First Interstate Bancsystem (NASDAQ:FIBK) Upgraded at Zacks Investment Research
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 equities analysts have also commented on FIBK. Keefe, Bruyette & Woods raised First Interstate Bancsystem from a market perform rating to an outperform rating and set a $39.00 price objective for the company in a research report on Wednesday, April 1st. Wells Fargo & Co lifted their price target on First Interstate Bancsystem from $28.00 to $35.00 and gave the stock an overweight rating in a research report on Monday, May 4th. Piper Sandler lifted their price target on First Interstate Bancsystem from $37.00 to $38.00 and gave the stock an overweight rating in a research report on Thursday. ValuEngine raised First Interstate Bancsystem from a sell rating to a hold rating in a research report on Thursday, July 2nd. Finally, BidaskClub lowered First Interstate Bancsystem from a sell rating to a strong sell rating in a research report on Friday, July 10th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of Hold and an average target price of $37.33.
First Interstate Bancsystem (NASDAQ:FIBK) last announced its quarterly earnings data on Monday, July 27th. The financial services provider reported $0.58 EPS for the quarter, beating the consensus estimate of $0.48 by $0.10. The business had revenue of $162.20 million during the quarter, compared to analyst estimates of $164.47 million. First Interstate Bancsystem had a return on equity of 8.61% and a net margin of 23.56%. As a group, analysts predict that First Interstate Bancsystem will post 2.38 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, August 17th. Shareholders of record on Friday, August 7th will be given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 4.67%. The ex-dividend date of this dividend is Thursday, August 6th. First Interstate Bancsystem’s dividend payout ratio (DPR) is 44.30%.
In other First Interstate Bancsystem news, CEO Kevin P. Riley bought 2,000 shares of the firm’s stock in a transaction on Tuesday, June 9th. The stock was acquired at an average price of $34.13 per share, with a total value of $68,260.00. Following the transaction, the chief executive officer now owns 26,791 shares in the company, valued at $914,376.83. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Ross E. Leckie sold 1,440 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $32.42, for a total value of $46,684.80. Following the completion of the transaction, the director now directly owns 8,028 shares of the company’s stock, valued at approximately $260,267.76. The disclosure for this sale can be found here. 21.99% of the stock is currently owned by insiders.
A number of large investors have recently modified their holdings of the business. Macquarie Group Ltd. raised its position in First Interstate Bancsystem by 6.5% in the 4th quarter. Macquarie Group Ltd. now owns 2,888,972 shares of the financial services provider’s stock worth $121,106,000 after buying an additional 175,760 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of First Interstate Bancsystem by 7.5% during the 1st quarter. Wellington Management Group LLP now owns 2,211,753 shares of the financial services provider’s stock valued at $63,787,000 after purchasing an additional 153,510 shares during the period. Thrivent Financial for Lutherans grew its stake in shares of First Interstate Bancsystem by 65.9% during the 1st quarter. Thrivent Financial for Lutherans now owns 1,172,707 shares of the financial services provider’s stock valued at $33,821,000 after purchasing an additional 466,033 shares during the period. Advisory Research Inc. grew its stake in shares of First Interstate Bancsystem by 37.6% during the 1st quarter. Advisory Research Inc. now owns 685,521 shares of the financial services provider’s stock valued at $19,770,000 after purchasing an additional 187,259 shares during the period. Finally, Geode Capital Management LLC grew its stake in shares of First Interstate Bancsystem by 8.4% during the 1st quarter. Geode Capital Management LLC now owns 592,457 shares of the financial services provider’s stock valued at $17,086,000 after purchasing an additional 45,839 shares during the period. 50.09% of the stock is owned by institutional investors and hedge funds.
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. Its deposit products include checking, savings, time, and demand deposits; and repurchase agreements primarily for commercial and municipal depositors.
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