Zacks Investment Research cut shares of First Interstate Bancsystem (NASDAQ:FIBK) from a buy rating to a hold rating in a report issued on Monday, March 12th.
According to Zacks, “First Interstate BancSystem, Inc. is a financial and bank holding company. Through its wholly-owned subsidiary, First Interstate Bank, it delivers a range of banking products and services to individuals, businesses, municipalities and other entities throughout its market areas. The Company’s banking products and services include demand, time, checking, and savings deposits. The Company’s loan portfolio consists of a mix of real estate, consumer, commercial, agricultural, and other loans, including fixed and variable rate loans. Its real estate loans comprise commercial real estate, construction, residential, agricultural, and other real estate loans. It also provides a range of trust, employee benefit, investment management, insurance, agency, and custodial services to individuals, businesses, and nonprofit organizations. First Interstate BancSystem, Inc. is headquartered in Billings, Montana. “
A number of other research firms also recently weighed in on FIBK. Piper Jaffray Companies reissued a buy rating on shares of First Interstate Bancsystem in a report on Wednesday, January 31st. Barclays increased their target price on First Interstate Bancsystem from $43.00 to $47.00 and gave the company an overweight rating in a report on Tuesday, January 2nd. Finally, Keefe, Bruyette & Woods reissued a hold rating and issued a $45.00 target price on shares of First Interstate Bancsystem in a report on Friday, December 22nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $44.75.
Shares of FIBK stock traded down $0.35 during trading hours on Monday, hitting $41.25. The stock had a trading volume of 123,382 shares, compared to its average volume of 173,183. The company has a market capitalization of $2,349.86, a P/E ratio of 20.00, a P/E/G ratio of 1.56 and a beta of 1.12. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.78 and a current ratio of 0.78. First Interstate Bancsystem has a 1 year low of $33.33 and a 1 year high of $42.90.
First Interstate Bancsystem (NASDAQ:FIBK) last announced its quarterly earnings results on Tuesday, January 30th. The financial services provider reported $0.57 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.08). First Interstate Bancsystem had a net margin of 20.50% and a return on equity of 9.10%. The business had revenue of $138.03 million for the quarter, compared to the consensus estimate of $138.00 million. sell-side analysts expect that First Interstate Bancsystem will post 2.97 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, February 22nd. Shareholders of record on Monday, February 12th were issued a $0.28 dividend. This is an increase from First Interstate Bancsystem’s previous quarterly dividend of $0.24. The ex-dividend date was Friday, February 9th. This represents a $1.12 dividend on an annualized basis and a yield of 2.72%. First Interstate Bancsystem’s dividend payout ratio is currently 54.63%.
In related news, CEO Kevin P. Riley acquired 800 shares of the firm’s stock in a transaction dated Monday, February 5th. The shares were purchased at an average price of $41.34 per share, with a total value of $33,072.00. Following the completion of the purchase, the chief executive officer now directly owns 28,349 shares of the company’s stock, valued at $1,171,947.66. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Kevin Guenthner sold 5,878 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $40.37, for a total value of $237,294.86. The disclosure for this sale can be found here. In the last three months, insiders sold 269,050 shares of company stock worth $10,643,897. 38.22% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of FIBK. SG Americas Securities LLC bought a new position in shares of First Interstate Bancsystem in the third quarter worth about $105,000. Stifel Financial Corp bought a new position in shares of First Interstate Bancsystem in the third quarter worth about $200,000. Xact Kapitalforvaltning AB bought a new position in shares of First Interstate Bancsystem in the fourth quarter worth about $217,000. Opus Capital Group LLC bought a new position in shares of First Interstate Bancsystem in the fourth quarter worth about $223,000. Finally, Victory Capital Management Inc. raised its stake in shares of First Interstate Bancsystem by 31.9% in the third quarter. Victory Capital Management Inc. now owns 5,977 shares of the financial services provider’s stock worth $229,000 after buying an additional 1,446 shares during the period. 46.08% of the stock is currently owned by hedge funds and other institutional investors.
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About First Interstate Bancsystem
First Interstate BancSystem, Inc is a financial and bank holding company. The Company, through its bank subsidiary First Interstate Bank (the Bank), delivers a range of banking products and services to individuals, businesses, municipalities and other entities. The Company also, through its subsidiary Bank of the Cascades, offers full-service community banking through 46 branches in Oregon, Idaho and Washington.
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