. This represents a $1.88 dividend on an annualized basis and a yield of 6.11%. First Interstate BancSystem’s dividend payout ratio is presently 82.46%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. TNF LLC raised its holdings in First Interstate BancSystem by 1.5% in the third quarter. TNF LLC now owns 25,376 shares of the financial services provider’s stock worth $812,000 after purchasing an additional 367 shares during the period. Caprock Group LLC raised its holdings in First Interstate BancSystem by 1.7% during the 2nd quarter. Caprock Group LLC now owns 25,673 shares of the financial services provider’s stock worth $713,000 after buying an additional 422 shares during the period. CWM LLC lifted its stake in First Interstate BancSystem by 16.0% in the second quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock valued at $87,000 after buying an additional 430 shares in the last quarter. Hennion & Walsh Asset Management Inc. boosted its holdings in shares of First Interstate BancSystem by 5.3% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 10,136 shares of the financial services provider’s stock valued at $311,000 after buying an additional 507 shares during the period. Finally, Inspire Investing LLC increased its position in shares of First Interstate BancSystem by 4.6% during the first quarter. Inspire Investing LLC now owns 13,057 shares of the financial services provider’s stock worth $355,000 after acquiring an additional 570 shares in the last quarter. Institutional investors own 88.71% of the company’s stock.

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.