Wells Fargo & Company Lowers First Interstate BancSystem (NASDAQ:FIBK) to Underweight

Wells Fargo & Company cut shares of First Interstate BancSystem (NASDAQ:FIBK) from an equal weight rating to an underweight rating in a research note issued to investors on Tuesday, Marketbeat Ratings reports. Wells Fargo & Company currently has $28.00 price target on the financial services provider’s stock, down from their previous price target of $30.00.

Several other research analysts have also commented on the company. DA Davidson raised their price target on First Interstate BancSystem from $27.00 to $34.00 and gave the stock a neutral rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods lifted their target price on First Interstate BancSystem from $29.00 to $31.00 and gave the company a market perform rating in a research report on Monday, July 29th. Stephens increased their price target 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 raised their price objective on shares of First Interstate BancSystem from $31.00 to $32.00 and gave the company an equal weight rating in a research note on Friday, September 27th. Finally, StockNews.com downgraded shares of First Interstate BancSystem from a hold rating to a sell rating in a research note on Friday, September 20th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $33.17.

First Interstate BancSystem Stock Up 0.3 %

Shares of NASDAQ:FIBK opened at $29.53 on Tuesday. The company has a market capitalization of $3.09 billion, a price-to-earnings ratio of 11.76 and a beta of 0.82. First Interstate BancSystem has a 12-month low of $20.81 and a 12-month high of $33.00. The business has a 50-day moving average price of $29.88 and a 200 day moving average price of $28.07. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.92.

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

First Interstate BancSystem Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 5th were issued a $0.47 dividend. The ex-dividend date of this dividend was Monday, August 5th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.37%. First Interstate BancSystem’s payout ratio is 74.90%.

Hedge Funds Weigh In On First Interstate BancSystem

Several large investors have recently bought and sold shares of FIBK. Creative Planning boosted its position in shares of First Interstate BancSystem by 11.6% during the 2nd quarter. Creative Planning now owns 24,415 shares of the financial services provider’s stock worth $678,000 after acquiring an additional 2,545 shares in the last quarter. Algert Global LLC acquired a new position in First Interstate BancSystem in the second quarter valued at approximately $261,000. The Manufacturers Life Insurance Company increased its stake in 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 purchasing an additional 598 shares during the last quarter. Dark Forest Capital Management LP raised its holdings in First Interstate BancSystem by 28.5% during the second quarter. Dark Forest Capital Management LP now owns 48,166 shares of the financial services provider’s stock worth $1,338,000 after purchasing an additional 10,669 shares in the last quarter. Finally, AQR Capital Management LLC purchased a new stake in shares of First Interstate BancSystem during the 2nd quarter worth approximately $242,000. Hedge funds and other institutional investors own 88.71% of the company’s stock.

First Interstate BancSystem Company Profile

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.