First Interstate BancSystem (NASDAQ:FIBK) Reaches New 52-Week High After Analyst Upgrade

by · The Markets Daily

First Interstate BancSystem, Inc. (NASDAQ:FIBK – Get Free Report) shares hit a new 52-week high during trading on Wednesday after Barclays raised their price target on the stock from $36.00 to $38.00. Barclays currently has an equal weight rating on the stock. First Interstate BancSystem traded as high as $36.35 and last traded at $35.9790, with a volume of 136481 shares trading hands. The stock had previously closed at $35.57.

Several other research firms have also weighed in on FIBK. Keefe, Bruyette & Woods boosted their target price on First Interstate BancSystem from $37.00 to $39.00 and gave the stock an “outperform” rating in a report on Wednesday. UBS Group boosted their price objective on shares of First Interstate BancSystem from $33.00 to $34.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 5th. Wall Street Zen downgraded shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a report on Friday, November 28th. Wells Fargo & Company upped their price target on shares of First Interstate BancSystem from $28.00 to $30.00 and gave the company an “underweight” rating in a report on Monday, September 29th. Finally, Weiss Ratings downgraded First Interstate BancSystem from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday. Four investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, First Interstate BancSystem presently has an average rating of “Hold” and a consensus target price of $36.86.

Get Our Latest Analysis on FIBK

Insider Activity at First Interstate BancSystem

In related news, major shareholder Jonathan R. Scott sold 4,800 shares of the company’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $31.27, for a total value of $150,096.00. Following the completion of the transaction, the insider directly owned 941,024 shares in the company, valued at approximately $29,425,820.48. This represents a 0.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John M. Heyneman, Jr. sold 30,432 shares of the firm’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $31.03, for a total value of $944,304.96. Following the completion of the transaction, the director directly owned 1,414,636 shares of the company’s stock, valued at approximately $43,896,155.08. This trade represents a 2.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 92,232 shares of company stock worth $2,913,388. Company insiders own 8.20% of the company’s stock.

Institutional Investors Weigh In On First Interstate BancSystem

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of First Interstate BancSystem by 0.7% during the 3rd quarter. Vanguard Group Inc. now owns 8,833,965 shares of the financial services provider’s stock worth $281,538,000 after purchasing an additional 64,371 shares in the last quarter. Wellington Management Group LLP grew its stake in First Interstate BancSystem by 20.4% during the third quarter. Wellington Management Group LLP now owns 5,915,425 shares of the financial services provider’s stock worth $188,525,000 after buying an additional 1,003,021 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in First Interstate BancSystem by 1.5% during the third quarter. Dimensional Fund Advisors LP now owns 5,495,403 shares of the financial services provider’s stock worth $175,140,000 after buying an additional 78,835 shares during the last quarter. State Street Corp increased its holdings in shares of First Interstate BancSystem by 2.3% during the second quarter. State Street Corp now owns 4,050,473 shares of the financial services provider’s stock worth $116,735,000 after buying an additional 92,715 shares in the last quarter. Finally, HoldCo Asset Management LP raised its stake in shares of First Interstate BancSystem by 10.6% in the third quarter. HoldCo Asset Management LP now owns 3,950,107 shares of the financial services provider’s stock valued at $125,890,000 after acquiring an additional 380,000 shares during the last quarter. Institutional investors and hedge funds own 88.71% of the company’s stock.

First Interstate BancSystem Stock Up 0.5%

The company has a market cap of $3.68 billion, a P/E ratio of 15.09 and a beta of 0.82. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.74 and a quick ratio of 0.73. The business’s 50 day moving average price is $32.39 and its 200-day moving average price is $31.05.

First Interstate BancSystem (NASDAQ:FIBK – Get Free Report) last released its quarterly earnings results on Thursday, November 6th. The financial services provider reported $0.69 earnings per share for the quarter. The firm had revenue of $250.50 million during the quarter. First Interstate BancSystem had a return on equity of 7.25% and a net margin of 17.62%. On average, analysts anticipate that First Interstate BancSystem, Inc. will post 2.53 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 20th. Investors of record on Monday, November 10th were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.3%. The ex-dividend date of this dividend was Monday, November 10th. First Interstate BancSystem’s payout ratio is currently 79.32%.

First Interstate BancSystem Company Profile

(Get Free Report)

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.

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