Zacks Investment Research Lowers First Interstate Bancsystem (FIBK) to Sell

Zacks Investment Research lowered shares of First Interstate Bancsystem (NASDAQ:FIBK) from a hold rating to a sell rating in a research report report published on Wednesday.

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. “

Several other analysts also recently weighed in on the stock. BidaskClub upgraded shares of First Interstate Bancsystem from a sell rating to a hold rating in a report on Saturday, February 9th. Stephens assumed coverage on shares of First Interstate Bancsystem in a report on Monday, January 14th. They issued an overweight rating and a $37.90 target price for the company. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the stock. The stock has an average rating of Hold and an average target price of $47.15.

First Interstate Bancsystem stock traded up $0.35 during trading on Wednesday, hitting $41.99. The company had a trading volume of 159,962 shares, compared to its average volume of 149,810. First Interstate Bancsystem has a 1-year low of $34.61 and a 1-year high of $47.05. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.82 and a current ratio of 0.82. The company has a market capitalization of $2.55 billion, a PE ratio of 14.38, a price-to-earnings-growth ratio of 1.50 and a beta of 1.12.

First Interstate Bancsystem (NASDAQ:FIBK) last posted its earnings results on Wednesday, January 30th. The financial services provider reported $0.76 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.76. First Interstate Bancsystem had a net margin of 25.82% and a return on equity of 11.25%. The firm had revenue of $153.20 million during the quarter, compared to the consensus estimate of $151.76 million. As a group, equities research analysts forecast that First Interstate Bancsystem will post 3.12 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 21st. Shareholders of record on Monday, February 11th were paid a $0.31 dividend. This is an increase from First Interstate Bancsystem’s previous quarterly dividend of $0.28. The ex-dividend date was Friday, February 8th. This represents a $1.24 annualized dividend and a dividend yield of 2.95%. First Interstate Bancsystem’s payout ratio is 42.47%.

In other First Interstate Bancsystem news, Director John M. Heyneman, Jr. sold 1,000 shares of the business’s stock in a transaction on Wednesday, December 12th. The shares were sold at an average price of $41.87, for a total value of $41,870.00. Following the completion of the transaction, the director now owns 3,621 shares in the company, valued at $151,611.27. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 40.23% of the company’s stock.

Large investors have recently bought and sold shares of the business. Swiss National Bank grew its stake in shares of First Interstate Bancsystem by 38.8% in the third quarter. Swiss National Bank now owns 64,383 shares of the financial services provider’s stock worth $2,884,000 after acquiring an additional 18,000 shares in the last quarter. First Trust Advisors LP grew its stake in shares of First Interstate Bancsystem by 3.9% in the third quarter. First Trust Advisors LP now owns 143,703 shares of the financial services provider’s stock worth $6,438,000 after acquiring an additional 5,375 shares in the last quarter. Jane Street Group LLC acquired a new position in shares of First Interstate Bancsystem in the third quarter worth $563,000. Stone Ridge Asset Management LLC grew its stake in shares of First Interstate Bancsystem by 23.0% in the third quarter. Stone Ridge Asset Management LLC now owns 16,604 shares of the financial services provider’s stock worth $744,000 after acquiring an additional 3,105 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of First Interstate Bancsystem by 1.6% in the third quarter. Bank of New York Mellon Corp now owns 2,567,209 shares of the financial services provider’s stock worth $115,012,000 after acquiring an additional 41,212 shares in the last quarter. Institutional investors and hedge funds own 47.52% 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. Its deposit products include checking, savings, time, and demand deposits; and repurchase agreements primarily for commercial and municipal depositors.

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