Brokerages Set First Interstate BancSystem, Inc. (NASDAQ:FIBK) Target Price at $35.00

Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) have been given an average rating of “Hold” by the seven research firms that are currently covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, two have given a hold recommendation and three have given a buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $35.00.

FIBK has been the topic of several recent analyst reports. Stephens reduced their price target on First Interstate BancSystem from $39.00 to $38.00 and set an “overweight” rating on the stock in a report on Friday, January 31st. DA Davidson reiterated a “buy” rating and set a $42.00 target price on shares of First Interstate BancSystem in a research report on Thursday, January 30th. Piper Sandler lowered their target price on shares of First Interstate BancSystem from $42.00 to $41.00 and set an “overweight” rating for the company in a research note on Monday, February 3rd. UBS Group initiated coverage on shares of First Interstate BancSystem in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $35.00 price target on the stock. Finally, StockNews.com raised shares of First Interstate BancSystem from a “sell” rating to a “hold” rating in a research report on Monday, March 3rd.

First Interstate BancSystem Price Performance

NASDAQ:FIBK opened at $24.75 on Thursday. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.78 and a quick ratio of 0.78. First Interstate BancSystem has a 1 year low of $22.95 and a 1 year high of $36.77. The firm has a market capitalization of $2.59 billion, a price-to-earnings ratio of 11.30 and a beta of 0.81. The business has a 50 day simple moving average of $29.08 and a 200-day simple moving average of $31.29.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.50 EPS for the quarter, beating the consensus estimate of $0.49 by $0.01. First Interstate BancSystem had a net margin of 15.94% and a return on equity of 6.92%. Equities analysts forecast that First Interstate BancSystem will post 2.53 EPS for the current year.

First Interstate BancSystem Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, February 20th. Stockholders of record on Monday, February 10th were paid a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, February 10th. This represents a $1.88 annualized dividend and a dividend yield of 7.60%. First Interstate BancSystem’s dividend payout ratio is currently 85.84%.

Insider Buying and Selling

In other First Interstate BancSystem news, Director John M. Heyneman, Jr. sold 1,335 shares of the firm’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $32.56, for a total transaction of $43,467.60. Following the transaction, the director now owns 1,414,886 shares of the company’s stock, valued at approximately $46,068,688.16. This trade represents a 0.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 6.90% of the stock is owned by insiders.

Institutional Investors Weigh In On First Interstate BancSystem

Hedge funds have recently modified their holdings of the business. Wood Tarver Financial Group LLC bought a new position in shares of First Interstate BancSystem during the 4th quarter worth approximately $26,000. Meeder Asset Management Inc. purchased a new position in shares of First Interstate BancSystem in the 4th quarter valued at approximately $69,000. Covestor Ltd boosted its stake in First Interstate BancSystem by 25.8% in the 4th quarter. Covestor Ltd now owns 2,485 shares of the financial services provider’s stock worth $81,000 after purchasing an additional 510 shares in the last quarter. Sterling Capital Management LLC grew its position in First Interstate BancSystem by 826.3% during the 4th quarter. Sterling Capital Management LLC now owns 2,501 shares of the financial services provider’s stock worth $81,000 after purchasing an additional 2,231 shares during the last quarter. Finally, KBC Group NV increased its stake in First Interstate BancSystem by 34.1% during the 4th quarter. KBC Group NV now owns 4,018 shares of the financial services provider’s stock valued at $130,000 after purchasing an additional 1,022 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 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.