Brokerages Set First Interstate BancSystem, Inc. (NASDAQ:FIBK) Target Price at $37.33

First Interstate BancSystem, Inc. (NASDAQ:FIBK) has received a consensus rating of “Hold” from the eight research firms that are currently covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $37.3333.

A number of equities analysts have issued reports on the company. DA Davidson restated a “neutral” rating and set a $39.00 price target on shares of First Interstate BancSystem in a report on Monday, July 27th. Weiss Ratings raised shares of First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 1st. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $37.00 price target (down from $38.00) on shares of First Interstate BancSystem in a report on Friday, May 1st. UBS Group lifted their price target on shares of First Interstate BancSystem from $30.00 to $33.00 and gave the company a “sell” rating in a research note on Friday, May 1st. Finally, Barclays increased their price objective on shares of First Interstate BancSystem from $36.00 to $38.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 7th.

First Interstate BancSystem Stock Down 1.1%

Shares of NASDAQ:FIBK opened at $38.02 on Wednesday. First Interstate BancSystem has a 1 year low of $27.60 and a 1 year high of $40.60. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.70 and a quick ratio of 0.70. The business’s 50-day moving average is $37.48 and its 200-day moving average is $36.06. The company has a market capitalization of $3.69 billion, a price-to-earnings ratio of 11.70 and a beta of 0.76.

First Interstate BancSystem (NASDAQ:FIBK) last released its earnings results on Thursday, July 23rd. The financial services provider reported $0.87 EPS for the quarter, topping the consensus estimate of $0.68 by $0.19. The business had revenue of $263.90 million during the quarter, compared to analysts’ expectations of $249.32 million. First Interstate BancSystem had a return on equity of 9.55% and a net margin of 29.44%.The firm’s revenue was up 6.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.69 earnings per share. Equities research analysts predict that First Interstate BancSystem will post 2.84 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Tuesday, August 4th will be paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend is Tuesday, August 4th. First Interstate BancSystem’s dividend payout ratio is 57.85%.

Insider Activity at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder Julie A. Scott sold 15,000 shares of the firm’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $35.97, for a total value of $539,550.00. Following the transaction, the insider directly owned 488,359 shares of the company’s stock, valued at approximately $17,566,273.23. This trade represents a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Jonathan R. Scott sold 12,892 shares of First Interstate BancSystem stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $35.58, for a total transaction of $458,697.36. Following the transaction, the insider owned 866,628 shares of the company’s stock, valued at $30,834,624.24. This represents a 1.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 32,392 shares of company stock worth $1,161,552. Corporate insiders own 8.00% of the company’s stock.

Hedge Funds Weigh In On First Interstate BancSystem

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in First Interstate BancSystem by 13.7% during the 4th quarter. Vanguard Group Inc. now owns 10,048,419 shares of the financial services provider’s stock worth $347,675,000 after purchasing an additional 1,214,454 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of First Interstate BancSystem by 20.4% in the third quarter. Wellington Management Group LLP now owns 5,915,425 shares of the financial services provider’s stock valued at $188,525,000 after purchasing an additional 1,003,021 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of First Interstate BancSystem by 4.3% during the first quarter. Dimensional Fund Advisors LP now owns 5,630,789 shares of the financial services provider’s stock valued at $188,066,000 after buying an additional 231,405 shares during the last quarter. State Street Corp boosted its position in shares of First Interstate BancSystem by 29.7% during the fourth quarter. State Street Corp now owns 5,482,245 shares of the financial services provider’s stock valued at $189,686,000 after buying an additional 1,254,321 shares during the last quarter. Finally, Capital International Investors bought a new stake in First Interstate BancSystem during the fourth quarter worth $92,504,000. Institutional investors own 88.71% of the company’s stock.

First Interstate BancSystem Company Profile

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.