First Interstate BancSystem (NASDAQ:FIBK) Raised to “Hold” at StockNews.com

StockNews.com upgraded shares of First Interstate BancSystem (NASDAQ:FIBK) from a sell rating to a hold rating in a research report report published on Thursday.

A number of other equities analysts have also weighed in on FIBK. Keefe, Bruyette & Woods upped 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 report on Monday, July 29th. Piper Sandler restated an overweight rating and set a $38.00 target price on shares of First Interstate BancSystem in a research report on Monday, August 26th. Stephens upped their target price on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the stock an overweight rating in a research report on Monday, July 29th. Barclays upped their target price on shares of First Interstate BancSystem from $29.00 to $31.00 and gave the stock an equal weight rating in a research report on Monday, July 29th. Finally, DA Davidson upped their target price on shares of First Interstate BancSystem from $27.00 to $34.00 and gave the stock a neutral rating in a research report on Monday, July 29th. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, First Interstate BancSystem currently has a consensus rating of Hold and an average price target of $33.33.

First Interstate BancSystem Stock Performance

FIBK opened at $30.20 on Thursday. The firm has a market cap of $3.16 billion, a P/E ratio of 12.03 and a beta of 0.82. First Interstate BancSystem has a 1-year low of $20.81 and a 1-year high of $33.00. The company has a 50 day simple moving average of $29.87 and a two-hundred day simple moving average of $27.69. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.79 and a quick ratio of 0.79.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.03. The business had revenue of $244.30 million during the quarter, compared to analyst estimates of $246.07 million. First Interstate BancSystem had a net margin of 17.22% and a return on equity of 8.19%. During the same period in the prior year, the business posted $0.66 earnings per share. Equities analysts forecast that First Interstate BancSystem will post 2.34 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 5th were given a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, August 5th. This represents a $1.88 annualized dividend and a yield of 6.23%. First Interstate BancSystem’s dividend payout ratio (DPR) is currently 74.90%.

Hedge Funds Weigh In On First Interstate BancSystem

Several institutional investors have recently bought and sold shares of the business. TNF LLC lifted its position in First Interstate BancSystem by 1.7% during the second quarter. TNF LLC now owns 25,009 shares of the financial services provider’s stock valued at $694,000 after purchasing an additional 410 shares during the last quarter. Caprock Group LLC lifted its position in First Interstate BancSystem by 1.7% during the second quarter. Caprock Group LLC now owns 25,673 shares of the financial services provider’s stock valued at $713,000 after purchasing an additional 422 shares during the last quarter. CWM LLC raised its stake in shares of First Interstate BancSystem by 16.0% in the second quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock valued at $87,000 after acquiring an additional 430 shares during the period. Inspire Investing LLC raised its stake in shares of First Interstate BancSystem by 4.6% in the first quarter. Inspire Investing LLC now owns 13,057 shares of the financial services provider’s stock valued at $355,000 after acquiring an additional 570 shares during the period. Finally, The Manufacturers Life Insurance Company raised its stake in shares of First Interstate BancSystem by 1.2% in the second quarter. The Manufacturers Life Insurance Company now owns 49,348 shares of the financial services provider’s stock valued at $1,370,000 after acquiring an additional 598 shares during the period. Institutional investors 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.