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

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

Other research analysts also recently issued research reports about the company. Piper Sandler reduced their price target on First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating for the company in a report on Monday, October 28th. Keefe, Bruyette & Woods lifted their price target on shares of 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. StockNews.com downgraded shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Wednesday, November 20th. Barclays downgraded shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $32.00 to $30.00 in a research report on Thursday, October 31st. Finally, Wells Fargo & Company cut shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $30.00 to $28.00 in a research report on Tuesday, October 1st. Two analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $33.83.

First Interstate BancSystem Trading Down 0.2 %

FIBK opened at $35.35 on Tuesday. The firm’s 50 day moving average is $31.86 and its 200-day moving average is $29.72. First Interstate BancSystem has a 52-week low of $24.16 and a 52-week high of $36.77. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $3.70 billion, a P/E ratio of 15.50 and a beta of 0.81.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.54 EPS for the quarter, missing analysts’ consensus estimates 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 quarter last year, the business posted $0.70 earnings per share. Analysts expect that First Interstate BancSystem will post 2.28 EPS for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Monday, November 4th were paid a dividend of $0.47 per share. The ex-dividend date was Monday, November 4th. This represents a $1.88 annualized dividend and a yield of 5.32%. First Interstate BancSystem’s dividend payout ratio (DPR) is 82.46%.

Insiders Place Their Bets

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

Institutional Investors Weigh In On First Interstate BancSystem

A number of hedge funds have recently made changes to their positions in FIBK. Dimensional Fund Advisors LP increased its position in First Interstate BancSystem by 8.7% in the 2nd 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 during the period. Versor Investments LP bought a new position in shares of First Interstate BancSystem in the third quarter worth $914,000. Empower Advisory Group LLC increased its holdings in shares of First Interstate BancSystem by 4.8% during the third quarter. Empower Advisory Group LLC now owns 466,687 shares of the financial services provider’s stock valued at $14,318,000 after purchasing an additional 21,191 shares during the period. CWM LLC raised its stake in shares of First Interstate BancSystem by 16.0% during the second quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock valued at $87,000 after purchasing an additional 430 shares in the last quarter. Finally, Quest Partners LLC lifted its holdings in First Interstate BancSystem by 1,115.4% in the third quarter. Quest Partners LLC now owns 82,998 shares of the financial services provider’s stock worth $2,546,000 after purchasing an additional 76,169 shares during the period. Institutional investors own 88.71% of the company’s stock.

First Interstate BancSystem Company Profile

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.