First Interstate BancSystem (NASDAQ:FIBK) Earns Buy Rating from DA Davidson

DA Davidson reissued their buy rating on shares of First Interstate BancSystem (NASDAQ:FIBK) in a research note released on Thursday morning,Benzinga reports. The firm currently has a $42.00 target price on the financial services provider’s stock.

Several other equities research analysts have also recently weighed in on the company. Stephens reiterated an “overweight” rating and set a $36.00 price target on shares of First Interstate BancSystem in a research report on Thursday, October 10th. Wells Fargo & Company decreased their price objective on shares of First Interstate BancSystem from $30.00 to $29.00 and set an “underweight” rating on the stock in a research report on Monday, January 6th. UBS Group assumed coverage on shares of First Interstate BancSystem in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $35.00 price objective on the stock. StockNews.com cut shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a research report on Tuesday, December 24th. Finally, Barclays upped their price objective on shares of First Interstate BancSystem from $30.00 to $31.00 and gave the stock an “underweight” rating in a research report on Thursday, December 5th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, First Interstate BancSystem has an average rating of “Hold” and a consensus target price of $35.00.

First Interstate BancSystem Trading Up 1.9 %

Shares of FIBK opened at $33.50 on Thursday. The business’s 50-day moving average price is $33.14 and its 200-day moving average price is $31.58. First Interstate BancSystem has a twelve month low of $24.16 and a twelve month high of $36.77. The stock has a market cap of $3.50 billion, a PE ratio of 15.30 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.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.01. First Interstate BancSystem had a return on equity of 6.92% and a net margin of 15.94%. On average, equities analysts forecast that First Interstate BancSystem will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 20th. Stockholders of record on Monday, February 10th will be paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.61%. The ex-dividend date of this dividend is Monday, February 10th. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 85.85%.

Insider Activity

In related news, Director Jonathan R. Scott sold 6,500 shares of the firm’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $34.18, for a total value of $222,170.00. Following the completion of the sale, the director now owns 958,710 shares of the company’s stock, valued at $32,768,707.80. This trade represents a 0.67 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Julie A. Scott sold 22,050 shares of the firm’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $33.80, for a total value of $745,290.00. Following the completion of the sale, the insider now directly owns 613,019 shares of the company’s stock, valued at $20,720,042.20. The trade was a 3.47 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 54,837 shares of company stock valued at $1,839,583. 6.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On First Interstate BancSystem

Institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets raised its holdings in First Interstate BancSystem by 97.0% in the third quarter. BNP Paribas Financial Markets now owns 31,779 shares of the financial services provider’s stock worth $975,000 after purchasing an additional 15,649 shares in the last quarter. Jane Street Group LLC raised its holdings in First Interstate BancSystem by 13.9% in the third quarter. Jane Street Group LLC now owns 188,084 shares of the financial services provider’s stock worth $5,770,000 after purchasing an additional 22,899 shares in the last quarter. Barclays PLC increased its holdings in shares of First Interstate BancSystem by 18.6% during the third quarter. Barclays PLC now owns 206,213 shares of the financial services provider’s stock valued at $6,326,000 after acquiring an additional 32,298 shares in the last quarter. Harbor Capital Advisors Inc. increased its holdings in shares of First Interstate BancSystem by 37,734.8% during the fourth quarter. Harbor Capital Advisors Inc. now owns 141,502 shares of the financial services provider’s stock valued at $4,595,000 after acquiring an additional 141,128 shares in the last quarter. Finally, Empower Advisory Group LLC increased its holdings in shares of First Interstate BancSystem by 4.8% during 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 acquiring an additional 21,191 shares in 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.