First Interstate BancSystem, Inc. (NASDAQ:FIBK) Receives Consensus Recommendation of “Hold” from Brokerages

First Interstate BancSystem, Inc. (NASDAQ:FIBK) has been given a consensus recommendation of “Hold” by the six brokerages that are covering the company, MarketBeat reports. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $33.33.

Several equities research analysts recently weighed in on the company. Keefe, Bruyette & Woods lifted their price objective on First Interstate BancSystem from $29.00 to $31.00 and gave the stock a “market perform” rating in a report on Monday, July 29th. Piper Sandler restated an “overweight” rating and issued a $38.00 target price on shares of First Interstate BancSystem in a research note on Monday, August 26th. Stephens raised their target price on First Interstate BancSystem from $32.00 to $36.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. StockNews.com downgraded First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Friday. Finally, DA Davidson raised their target price on First Interstate BancSystem from $27.00 to $34.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th.

First Interstate BancSystem Price Performance

First Interstate BancSystem stock opened at $30.98 on Friday. The stock has a market capitalization of $3.24 billion, a price-to-earnings ratio of 12.34 and a beta of 0.82. First Interstate BancSystem has a 52-week low of $20.81 and a 52-week high of $33.00. The stock’s 50 day moving average price is $30.13 and its two-hundred day moving average price is $27.84. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.79 and a current ratio of 0.79.

First Interstate BancSystem (NASDAQ:FIBK) last issued its earnings results on Thursday, July 25th. The financial services provider reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.03. First Interstate BancSystem had a return on equity of 8.19% and a net margin of 17.22%. The company had revenue of $244.30 million for the quarter, compared to analysts’ expectations of $246.07 million. During the same period last year, the business earned $0.66 EPS. On average, equities analysts predict that First Interstate BancSystem will post 2.34 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 5th were paid a dividend of $0.47 per share. The ex-dividend date was Monday, August 5th. This represents a $1.88 annualized dividend and a dividend yield of 6.07%. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 74.90%.

Hedge Funds Weigh In On First Interstate BancSystem

Several hedge funds have recently made changes to their positions in FIBK. Parallel Advisors LLC increased its stake in shares of First Interstate BancSystem by 205.3% during the fourth quarter. Parallel Advisors LLC now owns 1,273 shares of the financial services provider’s stock valued at $39,000 after buying an additional 856 shares during the period. CWM LLC grew its stake in First Interstate BancSystem by 16.0% in the second quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock worth $87,000 after purchasing an additional 430 shares during the period. PNC Financial Services Group Inc. grew its stake in First Interstate BancSystem by 28.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,378 shares of the financial services provider’s stock worth $104,000 after purchasing an additional 744 shares during the period. Innealta Capital LLC purchased a new stake in First Interstate BancSystem in the second quarter worth $106,000. Finally, nVerses Capital LLC grew its stake in First Interstate BancSystem by 412.5% in the second quarter. nVerses Capital LLC now owns 4,100 shares of the financial services provider’s stock worth $114,000 after purchasing an additional 3,300 shares during the period. 88.71% of the stock is owned by hedge funds and other institutional investors.

About First Interstate BancSystem

First Interstate BancSystem, Inc operates as the bank holding company for First Interstate Bank that provides range of banking products and services in the United States. It offers various traditional depository products, including checking, savings, and time deposits; and repurchase agreements primarily for commercial and municipal depositors.