First Interstate BancSystem (NASDAQ:FIBK) Cut to “Underweight” at Wells Fargo & Company

Wells Fargo & Company lowered shares of First Interstate BancSystem (NASDAQ:FIBK) from an equal weight rating to an underweight rating in a report released on Tuesday morning, Marketbeat reports. The firm currently has $28.00 target price on the financial services provider’s stock, down from their prior target price of $30.00.

A number of other equities research analysts have also commented on the company. Stephens increased their price target on First Interstate BancSystem from $32.00 to $36.00 and gave the stock an overweight rating in a research report on Monday, July 29th. Barclays boosted their price objective on First Interstate BancSystem from $31.00 to $32.00 and gave the stock an equal weight rating in a research note on Friday, September 27th. Piper Sandler restated an overweight rating and issued a $38.00 target price on shares of First Interstate BancSystem in a research note on Monday, August 26th. DA Davidson upped their price target on shares of First Interstate BancSystem from $27.00 to $34.00 and gave the stock a neutral rating in a research report on Monday, July 29th. Finally, StockNews.com lowered shares of First Interstate BancSystem from a hold rating to a sell rating in a report on Friday, September 20th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Hold and an average price target of $33.17.

First Interstate BancSystem Stock Up 1.0 %

Shares of NASDAQ:FIBK opened at $29.84 on Tuesday. The company’s fifty day moving average is $29.83 and its 200-day moving average is $28.11. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.79 and a current ratio of 0.79. First Interstate BancSystem has a 52 week low of $20.81 and a 52 week high of $33.00. The company has a market capitalization of $3.12 billion, a PE ratio of 11.89 and a beta of 0.81.

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

First Interstate BancSystem Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 5th were given a dividend of $0.47 per share. The ex-dividend date was Monday, August 5th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.30%. First Interstate BancSystem’s payout ratio is currently 74.90%.

Hedge Funds Weigh In On First Interstate BancSystem

Several hedge funds have recently added to or reduced their stakes in the company. Parallel Advisors LLC raised its holdings in First Interstate BancSystem by 205.3% during the 4th quarter. Parallel Advisors LLC now owns 1,273 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 856 shares during the last quarter. CWM LLC boosted its stake in shares of First Interstate BancSystem by 16.0% in the 2nd quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock valued at $87,000 after purchasing an additional 430 shares during the last quarter. PNC Financial Services Group Inc. grew its position in shares of First Interstate BancSystem by 28.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 3,378 shares of the financial services provider’s stock worth $104,000 after buying an additional 744 shares during the period. Innealta Capital LLC bought a new stake in shares of First Interstate BancSystem during the second quarter worth approximately $106,000. Finally, nVerses Capital LLC lifted its holdings in First Interstate BancSystem by 412.5% in the second quarter. nVerses Capital LLC now owns 4,100 shares of the financial services provider’s stock valued at $114,000 after buying an additional 3,300 shares during the period. 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.