First Interstate BancSystem (NASDAQ:FIBK) Upgraded by DA Davidson to “Buy” Rating

DA Davidson upgraded shares of First Interstate BancSystem (NASDAQ:FIBK) from a neutral rating to a buy rating in a research report sent to investors on Tuesday morning, Marketbeat Ratings reports. They currently have $42.00 target price on the financial services provider’s stock, up from their previous target price of $32.00.

A number of other research analysts also recently commented on FIBK. Piper Sandler lowered their target price on First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating for the company in a research report on Monday, October 28th. Barclays lowered shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $32.00 to $30.00 in a research report on Thursday, October 31st. Wells Fargo & Company downgraded shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $30.00 to $28.00 in a report on Tuesday, October 1st. StockNews.com downgraded shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a report on Wednesday, November 20th. Finally, Keefe, Bruyette & Woods boosted their price objective on First Interstate BancSystem from $29.00 to $31.00 and gave the stock a “market perform” rating in a research note on Monday, July 29th. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $33.83.

First Interstate BancSystem Stock Performance

Shares of NASDAQ FIBK opened at $35.41 on Tuesday. The company has a market cap of $3.70 billion, a P/E ratio of 15.53 and a beta of 0.81. First Interstate BancSystem has a 52-week low of $24.16 and a 52-week high of $36.77. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current ratio of 0.78. The firm’s fifty day moving average is $31.70 and its two-hundred day moving average is $29.64.

First Interstate BancSystem (NASDAQ:FIBK) last issued its earnings results on Thursday, October 24th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.04). First Interstate BancSystem had a return on equity of 7.48% and a net margin of 15.94%. During the same period in the prior year, the firm earned $0.70 earnings per share. As a group, analysts anticipate that First Interstate BancSystem will post 2.28 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Monday, November 4th were given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 5.31%. The ex-dividend date was Monday, November 4th. First Interstate BancSystem’s dividend payout ratio (DPR) is currently 82.46%.

Insiders Place Their Bets

In other news, major shareholder Julie A. Scott sold 20,220 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $32.78, for a total value of $662,811.60. Following the transaction, the insider now directly owns 635,069 shares in the company, valued at approximately $20,817,561.82. This represents a 3.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder James R. Scott, Jr. sold 6,067 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $34.50, for a total transaction of $209,311.50. Following the completion of the transaction, the insider now directly owns 75,387 shares in the company, valued at $2,600,851.50. This represents a 7.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 54,837 shares of company stock valued at $1,839,583 over the last 90 days. Insiders own 6.90% of the company’s stock.

Hedge Funds Weigh In On First Interstate BancSystem

A number of hedge funds have recently added to or reduced their stakes in FIBK. Dimensional Fund Advisors LP raised its stake in shares of First Interstate BancSystem by 8.7% during the second quarter. Dimensional Fund Advisors LP now owns 4,580,800 shares of the financial services provider’s stock valued at $127,204,000 after acquiring an additional 367,212 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in First Interstate BancSystem by 1.6% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,051,632 shares of the financial services provider’s stock worth $56,974,000 after purchasing an additional 32,348 shares during the period. Geode Capital Management LLC raised its position in First Interstate BancSystem by 3.1% during the 3rd quarter. Geode Capital Management LLC now owns 1,992,873 shares of the financial services provider’s stock valued at $61,152,000 after purchasing an additional 59,367 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of First Interstate BancSystem by 6.5% in the 3rd quarter. Wellington Management Group LLP now owns 1,288,214 shares of the financial services provider’s stock worth $39,522,000 after buying an additional 78,596 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of First Interstate BancSystem by 5.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,073,814 shares of the financial services provider’s stock worth $32,945,000 after buying an additional 52,919 shares during the period. 88.71% of the stock is currently owned by 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.