First Interstate BancSystem (NASDAQ:FIBK) Sets New 52-Week High - Here's What Happened

Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK - Get Free Report) hit a new 52-week high during trading on Friday . The company traded as high as $34.56 and last traded at $34.36, with a volume of 71552 shares trading hands. The stock had previously closed at $33.83.

Analyst Ratings Changes

A number of analysts have commented on the company. DA Davidson boosted their price objective on First Interstate BancSystem from $27.00 to $34.00 and gave the stock a "neutral" rating in a report on Monday, July 29th. Piper Sandler lowered their target price on shares of First Interstate BancSystem from $38.00 to $36.00 and set an "overweight" rating for the company in a report on Monday, October 28th. StockNews.com lowered shares of First Interstate BancSystem from a "hold" rating to a "sell" rating in a research report on Wednesday. Keefe, Bruyette & Woods upped their price objective on shares of 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. Finally, Stephens restated an "overweight" rating and issued a $36.00 target price on shares of First Interstate BancSystem in a research note on Thursday, October 10th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $32.50.

First Interstate BancSystem Stock Up 1.7 %

The firm has a market capitalization of $3.59 billion, a PE ratio of 15.08 and a beta of 0.81. The stock has a 50-day simple moving average of $31.51 and a 200-day simple moving average of $29.51. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.71.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.54 earnings per share for the quarter, missing the consensus estimate 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 period in the previous year, the business posted $0.70 earnings per share. Analysts forecast that First Interstate BancSystem, Inc. will post 2.28 EPS for the current year.

First Interstate BancSystem Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Monday, November 4th were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.47%. The ex-dividend date of this dividend was Monday, November 4th. First Interstate BancSystem's payout ratio is currently 82.46%.

Insider Buying and Selling

In other news, Director Jonathan R. Scott sold 6,500 shares of the firm's stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $34.18, for a total value of $222,170.00. Following the completion of the transaction, the director now directly owns 958,710 shares in the company, valued at approximately $32,768,707.80. This trade represents a 0.67 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Julie A. Scott sold 22,050 shares of the business's stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $33.80, for a total transaction of $745,290.00. Following the transaction, the insider now directly owns 613,019 shares of the company's stock, valued at approximately $20,720,042.20. This represents a 3.47 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 48,770 shares of company stock valued at $1,630,272. Company insiders own 6.90% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Point72 DIFC Ltd purchased a new stake in shares of First Interstate BancSystem in the third quarter worth $34,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of First Interstate BancSystem during the 3rd quarter valued at about $69,000. CWM LLC boosted 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 acquiring an additional 430 shares during the last quarter. Innealta Capital LLC purchased a new position in shares of First Interstate BancSystem during the second quarter worth about $106,000. Finally, nVerses Capital LLC increased its position in shares of First Interstate BancSystem by 412.5% in the second 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 last quarter. 88.71% of the stock is owned by institutional investors.

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.