First Interstate Bancsystem (NASDAQ:FIBK) Cut to Sell at ValuEngine

ValuEngine downgraded shares of First Interstate Bancsystem (NASDAQ:FIBK) from a hold rating to a sell rating in a research report sent to investors on Thursday morning, ValuEngine reports.

Several other research analysts have also recently weighed in on the company. Zacks Investment Research cut First Interstate Bancsystem from a buy rating to a hold rating in a research report on Wednesday, July 3rd. Piper Jaffray Companies set a $47.00 price objective on First Interstate Bancsystem and gave the stock a buy rating in a research report on Tuesday, April 9th. Robert W. Baird initiated coverage on First Interstate Bancsystem in a research report on Wednesday, April 10th. They set a neutral rating and a $42.00 price objective for the company. Finally, BidaskClub raised First Interstate Bancsystem from a sell rating to a hold rating in a research report on Friday, June 14th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $43.98.

Shares of FIBK stock traded down $1.13 on Thursday, hitting $38.22. 3,101 shares of the stock were exchanged, compared to its average volume of 159,631. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market cap of $2.39 billion, a price-to-earnings ratio of 13.16, a P/E/G ratio of 1.41 and a beta of 1.18. The business has a 50-day moving average of $39.21. First Interstate Bancsystem has a fifty-two week low of $34.61 and a fifty-two week high of $47.05.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 21st. Shareholders of record on Thursday, August 8th will be paid a $0.31 dividend. This is a positive change from First Interstate Bancsystem’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Wednesday, August 7th. This represents a $1.24 annualized dividend and a yield of 3.24%. First Interstate Bancsystem’s dividend payout ratio is currently 42.47%.

In other First Interstate Bancsystem news, Director Peter I. Wold acquired 1,000 shares of the company’s stock in a transaction on Tuesday, June 11th. The shares were purchased at an average price of $37.81 per share, for a total transaction of $37,810.00. Following the completion of the purchase, the director now directly owns 3,707 shares of the company’s stock, valued at $140,161.67. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Kevin P. Riley sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $39.36, for a total value of $196,800.00. Following the completion of the sale, the chief executive officer now owns 21,880 shares in the company, valued at approximately $861,196.80. The disclosure for this sale can be found here. 24.93% of the stock is owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in FIBK. FMR LLC increased its stake in shares of First Interstate Bancsystem by 150.2% during the fourth quarter. FMR LLC now owns 1,340,663 shares of the financial services provider’s stock worth $49,014,000 after purchasing an additional 804,884 shares during the period. Great West Life Assurance Co. Can increased its stake in shares of First Interstate Bancsystem by 71.4% during the fourth quarter. Great West Life Assurance Co. Can now owns 3,760 shares of the financial services provider’s stock worth $132,000 after purchasing an additional 1,566 shares during the period. Denali Advisors LLC increased its stake in shares of First Interstate Bancsystem by 11,186.4% during the first quarter. Denali Advisors LLC now owns 6,659 shares of the financial services provider’s stock worth $265,000 after purchasing an additional 6,600 shares during the period. Principal Financial Group Inc. increased its stake in shares of First Interstate Bancsystem by 1.6% during the fourth quarter. Principal Financial Group Inc. now owns 299,289 shares of the financial services provider’s stock worth $10,942,000 after purchasing an additional 4,621 shares during the period. Finally, First Interstate Bank increased its stake in shares of First Interstate Bancsystem by 35.2% during the first quarter. First Interstate Bank now owns 236,119 shares of the financial services provider’s stock worth $9,402,000 after purchasing an additional 61,434 shares during the period. Hedge funds and other institutional investors own 51.91% 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.

Featured Story: How is the LIBOR rate calculated?

To view ValuEngine’s full report, visit ValuEngine’s official website.

Receive News & Ratings for First Interstate Bancsystem Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Interstate Bancsystem and related companies with MarketBeat.com's FREE daily email newsletter.