First Interstate BancSystem (NASDAQ:FIBK) Upgraded by DA Davidson to "Buy" Rating

DA Davidson upgraded shares of First Interstate BancSystem (NASDAQ:FIBK - Free Report) from a neutral rating to a buy rating in a research note released on Tuesday morning, MarketBeat Ratings reports. DA Davidson currently has $42.00 price objective on the financial services provider's stock, up from their previous price objective of $32.00.

A number of other research analysts also recently issued reports on the stock. Stephens restated an "overweight" rating and set a $36.00 target price on shares of First Interstate BancSystem in a research report on Thursday, October 10th. Barclays cut First Interstate BancSystem from an "equal weight" rating to an "underweight" rating and decreased their price objective for the company from $32.00 to $30.00 in a report on Thursday, October 31st. StockNews.com lowered First Interstate BancSystem from a "hold" rating to a "sell" rating in a report on Wednesday, November 20th. Wells Fargo & Company downgraded First Interstate BancSystem from an "equal weight" rating to an "underweight" rating and decreased their price target for the company from $30.00 to $28.00 in a report on Tuesday, October 1st. Finally, Keefe, Bruyette & Woods upped their price objective on First Interstate BancSystem from $29.00 to $31.00 and gave the stock a "market perform" rating in a research report on Monday, July 29th. Three investment analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, First Interstate BancSystem presently has a consensus rating of "Hold" and an average price target of $33.83.

First Interstate BancSystem Stock Performance

FIBK stock traded up $0.08 during midday trading on Tuesday, reaching $35.55. The stock had a trading volume of 519,413 shares, compared to its average volume of 672,977. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current ratio of 0.78. First Interstate BancSystem has a 52-week low of $24.16 and a 52-week high of $36.77. The stock has a market cap of $3.72 billion, a PE ratio of 15.56 and a beta of 0.81. The firm has a fifty day simple moving average of $31.61 and a two-hundred day simple moving average of $29.59.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last posted its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.58 by ($0.04). First Interstate BancSystem had a return on equity of 7.48% and a net margin of 15.94%. During the same quarter in the previous year, the business earned $0.70 EPS. As a group, equities research analysts anticipate that First Interstate BancSystem will post 2.28 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 4th were given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.29%. The ex-dividend date of this dividend was Monday, November 4th. First Interstate BancSystem's dividend payout ratio (DPR) is presently 82.46%.

Insider Transactions at First Interstate BancSystem

In other news, major shareholder James R. Scott, Jr. sold 6,067 shares of the firm's stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $34.50, for a total value of $209,311.50. Following the transaction, the insider now owns 75,387 shares in the company, valued at $2,600,851.50. This trade represents a 7.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Julie A. Scott sold 20,220 shares of the business's stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $32.78, for a total value of $662,811.60. Following the sale, the insider now owns 635,069 shares of the company's stock, valued at $20,817,561.82. The trade was a 3.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 54,837 shares of company stock valued at $1,839,583 in the last three months. 6.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in FIBK. Point72 DIFC Ltd purchased a new stake in shares of First Interstate BancSystem in the third quarter valued at about $34,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of First Interstate BancSystem during the 3rd quarter worth approximately $69,000. CWM LLC raised its position in shares of First Interstate BancSystem by 16.0% during the 2nd quarter. CWM LLC now owns 3,123 shares of the financial services provider's stock valued at $87,000 after buying an additional 430 shares during the period. Innealta Capital LLC purchased a new position in First Interstate BancSystem in the second quarter worth approximately $106,000. Finally, nVerses Capital LLC grew its holdings in shares of First Interstate BancSystem by 412.5% during the 2nd quarter. nVerses Capital LLC now owns 4,100 shares of the financial services provider's stock worth $114,000 after purchasing an additional 3,300 shares during the period. 88.71% of the stock is currently owned by institutional investors and hedge funds.

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.