First Interstate BancSystem (NASDAQ:FIBK) Rating Lowered to Sell at StockNews.com

StockNews.com lowered shares of First Interstate BancSystem (NASDAQ:FIBK) from a hold rating to a sell rating in a research note issued to investors on Thursday morning.

Several other analysts have also recently issued reports on the company. Keefe, Bruyette & Woods upped their price objective on First Interstate BancSystem from $29.00 to $31.00 and gave the company a market perform rating in a research note on Monday, July 29th. Barclays raised their price objective on First Interstate BancSystem from $31.00 to $32.00 and gave the stock an equal weight rating in a research note on Friday, September 27th. Wells Fargo & Company lowered shares of First Interstate BancSystem from an equal weight rating to an underweight rating and lowered their target price for the company from $30.00 to $28.00 in a research note on Tuesday, October 1st. Stephens raised 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. Finally, DA Davidson lifted their price target on shares of First Interstate BancSystem from $27.00 to $34.00 and gave the company a neutral rating in a report on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Hold and a consensus target price of $33.17.

First Interstate BancSystem Price Performance

Shares of NASDAQ FIBK opened at $29.84 on Thursday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.92. First Interstate BancSystem has a fifty-two week low of $20.81 and a fifty-two week high of $33.00. The business has a 50 day moving average price of $29.83 and a two-hundred day moving average price of $28.13. The firm has a market cap of $3.12 billion, a PE ratio of 11.89 and a beta of 0.81.

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

First Interstate BancSystem Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 5th were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 6.30%. The ex-dividend date of this dividend was Monday, August 5th. First Interstate BancSystem’s payout ratio is 74.90%.

Hedge Funds Weigh In On First Interstate BancSystem

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

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.