Zacks Investment Research upgraded shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) from a hold rating to a buy rating in a research note published on Wednesday. They currently have $44.00 price target on the financial services provider’s stock.
According to Zacks, “First Interstate BancSystem, Inc. is a financial and bank holding company. Through its wholly-owned subsidiary, First Interstate Bank, it delivers a range of banking products and services to individuals, businesses, municipalities and other entities throughout its market areas. The Company’s banking products and services include demand, time, checking, and savings deposits. The Company’s loan portfolio consists of a mix of real estate, consumer, commercial, agricultural, and other loans, including fixed and variable rate loans. Its real estate loans comprise commercial real estate, construction, residential, agricultural, and other real estate loans. It also provides a range of trust, employee benefit, investment management, insurance, agency, and custodial services to individuals, businesses, and nonprofit organizations. First Interstate BancSystem, Inc. is headquartered in Billings, Montana. “
FIBK has been the topic of several other reports. Barclays PLC set a $43.00 price objective on First Interstate BancSystem and gave the stock a buy rating in a report on Wednesday, October 11th. ValuEngine downgraded First Interstate BancSystem from a buy rating to a hold rating in a report on Thursday, September 7th. Finally, BidaskClub downgraded First Interstate BancSystem from a sell rating to a strong sell rating in a report on Thursday, July 27th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. First Interstate BancSystem currently has an average rating of Buy and a consensus price target of $43.25.
Shares of First Interstate BancSystem (FIBK) opened at $38.80 on Wednesday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.09. First Interstate BancSystem has a twelve month low of $31.40 and a twelve month high of $45.35. The stock has a market capitalization of $2,190.03, a P/E ratio of 16.80, a price-to-earnings-growth ratio of 1.83 and a beta of 1.19.
The company also recently declared a quarterly dividend, which will be paid on Monday, November 13th. Stockholders of record on Tuesday, October 31st will be issued a $0.24 dividend. The ex-dividend date of this dividend is Monday, October 30th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.47%. First Interstate BancSystem’s dividend payout ratio (DPR) is 48.24%.
In other news, Director Ross E. Leckie sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, November 2nd. The stock was sold at an average price of $38.85, for a total value of $58,275.00. Following the completion of the sale, the director now directly owns 23,028 shares in the company, valued at approximately $894,637.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 2,822 shares of company stock valued at $104,709 over the last quarter. Company insiders own 38.22% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of FIBK. JPMorgan Chase & Co. increased its holdings in shares of First Interstate BancSystem by 105.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,670,474 shares of the financial services provider’s stock valued at $62,142,000 after acquiring an additional 858,775 shares during the last quarter. Laurion Capital Management LP bought a new stake in shares of First Interstate BancSystem in the 2nd quarter valued at approximately $23,962,000. Bank of New York Mellon Corp increased its holdings in shares of First Interstate BancSystem by 63.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,603,013 shares of the financial services provider’s stock valued at $59,632,000 after acquiring an additional 620,854 shares during the last quarter. Koch Industries Inc. bought a new stake in shares of First Interstate BancSystem in the 2nd quarter valued at approximately $584,000. Finally, Vanguard Group Inc. increased its holdings in shares of First Interstate BancSystem by 44.7% in the 1st quarter. Vanguard Group Inc. now owns 1,795,049 shares of the financial services provider’s stock valued at $71,175,000 after acquiring an additional 554,418 shares during the last quarter. Institutional investors and hedge funds own 44.97% of the company’s stock.
About First Interstate BancSystem
First Interstate BancSystem, Inc is a financial and bank holding company. The Company, through its bank subsidiary First Interstate Bank (the Bank), delivers a range of banking products and services to individuals, businesses, municipalities and other entities. The Company also, through its subsidiary Bank of the Cascades, offers full-service community banking through 46 branches in Oregon, Idaho and Washington.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
What are top analysts saying about First Interstate BancSystem Inc.? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for First Interstate BancSystem Inc. and related companies.