First Interstate Bancsystem (NASDAQ:FIBK) Upgraded to Buy by BidaskClub

BidaskClub upgraded shares of First Interstate Bancsystem (NASDAQ:FIBK) from a hold rating to a buy rating in a research note issued to investors on Saturday morning, BidAskClub reports.

A number of other equities research analysts have also recently issued reports on FIBK. 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 target price for the company. ValuEngine cut First Interstate Bancsystem from a hold rating to a sell rating in a research report on Thursday, August 1st. Zacks Investment Research cut First Interstate Bancsystem from a buy rating to a hold rating in a research report on Wednesday, July 3rd. Finally, Piper Jaffray Companies set a $47.00 target price on First Interstate Bancsystem and gave the stock a buy rating in a research report on Tuesday, April 9th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. First Interstate Bancsystem presently has a consensus rating of Hold and an average price target of $43.98.

Shares of First Interstate Bancsystem stock opened at $38.88 on Friday. The company has a market capitalization of $2.37 billion, a PE ratio of 13.32, a P/E/G ratio of 1.45 and a beta of 1.18. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.06. The stock’s 50 day moving average is $39.22. First Interstate Bancsystem has a 12-month low of $34.61 and a 12-month high of $47.05.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 21st. Stockholders of record on Thursday, August 8th will be issued a dividend of $0.31 per share. The ex-dividend date is Wednesday, August 7th. This is a positive change from First Interstate Bancsystem’s previous quarterly dividend of $0.20. This represents a $1.24 dividend on an annualized basis and a dividend yield of 3.19%. First Interstate Bancsystem’s payout ratio is 42.47%.

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

Hedge funds and other institutional investors have recently modified their holdings of the stock. FMR LLC boosted its stake in shares of First Interstate Bancsystem by 24.7% during the 1st quarter. FMR LLC now owns 1,671,926 shares of the financial services provider’s stock worth $66,576,000 after acquiring an additional 331,263 shares during the period. Kennedy Capital Management Inc. raised its stake in shares of First Interstate Bancsystem by 10.1% in the 1st quarter. Kennedy Capital Management Inc. now owns 488,462 shares of the financial services provider’s stock valued at $19,451,000 after acquiring an additional 44,803 shares during the period. Geode Capital Management LLC raised its stake in shares of First Interstate Bancsystem by 19.2% in the 4th quarter. Geode Capital Management LLC now owns 450,659 shares of the financial services provider’s stock valued at $16,476,000 after acquiring an additional 72,720 shares during the period. Federated Investors Inc. PA raised its stake in shares of First Interstate Bancsystem by 4.9% in the 1st quarter. Federated Investors Inc. PA now owns 326,779 shares of the financial services provider’s stock valued at $13,012,000 after acquiring an additional 15,235 shares during the period. Finally, Wells Fargo & Company MN raised its stake in shares of First Interstate Bancsystem by 41.7% in the 2nd quarter. Wells Fargo & Company MN now owns 323,239 shares of the financial services provider’s stock valued at $12,804,000 after acquiring an additional 95,117 shares during the period. Institutional investors and hedge funds own 51.91% of the company’s stock.

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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