First Interstate BancSystem (NASDAQ:FIBK) Hits New 12-Month Low on Analyst Downgrade

First Interstate BancSystem, Inc. (NASDAQ:FIBK - Get Free Report) hit a new 52-week low on Thursday after Wells Fargo & Company lowered their price target on the stock from $30.00 to $25.00. Wells Fargo & Company currently has an underweight rating on the stock. First Interstate BancSystem traded as low as $22.95 and last traded at $26.01, with a volume of 2352677 shares. The stock had previously closed at $23.86.

A number of other research firms have also weighed in on FIBK. Stephens reduced their target price on First Interstate BancSystem from $39.00 to $38.00 and set an "overweight" rating on the stock in a research note on Friday, January 31st. DA Davidson reiterated a "buy" rating and set a $42.00 price objective on shares of First Interstate BancSystem in a report on Thursday, January 30th. Piper Sandler lowered their price objective on shares of First Interstate BancSystem from $42.00 to $41.00 and set an "overweight" rating for the company in a research report on Monday, February 3rd. Barclays reduced their target price on shares of First Interstate BancSystem from $31.00 to $28.00 and set an "underweight" rating on the stock in a research report on Tuesday, April 8th. Finally, UBS Group started coverage on First Interstate BancSystem in a report on Tuesday, December 17th. They issued a "neutral" rating and a $35.00 price target for the company. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $35.00.

Insider Transactions at First Interstate BancSystem

In related news, Director John M. Heyneman, Jr. sold 1,335 shares of the business's stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $32.56, for a total value of $43,467.60. Following the completion of the transaction, the director now owns 1,414,886 shares of the company's stock, valued at $46,068,688.16. The trade was a 0.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 6.90% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in FIBK. Jane Street Group LLC boosted its position in First Interstate BancSystem by 13.9% during the third quarter. Jane Street Group LLC now owns 188,084 shares of the financial services provider's stock valued at $5,770,000 after purchasing an additional 22,899 shares in the last quarter. Swiss National Bank lifted its position in shares of First Interstate BancSystem by 0.5% during the fourth quarter. Swiss National Bank now owns 185,046 shares of the financial services provider's stock valued at $6,008,000 after buying an additional 1,000 shares during the last quarter. Barclays PLC lifted its position in shares of First Interstate BancSystem by 18.6% during the third quarter. Barclays PLC now owns 206,213 shares of the financial services provider's stock valued at $6,326,000 after buying an additional 32,298 shares during the last quarter. Harbor Capital Advisors Inc. boosted its holdings in shares of First Interstate BancSystem by 37,734.8% in the 4th quarter. Harbor Capital Advisors Inc. now owns 141,502 shares of the financial services provider's stock valued at $4,595,000 after buying an additional 141,128 shares in the last quarter. Finally, Jennison Associates LLC grew its position in shares of First Interstate BancSystem by 73.9% in the 4th quarter. Jennison Associates LLC now owns 1,540,490 shares of the financial services provider's stock worth $50,020,000 after buying an additional 654,688 shares during the last quarter. 88.71% of the stock is currently owned by hedge funds and other institutional investors.

First Interstate BancSystem Stock Performance

The firm's 50 day moving average is $28.93 and its 200 day moving average is $31.26. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market cap of $2.70 billion, a P/E ratio of 11.78 and a beta of 0.81.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last released its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, topping 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%. Analysts anticipate that First Interstate BancSystem, Inc. will post 2.53 EPS for the current year.

First Interstate BancSystem Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 20th. Shareholders of record on Monday, February 10th were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 7.29%. The ex-dividend date of this dividend was Monday, February 10th. First Interstate BancSystem's dividend payout ratio (DPR) is presently 85.84%.

First Interstate BancSystem Company Profile

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.