First Interstate BancSystem (NASDAQ:FIBK) Downgraded by StockNews.com to "Sell"

StockNews.com downgraded shares of First Interstate BancSystem (NASDAQ:FIBK - Free Report) from a hold rating to a sell rating in a research note issued to investors on Thursday morning.

Several other equities research analysts have also commented on the stock. Barclays boosted their price objective on shares of First Interstate BancSystem from $31.00 to $32.00 and gave the stock an equal weight rating in a research report on Friday, September 27th. Keefe, Bruyette & Woods boosted 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. DA Davidson boosted their price objective on shares of First Interstate BancSystem from $27.00 to $34.00 and gave the stock a neutral rating in a research report on Monday, July 29th. Piper Sandler reiterated an overweight rating and issued a $38.00 price objective on shares of First Interstate BancSystem in a research report on Monday, August 26th. Finally, Wells Fargo & Company lowered shares of First Interstate BancSystem from an equal weight rating to an underweight rating and decreased their price objective for the stock from $30.00 to $28.00 in a research report on Tuesday. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of Hold and an average price target of $33.17.

First Interstate BancSystem Price Performance

Shares of NASDAQ FIBK traded up $0.10 during trading on Thursday, hitting $29.53. 405,526 shares of the company were exchanged, compared to its average volume of 692,367. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 11.76 and a beta of 0.82. First Interstate BancSystem has a 1 year low of $20.81 and a 1 year high of $33.00. The firm's fifty day moving average price is $29.88 and its 200 day moving average price is $28.07. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.79 and a quick ratio of 0.79.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last issued its earnings results on Thursday, July 25th. The financial services provider reported $0.58 EPS for the quarter, topping the consensus estimate of $0.55 by $0.03. The company had revenue of $244.30 million for the quarter, compared to analyst estimates of $246.07 million. First Interstate BancSystem had a net margin of 17.22% and a return on equity of 8.19%. During the same period in the previous year, the firm earned $0.66 EPS. On average, sell-side analysts expect that First Interstate BancSystem will post 2.34 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 5th were given a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 6.37%. The ex-dividend date of this dividend was Monday, August 5th. First Interstate BancSystem's dividend payout ratio (DPR) is 74.90%.

Institutional Investors Weigh In On First Interstate BancSystem

Hedge funds have recently bought and sold shares of the business. Parallel Advisors LLC grew its position in shares of First Interstate BancSystem by 205.3% in the 4th quarter. Parallel Advisors LLC now owns 1,273 shares of the financial services provider's stock worth $39,000 after acquiring an additional 856 shares in the last quarter. Rafferty Asset Management LLC boosted its position in First Interstate BancSystem by 27.7% during the 4th quarter. Rafferty Asset Management LLC now owns 146,191 shares of the financial services provider's stock valued at $4,495,000 after purchasing an additional 31,710 shares during the period. Cladis Investment Advisory LLC boosted its position in First Interstate BancSystem by 1.8% during the 4th quarter. Cladis Investment Advisory LLC now owns 99,373 shares of the financial services provider's stock valued at $3,056,000 after purchasing an additional 1,728 shares during the period. Sierra Summit Advisors LLC acquired a new position in First Interstate BancSystem during the 4th quarter valued at approximately $266,000. Finally, Wellington Management Group LLP boosted its position in First Interstate BancSystem by 5.0% during the 4th quarter. Wellington Management Group LLP now owns 2,970,727 shares of the financial services provider's stock valued at $91,350,000 after purchasing an additional 142,069 shares during the period. Institutional investors and hedge funds 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.