First Interstate BancSystem (NASDAQ:FIBK) Coverage Initiated by Analysts at UBS Group

UBS Group assumed coverage on shares of First Interstate BancSystem (NASDAQ:FIBK) in a research report sent to investors on Tuesday morning, MarketBeat.com reports. The brokerage issued a neutral rating and a $35.00 target price on the financial services provider’s stock.

A number of other brokerages also recently issued reports on FIBK. Stephens reiterated an “overweight” rating and issued a $36.00 price target on shares of First Interstate BancSystem in a report on Thursday, October 10th. Wells Fargo & Company upped their target price on First Interstate BancSystem from $28.00 to $30.00 and gave the company an “underweight” rating in a research report on Tuesday, December 3rd. Keefe, Bruyette & Woods raised their price target on First Interstate BancSystem from $32.00 to $36.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. DA Davidson upgraded shares of First Interstate BancSystem from a “neutral” rating to a “buy” rating and upped their price objective for the company from $32.00 to $42.00 in a report on Tuesday, November 26th. Finally, Barclays increased their price objective on shares of First Interstate BancSystem from $30.00 to $31.00 and gave the company an “underweight” rating in a research report on Thursday, December 5th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $35.14.

First Interstate BancSystem Price Performance

FIBK opened at $33.62 on Tuesday. The business has a fifty day moving average of $32.88 and a 200 day moving average of $30.35. 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 stock has a market cap of $3.51 billion, a P/E ratio of 14.75 and a beta of 0.84. First Interstate BancSystem has a 52-week low of $24.16 and a 52-week high of $36.77.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings data 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 return on equity of 7.48% and a net margin of 15.94%. During the same period in the prior year, the firm posted $0.70 earnings per share. As a group, sell-side analysts anticipate that First Interstate BancSystem will post 2.28 EPS for the current year.

First Interstate BancSystem Announces Dividend

The firm also recently disclosed 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 5.59%. The ex-dividend date of this dividend was Monday, November 4th. First Interstate BancSystem’s dividend payout ratio (DPR) is currently 82.46%.

Insider Transactions at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder Julie A. Scott sold 22,050 shares of the stock in a transaction dated 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 directly owns 613,019 shares of the company’s stock, valued at approximately $20,720,042.20. This trade represents a 3.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jonathan R. Scott sold 6,500 shares of First Interstate BancSystem stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $34.18, for a total value of $222,170.00. Following the transaction, the director now owns 958,710 shares of the company’s stock, valued at $32,768,707.80. The trade was a 0.67 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 54,837 shares of company stock worth $1,839,583 over the last 90 days. 6.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On First Interstate BancSystem

Several hedge funds have recently bought and sold shares of FIBK. BNP Paribas Financial Markets increased its holdings in shares of First Interstate BancSystem by 97.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 31,779 shares of the financial services provider’s stock valued at $975,000 after purchasing an additional 15,649 shares in the last quarter. Jane Street Group LLC grew its position in First Interstate BancSystem by 13.9% during the third quarter. Jane Street Group LLC now owns 188,084 shares of the financial services provider’s stock valued at $5,770,000 after buying an additional 22,899 shares during the period. Dimensional Fund Advisors LP increased its holdings in First Interstate BancSystem by 8.7% in the second quarter. Dimensional Fund Advisors LP now owns 4,580,800 shares of the financial services provider’s stock valued at $127,204,000 after buying an additional 367,212 shares in the last quarter. Empower Advisory Group LLC increased its holdings in First Interstate BancSystem by 4.8% in the third quarter. Empower Advisory Group LLC now owns 466,687 shares of the financial services provider’s stock valued at $14,318,000 after buying an additional 21,191 shares in the last quarter. Finally, Versor Investments LP acquired a new position in shares of First Interstate BancSystem in the third quarter worth about $914,000. Hedge funds and other 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.