First Interstate BancSystem, Inc. (NASDAQ:FIBK) Receives Consensus Recommendation of “Hold” from Brokerages

First Interstate BancSystem, Inc. (NASDAQ:FIBK) has been assigned an average rating of “Hold” from the seven ratings firms that are presently covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, two have given a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $35.14.

FIBK has been the subject of several research reports. Piper Sandler cut their target price on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating for the company in a research report on Monday, October 28th. Barclays upped their price objective on First Interstate BancSystem from $30.00 to $31.00 and gave the stock an “underweight” rating in a report on Thursday, December 5th. StockNews.com lowered First Interstate BancSystem from a “hold” rating to a “sell” rating in a research report on Tuesday, December 24th. UBS Group initiated coverage on First Interstate BancSystem in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $35.00 target price for the company. Finally, Keefe, Bruyette & Woods increased their price target on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th.

Insider Activity at First Interstate BancSystem

In other news, major shareholder James R. Scott, Jr. sold 6,067 shares of First Interstate BancSystem stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $34.50, for a total value of $209,311.50. Following the sale, the insider now directly owns 75,387 shares in the company, valued at approximately $2,600,851.50. This trade represents a 7.45 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Julie A. Scott sold 22,050 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $33.80, for a total value of $745,290.00. Following the transaction, the insider now owns 613,019 shares of the company’s stock, valued at approximately $20,720,042.20. This represents a 3.47 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 54,837 shares of company stock worth $1,839,583 in the last three months. 6.90% of the stock is owned by insiders.

Institutional Trading of First Interstate BancSystem

Several large investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP lifted its position in shares of First Interstate BancSystem by 8.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,580,800 shares of the financial services provider’s stock worth $127,204,000 after purchasing an additional 367,212 shares during the period. Jennison Associates LLC raised its stake in First Interstate BancSystem by 57.3% in the third quarter. Jennison Associates LLC now owns 885,802 shares of the financial services provider’s stock worth $27,176,000 after buying an additional 322,578 shares in the last quarter. Hotchkis & Wiley Capital Management LLC lifted its holdings in First Interstate BancSystem by 100.0% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 211,390 shares of the financial services provider’s stock worth $6,485,000 after buying an additional 105,670 shares during the period. Wellington Management Group LLP lifted its holdings in First Interstate BancSystem by 6.5% in the third quarter. Wellington Management Group LLP now owns 1,288,214 shares of the financial services provider’s stock worth $39,522,000 after buying an additional 78,596 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of First Interstate BancSystem during the 3rd quarter worth approximately $2,362,000. Institutional investors own 88.71% of the company’s stock.

First Interstate BancSystem Stock Performance

NASDAQ:FIBK opened at $32.23 on Tuesday. The stock has a market cap of $3.37 billion, a P/E ratio of 14.14 and a beta of 0.85. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.71. The business’s 50-day moving average price is $33.23 and its two-hundred day moving average price is $30.93. First Interstate BancSystem has a twelve month low of $24.16 and a twelve month high of $36.77.

First Interstate BancSystem (NASDAQ:FIBK) last announced its 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 15.94% and a return on equity of 7.48%. During the same quarter in the prior year, the business earned $0.70 EPS. As a group, equities analysts predict that First Interstate BancSystem will post 2.28 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 4th were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 5.83%. The ex-dividend date of this dividend was Monday, November 4th. First Interstate BancSystem’s dividend payout ratio is 82.46%.

About First Interstate BancSystem

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.