Barclays Issues Positive Forecast for First Interstate BancSystem (NASDAQ:FIBK) Stock Price

First Interstate BancSystem (NASDAQ:FIBK) had its target price boosted by Barclays from $37.00 to $38.00 in a research note issued to investors on Monday morning,Benzinga reports. The brokerage currently has an underweight rating on the financial services provider’s stock.

A number of other equities research analysts also recently weighed in on FIBK. Wells Fargo & Company reaffirmed an “underweight” rating and issued a $34.00 target price (down from $36.00) on shares of First Interstate BancSystem in a research note on Monday, August 10th. DA Davidson reissued a “neutral” rating and issued a $39.00 price target on shares of First Interstate BancSystem in a research note on Monday, July 27th. Benchmark raised shares of First Interstate BancSystem to a “hold” rating in a report on Wednesday, September 23rd. Weiss Ratings restated a “buy (b)” rating on shares of First Interstate BancSystem in a research report on Monday, September 28th. Finally, Wall Street Zen upgraded shares of First Interstate BancSystem from a “strong sell” rating to a “sell” rating in a research report on Monday, June 22nd. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Reduce” and a consensus target price of $37.00.

First Interstate BancSystem Stock Down 1.1%

FIBK stock opened at $35.62 on Monday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.69 and a current ratio of 0.69. The company has a market capitalization of $3.39 billion, a price-to-earnings ratio of 10.96 and a beta of 0.73. First Interstate BancSystem has a fifty-two week low of $29.10 and a fifty-two week high of $40.60. The stock has a fifty day moving average of $37.33 and a 200-day moving average of $36.37.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.18. The business had revenue of $263.90 million during the quarter, compared to analyst estimates of $249.32 million. First Interstate BancSystem had a net margin of 23.63% and a return on equity of 9.55%. First Interstate BancSystem’s revenue was up 6.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.69 EPS. As a group, equities research analysts predict that First Interstate BancSystem will post 2.84 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Tuesday, August 4th were issued a $0.47 dividend. The ex-dividend date was Tuesday, August 4th. This represents a $1.88 annualized dividend and a yield of 5.3%. First Interstate BancSystem’s dividend payout ratio (DPR) is 57.85%.

Insiders Place Their Bets

In other First Interstate BancSystem news, major shareholder Jonathan R. Scott sold 8,071 shares of the company’s stock in a transaction on Monday, September 14th. The shares were sold at an average price of $37.29, for a total value of $300,967.59. Following the completion of the transaction, the insider directly owned 817,738 shares in the company, valued at approximately $30,493,450.02. This represents a 0.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Julie A. Scott sold 2,700 shares of the firm’s stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $37.64, for a total transaction of $101,628.00. Following the completion of the sale, the insider directly owned 484,309 shares of the company’s stock, valued at approximately $18,229,390.76. This represents a 0.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 27,700 shares of company stock valued at $1,029,476 in the last ninety days. 8.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On First Interstate BancSystem

Several hedge funds and other institutional investors have recently modified their holdings of FIBK. BlackRock Inc. bought a new position in First Interstate BancSystem in the second quarter worth about $529,533,000. Dimensional Fund Advisors LP grew its holdings in shares of First Interstate BancSystem by 4.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,630,789 shares of the financial services provider’s stock worth $188,066,000 after acquiring an additional 231,405 shares during the period. Capital International Investors purchased a new position in shares of First Interstate BancSystem during the 4th quarter worth approximately $92,504,000. Bank of America Corp DE raised its position in shares of First Interstate BancSystem by 1.4% in the 1st quarter. Bank of America Corp DE now owns 1,778,094 shares of the financial services provider’s stock worth $59,388,000 after acquiring an additional 24,250 shares in the last quarter. Finally, First Trust Advisors LP raised its position in shares of First Interstate BancSystem by 214.9% in the 1st quarter. First Trust Advisors LP now owns 1,197,557 shares of the financial services provider’s stock worth $39,998,000 after acquiring an additional 817,235 shares in the last quarter. Hedge funds and other institutional investors own 88.71% of the company’s stock.

About First Interstate BancSystem

First Interstate BancSystem, Inc is a financial holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company operates as a community-focused regional bank serving individuals, businesses, agricultural customers and public-sector organizations.

First Interstate Bank offers a range of banking products and services, including checking and savings accounts, certificates of deposit, consumer loans, residential mortgages, commercial and agricultural lending, treasury management, online and mobile banking, and credit cards.