Zacks Investment Research upgraded shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) from a hold rating to a buy rating in a research report released on Tuesday. They currently have $41.00 price target on the financial services provider’s stock.

According to Zacks, “First Interstate BancSystem, Inc. is a financial and bank holding company. Through its wholly-owned subsidiary, First Interstate Bank, it delivers a range of banking products and services to individuals, businesses, municipalities and other entities throughout its market areas. The Company’s banking products and services include demand, time, checking, and savings deposits. The Company’s loan portfolio consists of a mix of real estate, consumer, commercial, agricultural, and other loans, including fixed and variable rate loans. Its real estate loans comprise commercial real estate, construction, residential, agricultural, and other real estate loans. It also provides a range of trust, employee benefit, investment management, insurance, agency, and custodial services to individuals, businesses, and nonprofit organizations. First Interstate BancSystem, Inc. is headquartered in Billings, Montana. “

FIBK has been the subject of a number of other reports. Piper Jaffray Companies reaffirmed an overweight rating and issued a $43.00 target price (down from $44.00) on shares of First Interstate BancSystem in a report on Thursday, June 1st. BidaskClub raised shares of First Interstate BancSystem from a strong sell rating to a sell rating in a report on Saturday, June 10th. Wells Fargo & Company raised shares of First Interstate BancSystem from a market perform rating to an outperform rating in a report on Friday, June 2nd. ValuEngine raised shares of First Interstate BancSystem from a hold rating to a buy rating in a report on Wednesday, May 31st. Finally, Barclays PLC reaffirmed an overweight rating and issued a $41.00 target price on shares of First Interstate BancSystem in a report on Tuesday, June 13th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. The stock has an average rating of Buy and a consensus price target of $42.00.

First Interstate BancSystem (NASDAQ FIBK) traded up 2.08% during midday trading on Tuesday, reaching $36.75. The company had a trading volume of 224,936 shares. The stock has a market capitalization of $2.07 billion, a PE ratio of 17.81 and a beta of 1.15. First Interstate BancSystem has a 1-year low of $28.88 and a 1-year high of $45.35. The firm’s 50 day moving average is $37.02 and its 200 day moving average is $39.02.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.03. The firm had revenue of $116.50 million during the quarter, compared to analysts’ expectations of $119.97 million. First Interstate BancSystem had a net margin of 22.60% and a return on equity of 10.44%. On average, equities analysts anticipate that First Interstate BancSystem will post $2.28 EPS for the current fiscal year.

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The business also recently announced a quarterly dividend, which will be paid on Friday, August 11th. Shareholders of record on Wednesday, August 2nd will be issued a $0.24 dividend. The ex-dividend date is Monday, July 31st. This represents a $0.96 dividend on an annualized basis and a yield of 2.61%. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 46.38%.

A number of hedge funds and other institutional investors have recently modified their holdings of FIBK. Advisors Asset Management Inc. boosted its position in shares of First Interstate BancSystem by 829.0% in the first quarter. Advisors Asset Management Inc. now owns 6,029 shares of the financial services provider’s stock worth $239,000 after buying an additional 5,380 shares during the period. Karp Capital Management Corp bought a new position in shares of First Interstate BancSystem during the first quarter worth about $663,000. First Interstate Bank boosted its position in shares of First Interstate BancSystem by 33.7% in the first quarter. First Interstate Bank now owns 125,746 shares of the financial services provider’s stock worth $4,986,000 after buying an additional 31,722 shares during the period. Swiss National Bank boosted its position in shares of First Interstate BancSystem by 5.0% in the first quarter. Swiss National Bank now owns 33,700 shares of the financial services provider’s stock worth $1,336,000 after buying an additional 1,600 shares during the period. Finally, Teachers Advisors LLC boosted its position in shares of First Interstate BancSystem by 3.4% in the fourth quarter. Teachers Advisors LLC now owns 44,894 shares of the financial services provider’s stock worth $1,910,000 after buying an additional 1,489 shares during the period. 38.70% of the stock is owned by institutional investors.

About First Interstate BancSystem

First Interstate BancSystem, Inc is a financial and bank holding company. The Company, through its bank subsidiary First Interstate Bank (the Bank), delivers a range of banking products and services to individuals, businesses, municipalities and other entities. The Company also, through its subsidiary Bank of the Cascades, offers full-service community banking through 46 branches in Oregon, Idaho and Washington.

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