First Interstate BancSystem (NASDAQ:FIBK) Cut to Sell at Wall Street Zen

Wall Street Zen lowered shares of First Interstate BancSystem (NASDAQ:FIBK) from a hold rating to a sell rating in a research report released on Saturday,Wall Street Zen reports.

FIBK has been the subject of several other reports. Benchmark raised First Interstate BancSystem to a “hold” rating in a report on Wednesday, September 23rd. Wells Fargo & Company reissued an “underweight” rating and issued a $34.00 target price (down from $36.00) on shares of First Interstate BancSystem in a report on Monday, August 10th. DA Davidson restated a “neutral” rating and issued a $39.00 price target on shares of First Interstate BancSystem in a research report on Monday, July 27th. Barclays raised their price target on First Interstate BancSystem from $37.00 to $38.00 and gave the company an “underweight” rating in a research report on Monday, October 5th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of First Interstate BancSystem in a research note on Monday, September 28th. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average target price of $37.00.

First Interstate BancSystem Trading Up 2.4%

Shares of First Interstate BancSystem stock opened at $37.68 on Friday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.69 and a current ratio of 0.69. The company has a market capitalization of $3.59 billion, a P/E ratio of 11.46 and a beta of 0.73. First Interstate BancSystem has a 1 year low of $29.39 and a 1 year high of $40.60. The company’s fifty day moving average is $36.52 and its two-hundred day moving average is $36.28.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings data on Thursday, October 22nd. The financial services provider reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.03). First Interstate BancSystem had a return on equity of 9.49% and a net margin of 29.18%. The firm had revenue of $249.50 million for the quarter, compared to analysts’ expectations of $247.93 million. Analysts forecast that First Interstate BancSystem will post 2.88 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Tuesday, November 3rd will be paid a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 5.0%. The ex-dividend date is Tuesday, November 3rd. First Interstate BancSystem’s dividend payout ratio is presently 58.57%.

Insider Activity

In related news, major shareholder Jonathan R. Scott sold 4,175 shares of the business’s stock in a transaction that occurred on Monday, October 26th. The shares were sold at an average price of $37.31, for a total value of $155,769.25. Following the completion of the sale, the insider directly owned 807,738 shares in the company, valued at approximately $30,136,704.78. The trade was a 0.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Julie A. Scott sold 2,700 shares of the company’s stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $37.64, for a total transaction of $101,628.00. Following the transaction, the insider directly owned 484,309 shares of the company’s stock, valued at $18,229,390.76. This trade represents a 0.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 37,700 shares of company stock valued at $1,400,271 in the last 90 days. 8.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On First Interstate BancSystem

Hedge funds have recently made changes to their positions in the stock. Integrated Wealth Concepts LLC acquired a new stake in shares of First Interstate BancSystem during the 2nd quarter worth $26,000. Root Financial Partners LLC purchased a new position in shares of First Interstate BancSystem in the 3rd quarter worth $25,000. Allworth Financial LP purchased a new position in shares of First Interstate BancSystem in the 2nd quarter worth $62,000. Public Employees Retirement System of Ohio acquired a new position in First Interstate BancSystem in the second quarter valued at $65,000. Finally, SJS Investment Consulting Inc. boosted its holdings in First Interstate BancSystem by 15,876.9% in the first quarter. SJS Investment Consulting Inc. now owns 2,077 shares of the financial services provider’s stock valued at $69,000 after acquiring an additional 2,064 shares during the last quarter. Institutional investors and hedge funds own 88.71% of the company’s stock.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc is a financial holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides community banking services to individuals, businesses, agricultural customers and governmental entities.

First Interstate Bank offers deposit accounts, consumer and commercial loans, mortgage lending, credit cards, cash-management and treasury-management services, online and mobile banking, and wealth-management and investment services.