Benchmark upgraded shares of First Interstate BancSystem (NASDAQ:FIBK – Free Report) to a hold rating in a research note issued to investors on Wednesday morning,Zacks reports.
Several other research firms have also commented on FIBK. Wells Fargo & Company reiterated an “underweight” rating and issued a $34.00 price objective (down from $36.00) on shares of First Interstate BancSystem in a research note on Monday, August 10th. Wall Street Zen raised First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research report on Monday, June 22nd. DA Davidson reiterated a “neutral” rating and set a $39.00 price target on shares of First Interstate BancSystem in a report on Monday, July 27th. Weiss Ratings upgraded First Interstate BancSystem from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 1st. Finally, Barclays cut First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and lowered their target price for the stock from $38.00 to $37.00 in a research note on Monday, August 3rd. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $36.83.
Read Our Latest Report on FIBK
First Interstate BancSystem Trading Up 1.4%
First Interstate BancSystem (NASDAQ:FIBK – Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.18. First Interstate BancSystem had a net margin of 23.63% and a return on equity of 9.55%. The firm had revenue of $263.90 million for the quarter, compared to the consensus estimate of $249.32 million. During the same period in the previous year, the firm earned $0.69 EPS. The business’s revenue for the quarter was up 6.4% compared to the same quarter last year. On average, analysts predict that First Interstate BancSystem will post 2.84 EPS for the current fiscal year.
First Interstate BancSystem Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Tuesday, August 4th were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 5.1%. The ex-dividend date of this dividend was Tuesday, August 4th. First Interstate BancSystem’s dividend payout ratio is currently 57.85%.
Insider Activity
In other First Interstate BancSystem news, major shareholder Julie A. Scott sold 2,700 shares of the stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $37.64, for a total transaction of $101,628.00. Following the transaction, the insider directly owned 484,309 shares in the company, valued at $18,229,390.76. This trade represents a 0.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Jonathan R. Scott sold 8,071 shares of the business’s stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $37.29, for a total transaction of $300,967.59. Following the completion of the sale, the insider owned 817,738 shares of the company’s stock, valued at approximately $30,493,450.02. The trade was a 0.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 27,700 shares of company stock valued at $1,029,476. Corporate insiders own 8.00% of the company’s stock.
Institutional Trading of First Interstate BancSystem
Several institutional investors have recently added to or reduced their stakes in FIBK. Eurizon Capital SGR S.p.A. bought a new stake in shares of First Interstate BancSystem in the 4th quarter valued at about $25,000. Integrated Wealth Concepts LLC purchased a new position in First Interstate BancSystem in the 2nd quarter worth approximately $26,000. Allworth Financial LP bought a new stake in First Interstate BancSystem in the second quarter valued at approximately $62,000. Public Employees Retirement System of Ohio purchased a new stake in shares of First Interstate BancSystem during the second quarter valued at approximately $65,000. Finally, SJS Investment Consulting Inc. grew its holdings in shares of First Interstate BancSystem by 15,876.9% in the first quarter. SJS Investment Consulting Inc. now owns 2,077 shares of the financial services provider’s stock worth $69,000 after purchasing an additional 2,064 shares during the last quarter. 88.71% of the stock is currently owned by hedge funds and other institutional investors.
About First Interstate BancSystem
First Interstate BancSystem, Inc is a financial holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides community banking services to individuals, businesses, governmental entities and nonprofit organizations.
Its products and services include personal and business deposit accounts, consumer and commercial lending, mortgage banking, treasury management, online and mobile banking, investment services, and wealth management.
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