First Interstate BancSystem (NASDAQ:FIBK) Rating Lowered to Sell at StockNews.com

StockNews.com downgraded shares of First Interstate BancSystem (NASDAQ:FIBK) from a hold rating to a sell rating in a research note published on Wednesday morning.

A number of other equities research analysts also recently weighed in on the company. Keefe, Bruyette & Woods boosted their target price on First Interstate BancSystem from $29.00 to $31.00 and gave the stock a “market perform” rating in a research report on Monday, July 29th. Piper Sandler cut their target price on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating on the stock in a research report on Monday, October 28th. Barclays cut shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $32.00 to $30.00 in a research report on Thursday, October 31st. DA Davidson increased their price objective 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, Stephens reaffirmed an “overweight” rating and set a $36.00 target price on shares of First Interstate BancSystem in a report on Thursday, October 10th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $32.50.

First Interstate BancSystem Stock Performance

First Interstate BancSystem stock opened at $34.39 on Wednesday. The stock has a 50-day simple moving average of $31.51 and a 200 day simple moving average of $29.51. The stock has a market capitalization of $3.59 billion, a price-to-earnings ratio of 15.08 and a beta of 0.81. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.71. First Interstate BancSystem has a 12-month low of $24.16 and a 12-month high of $34.61.

First Interstate BancSystem (NASDAQ:FIBK) last announced its earnings results on Thursday, October 24th. The financial services provider reported $0.54 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). First Interstate BancSystem had a return on equity of 7.48% and a net margin of 15.94%. During the same quarter in the prior year, the company earned $0.70 earnings per share. On average, research analysts anticipate that First Interstate BancSystem will post 2.28 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The company also recently declared 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 5.47%. The ex-dividend date of this dividend was Monday, November 4th. First Interstate BancSystem’s dividend payout ratio (DPR) is 82.46%.

Insider Activity at First Interstate BancSystem

In related news, Director Jonathan R. Scott sold 6,500 shares of the stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $34.18, for a total transaction of $222,170.00. Following the completion of the sale, the director now directly owns 958,710 shares of the company’s stock, valued at approximately $32,768,707.80. This represents a 0.67 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Julie A. Scott sold 22,050 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $33.80, for a total transaction of $745,290.00. Following the sale, the insider now owns 613,019 shares in the company, valued at $20,720,042.20. This trade represents a 3.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 48,770 shares of company stock worth $1,630,272 in the last quarter. Corporate insiders own 6.90% of the company’s stock.

Institutional Investors Weigh In On First Interstate BancSystem

Large investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. boosted its stake in First Interstate BancSystem by 28.5% in the 1st quarter. Russell Investments Group Ltd. now owns 44,410 shares of the financial services provider’s stock worth $1,209,000 after purchasing an additional 9,860 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in First Interstate BancSystem by 6.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 51,919 shares of the financial services provider’s stock valued at $1,413,000 after acquiring an additional 2,940 shares in the last quarter. Bayesian Capital Management LP acquired a new position in First Interstate BancSystem during the 1st quarter worth approximately $286,000. CWM LLC grew its stake in shares of First Interstate BancSystem by 16.0% during the 2nd quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock worth $87,000 after acquiring an additional 430 shares in the last quarter. Finally, SG Americas Securities LLC raised its holdings in shares of First Interstate BancSystem by 79.5% in the second quarter. SG Americas Securities LLC now owns 18,021 shares of the financial services provider’s stock valued at $500,000 after purchasing an additional 7,979 shares during the last quarter. Institutional investors own 88.71% of the company’s stock.

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.