Brokerages Set First Interstate BancSystem, Inc. (NASDAQ:FIBK) PT at $30.20

First Interstate BancSystem, Inc. (NASDAQ:FIBK) has been assigned an average recommendation of “Hold” from the five brokerages that are currently covering the firm, MarketBeat Ratings reports. Three analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $30.40.

A number of analysts recently issued reports on the stock. Piper Sandler increased their target price on shares of First Interstate BancSystem from $32.00 to $37.00 and gave the stock an “overweight” rating in a research report on Monday, April 29th. StockNews.com raised shares of First Interstate BancSystem from a “sell” rating to a “hold” rating in a research report on Monday, June 24th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $29.00 target price on shares of First Interstate BancSystem in a research report on Monday, June 17th. Wells Fargo & Company increased their price objective on shares of First Interstate BancSystem from $24.00 to $25.00 and gave the company an “equal weight” rating in a research report on Tuesday. Finally, TheStreet downgraded shares of First Interstate BancSystem from a “b-” rating to a “c+” rating in a research report on Monday, March 18th.

First Interstate BancSystem Trading Up 2.2 %

Shares of FIBK stock opened at $29.25 on Tuesday. The firm has a market cap of $3.06 billion, a P/E ratio of 11.65 and a beta of 0.82. First Interstate BancSystem has a 1-year low of $20.81 and a 1-year high of $32.54. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.78 and a quick ratio of 0.78. The firm’s 50-day simple moving average is $26.97 and its 200-day simple moving average is $27.14.

First Interstate BancSystem (NASDAQ:FIBK) last posted its earnings results on Wednesday, April 24th. The financial services provider reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.04. The firm had revenue of $242.20 million during the quarter, compared to the consensus estimate of $236.80 million. First Interstate BancSystem had a net margin of 17.76% and a return on equity of 8.51%. As a group, equities analysts forecast that First Interstate BancSystem will post 2.28 EPS for the current year.

First Interstate BancSystem Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 16th. Stockholders of record on Monday, May 6th were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 6.43%. The ex-dividend date of this dividend was Friday, May 3rd. First Interstate BancSystem’s dividend payout ratio (DPR) is currently 74.90%.

Insider Buying and Selling

In related news, Director Jonathan R. Scott sold 29,499 shares of First Interstate BancSystem stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $25.29, for a total value of $746,029.71. Following the completion of the sale, the director now owns 1,021,663 shares in the company, valued at $25,837,857.27. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Jonathan R. Scott sold 29,499 shares of First Interstate BancSystem stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $25.29, for a total value of $746,029.71. Following the completion of the sale, the director now owns 1,021,663 shares in the company, valued at $25,837,857.27. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Julie A. Scott sold 209,831 shares of First Interstate BancSystem stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $25.29, for a total transaction of $5,306,625.99. Following the completion of the sale, the insider now owns 879,869 shares of the company’s stock, valued at approximately $22,251,887.01. The disclosure for this sale can be found here. 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 the business. CWM LLC boosted its holdings 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. Bayesian Capital Management LP acquired a new position in First Interstate BancSystem in the first quarter worth $286,000. Price T Rowe Associates Inc. MD boosted its holdings in First Interstate BancSystem by 6.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 51,919 shares of the financial services provider’s stock worth $1,413,000 after purchasing an additional 2,940 shares during the period. Seven Eight Capital LP acquired a new position in First Interstate BancSystem in the first quarter worth $851,000. Finally, Edgestream Partners L.P. acquired a new position in First Interstate BancSystem in the first quarter worth $1,597,000. Institutional investors and hedge funds own 88.71% of the company’s stock.

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.