First Interstate BancSystem (NASDAQ:FIBK) Upgraded at DA Davidson

DA Davidson upgraded shares of First Interstate BancSystem (NASDAQ:FIBK) from a neutral rating to a buy rating in a report released on Tuesday, Marketbeat 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.

A number of other research firms also recently commented on FIBK. Keefe, Bruyette & Woods boosted their target price on 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. StockNews.com lowered shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a research report 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 company from $32.00 to $30.00 in a report on Thursday, October 31st. Piper Sandler reduced their price target on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating on the stock in a report on Monday, October 28th. Finally, Stephens reissued an “overweight” rating and set a $36.00 price objective on shares of First Interstate BancSystem in a research note on Thursday, October 10th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $33.83.

First Interstate BancSystem Stock Performance

NASDAQ:FIBK opened at $35.35 on Tuesday. The firm’s fifty day simple moving average is $31.86 and its 200-day simple moving average is $29.72. 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 stock has a market cap of $3.70 billion, a PE ratio of 15.50 and a beta of 0.81. First Interstate BancSystem has a fifty-two week low of $24.16 and a fifty-two week high of $36.77.

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

First Interstate BancSystem Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Monday, November 4th were issued a $0.47 dividend. The ex-dividend date of this dividend 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 presently 82.46%.

Insiders Place Their Bets

In other news, major shareholder Julie A. Scott sold 20,220 shares of the 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 in the company, valued at $20,817,561.82. This represents a 3.09 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jonathan R. Scott sold 6,500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $34.18, for a total transaction of $222,170.00. Following the completion of the sale, the director now directly owns 958,710 shares in the company, valued at $32,768,707.80. This represents a 0.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 54,837 shares of company stock valued at $1,839,583 in the last quarter. 6.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its stake in First Interstate BancSystem by 6.0% during 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 acquiring an additional 2,940 shares during the last quarter. Bayesian Capital Management LP acquired a new position in First Interstate BancSystem during the first quarter valued at approximately $286,000. CWM LLC grew its stake in First Interstate BancSystem by 16.0% during the second quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock worth $87,000 after buying an additional 430 shares during the period. SG Americas Securities LLC increased its position in shares of First Interstate BancSystem by 79.5% in the second quarter. SG Americas Securities LLC now owns 18,021 shares of the financial services provider’s stock worth $500,000 after acquiring an additional 7,979 shares in the last quarter. Finally, SteelPeak Wealth LLC acquired a new stake in shares of First Interstate BancSystem in the second quarter worth $241,000. 88.71% of the stock is owned by hedge funds and other institutional investors.

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.