First Interstate BancSystem (NASDAQ:FIBK) Lowered to “Hold” Rating by Keefe, Bruyette & Woods

Keefe, Bruyette & Woods downgraded shares of First Interstate BancSystem (NASDAQ:FIBK) from a moderate buy rating to a hold rating in a report issued on Thursday morning, MarketBeat Ratings reports.

Several other research analysts also recently commented on the stock. Wells Fargo & Company lifted their price target on shares of First Interstate BancSystem from $30.00 to $36.00 and gave the stock an “underweight” rating in a research note on Monday, March 30th. Barclays decreased their price target on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Friday, January 30th. Weiss Ratings raised shares of First Interstate BancSystem from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, April 2nd. Stephens downgraded shares of First Interstate BancSystem from an “overweight” rating to an “equal weight” rating in a research note on Thursday, February 5th. Finally, Piper Sandler decreased their price target on shares of First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating on the stock in a research note on Thursday, April 2nd. Three investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $37.33.

First Interstate BancSystem Price Performance

Shares of FIBK stock traded down $0.04 during trading hours on Thursday, hitting $35.45. 1,385,009 shares of the company’s stock were exchanged, compared to its average volume of 1,272,105. The company has a market capitalization of $3.58 billion, a PE ratio of 11.55 and a beta of 0.77. First Interstate BancSystem has a 12-month low of $25.81 and a 12-month high of $39.26. The business’s 50 day simple moving average is $34.19 and its 200-day simple moving average is $34.41. The company has a current ratio of 0.71, a quick ratio of 0.72 and a debt-to-equity ratio of 0.09.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings results on Wednesday, April 29th. The financial services provider reported $0.61 EPS for the quarter, topping the consensus estimate of $0.60 by $0.01. The firm had revenue of $41.10 million for the quarter, compared to the consensus estimate of $242.78 million. First Interstate BancSystem had a net margin of 28.19% and a return on equity of 9.13%. During the same period last year, the firm posted $0.49 earnings per share. On average, equities research analysts anticipate that First Interstate BancSystem will post 2.71 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 21st. Investors of record on Monday, May 11th will be paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 5.3%. The ex-dividend date of this dividend is Monday, May 11th. First Interstate BancSystem’s payout ratio is presently 61.24%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Eurizon Capital SGR S.p.A. purchased a new position in shares of First Interstate BancSystem in the fourth quarter worth $25,000. First Horizon Corp purchased a new position in shares of First Interstate BancSystem in the third quarter worth $26,000. Kestra Advisory Services LLC purchased a new position in shares of First Interstate BancSystem in the fourth quarter worth $29,000. EverSource Wealth Advisors LLC increased its stake in shares of First Interstate BancSystem by 139.3% in the second quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider’s stock worth $43,000 after buying an additional 862 shares during the period. Finally, GAMMA Investing LLC increased its stake in shares of First Interstate BancSystem by 49.6% in the fourth quarter. GAMMA Investing LLC now owns 1,556 shares of the financial services provider’s stock worth $54,000 after buying an additional 516 shares during the period. 88.71% of the stock is owned by hedge funds and other institutional investors.

First Interstate BancSystem Company Profile

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.