First Interstate BancSystem, Inc. (NASDAQ:FIBK) Receives $36.83 Average Target Price from Brokerages

First Interstate BancSystem, Inc. (NASDAQ:FIBK) has been given an average rating of “Reduce” by the eight ratings firms that are presently covering the firm, Marketbeat Ratings reports. Three investment analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and two have issued a buy recommendation on the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $36.8333.

A number of equities research analysts have weighed in on the company. Wall Street Zen upgraded First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research report on Monday, June 22nd. UBS Group lifted their price target on First Interstate BancSystem from $30.00 to $33.00 and gave the company a “sell” rating in a research report on Friday, May 1st. DA Davidson reissued a “neutral” rating and issued a $39.00 price objective on shares of First Interstate BancSystem in a research note on Monday, July 27th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $37.00 price objective (down from $38.00) on shares of First Interstate BancSystem in a research note on Friday, May 1st. Finally, Weiss Ratings upgraded First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 1st.

Insider Transactions at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder Julie A. Scott sold 15,000 shares of the company’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $35.97, for a total value of $539,550.00. Following the completion of the sale, the insider directly owned 488,359 shares of the company’s stock, valued at approximately $17,566,273.23. This represents a 2.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Jonathan R. Scott sold 4,500 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $36.29, for a total transaction of $163,305.00. Following the transaction, the insider owned 862,128 shares of the company’s stock, valued at approximately $31,286,625.12. This trade represents a 0.52% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 32,392 shares of company stock valued at $1,161,552 over the last three months. 8.00% of the stock is owned by corporate insiders.

Institutional Trading of First Interstate BancSystem

A number of large investors have recently added to or reduced their stakes in the business. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of First Interstate BancSystem during the second quarter worth $212,000. California State Teachers Retirement System boosted its position in shares of First Interstate BancSystem by 3,134.1% in the 2nd quarter. California State Teachers Retirement System now owns 3,672,300 shares of the financial services provider’s stock valued at $141,604,000 after purchasing an additional 3,558,749 shares during the period. denkapparat Operations GmbH increased its stake in First Interstate BancSystem by 72.1% in the 2nd quarter. denkapparat Operations GmbH now owns 20,596 shares of the financial services provider’s stock worth $794,000 after purchasing an additional 8,626 shares in the last quarter. BTG Pactual Asset Management US LLC purchased a new position in First Interstate BancSystem in the 2nd quarter worth about $426,000. Finally, Susquehanna Fundamental Investments LLC raised its holdings in First Interstate BancSystem by 120.1% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 190,823 shares of the financial services provider’s stock worth $7,358,000 after buying an additional 104,110 shares during the period. 88.71% of the stock is currently owned by institutional investors.

First Interstate BancSystem Stock Down 0.5%

First Interstate BancSystem stock opened at $37.06 on Friday. The stock has a market cap of $3.53 billion, a price-to-earnings ratio of 11.40 and a beta of 0.76. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.09. The company’s 50-day moving average price is $38.24 and its two-hundred day moving average price is $36.19. First Interstate BancSystem has a 52 week low of $29.10 and a 52 week high of $40.60.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.18. First Interstate BancSystem had a net margin of 23.63% and a return on equity of 9.55%. The company had revenue of $263.90 million for the quarter, compared to the consensus estimate of $249.32 million. During the same period in the previous year, the firm earned $0.69 EPS. First Interstate BancSystem’s revenue was up 6.4% on a year-over-year basis. On average, analysts expect that First Interstate BancSystem will post 2.84 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Tuesday, August 4th were given a $0.47 dividend. The ex-dividend date was Tuesday, August 4th. This represents a $1.88 annualized dividend and a yield of 5.1%. First Interstate BancSystem’s payout ratio is 57.85%.

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.