First Interstate BancSystem (NASDAQ:FIBK) Downgraded to Sell Rating by Wall Street Zen

Wall Street Zen downgraded shares of First Interstate BancSystem (NASDAQ:FIBK) from a hold rating to a sell rating in a research note released on Sunday morning.

Several other research firms have also recently weighed in on FIBK. Stephens cut First Interstate BancSystem from an “overweight” rating to an “equal weight” rating in a research report on Thursday, February 5th. Barclays reduced their price target on First Interstate BancSystem from $38.00 to $36.00 and set an “equal weight” rating for the company in a research report on Friday, January 30th. Piper Sandler lifted their price objective on shares of First Interstate BancSystem from $41.00 to $44.00 and gave the company an “overweight” rating in a report on Monday, February 2nd. Keefe, Bruyette & Woods boosted their price objective on shares of First Interstate BancSystem from $37.00 to $39.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 17th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $42.00 target price on shares of First Interstate BancSystem in a research report on Thursday, January 29th. Three analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $38.17.

First Interstate BancSystem Stock Up 0.9%

First Interstate BancSystem stock opened at $37.66 on Friday. The company has a 50 day moving average of $36.46 and a 200-day moving average of $33.33. The company has a quick ratio of 0.72, a current ratio of 0.73 and a debt-to-equity ratio of 0.09. First Interstate BancSystem has a twelve month low of $22.95 and a twelve month high of $39.26. The stock has a market capitalization of $3.87 billion, a PE ratio of 12.77 and a beta of 0.80.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings data on Wednesday, January 28th. The financial services provider reported $1.08 EPS for the quarter, beating the consensus estimate of $0.64 by $0.44. The business had revenue of $205.10 million for the quarter, compared to analysts’ expectations of $256.89 million. First Interstate BancSystem had a net margin of 17.62% and a return on equity of 8.83%. The firm’s revenue was up 19.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.50 EPS. On average, equities research analysts anticipate that First Interstate BancSystem will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 20th. Investors of record on Tuesday, February 10th will be issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 5.0%. The ex-dividend date is Tuesday, February 10th. First Interstate BancSystem’s payout ratio is presently 63.73%.

Insiders Place Their Bets

In related news, Director John M. Heyneman, Jr. sold 30,432 shares of the firm’s stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $31.03, for a total value of $944,304.96. Following the completion of the sale, the director directly owned 1,414,636 shares in the company, valued at approximately $43,896,155.08. This trade represents a 2.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Susan Scott Heyneman Trust, Su sold 10,000 shares of First Interstate BancSystem stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $32.75, for a total value of $327,500.00. Following the transaction, the insider owned 224,460 shares of the company’s stock, valued at $7,351,065. The trade was a 4.27% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 45,432 shares of company stock valued at $1,454,120. 8.20% of the stock is currently owned by corporate insiders.

Institutional Trading of First Interstate BancSystem

Hedge funds have recently made changes to their positions in the business. Northern Capital Management Inc. increased its holdings in shares of First Interstate BancSystem by 0.5% during the 4th quarter. Northern Capital Management Inc. now owns 52,100 shares of the financial services provider’s stock worth $1,803,000 after acquiring an additional 275 shares during the last quarter. HighTower Advisors LLC boosted its position in First Interstate BancSystem by 2.7% during the fourth quarter. HighTower Advisors LLC now owns 14,177 shares of the financial services provider’s stock worth $491,000 after purchasing an additional 375 shares during the period. Alliancebernstein L.P. boosted its position in First Interstate BancSystem by 0.4% during the third quarter. Alliancebernstein L.P. now owns 108,600 shares of the financial services provider’s stock worth $3,461,000 after purchasing an additional 397 shares during the period. First Horizon Corp increased its holdings in shares of First Interstate BancSystem by 56.0% in the fourth quarter. First Horizon Corp now owns 1,268 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 455 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in shares of First Interstate BancSystem by 49.6% in the fourth quarter. GAMMA Investing LLC now owns 1,556 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 516 shares during the period. 88.71% of the stock is owned by institutional investors and hedge funds.

About First Interstate BancSystem

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.