First Interstate BancSystem, Inc. (NASDAQ:FIBK – Get Rating) – Investment analysts at DA Davidson issued their Q1 2023 EPS estimates for First Interstate BancSystem in a note issued to investors on Wednesday, February 1st. DA Davidson analyst J. Rulis expects that the financial services provider will earn $0.94 per share for the quarter. The consensus estimate for First Interstate BancSystem's current full-year earnings is $3.99 per share. DA Davidson also issued estimates for First Interstate BancSystem's FY2024 earnings at $3.90 EPS.
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A number of other brokerages have also recently commented on FIBK. Wells Fargo & Company reduced their target price on shares of First Interstate BancSystem from $48.00 to $42.00 and set an "overweight" rating for the company in a research report on Monday. Stephens upgraded shares of First Interstate BancSystem from an "equal weight" rating to an "overweight" rating and cut their price objective for the stock from $44.00 to $43.00 in a research report on Wednesday. Keefe, Bruyette & Woods cut shares of First Interstate BancSystem from an "outperform" rating to a "market perform" rating and cut their price objective for the stock from $49.00 to $38.00 in a research report on Monday. Janney Montgomery Scott cut shares of First Interstate BancSystem from a "buy" rating to a "neutral" rating in a research report on Monday. Finally, StockNews.com cut shares of First Interstate BancSystem from a "hold" rating to a "sell" rating in a research report on Wednesday, October 26th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $43.80.
First Interstate BancSystem Price Performance
Shares of NASDAQ FIBK opened at $36.60 on Thursday. The firm has a 50-day simple moving average of $39.21 and a 200-day simple moving average of $40.92. The stock has a market capitalization of $3.82 billion, a price-to-earnings ratio of 19.78 and a beta of 0.87. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.30. First Interstate BancSystem has a 52 week low of $32.40 and a 52 week high of $46.34.
First Interstate BancSystem Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 17th. Stockholders of record on Tuesday, February 7th will be paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 5.14%. The ex-dividend date is Monday, February 6th. First Interstate BancSystem's payout ratio is 101.62%.
Insider Activity
In other news, major shareholder James R. Scott, Jr. sold 3,852 shares of the firm's stock in a transaction that occurred on Thursday, November 10th. The shares were sold at an average price of $46.26, for a total value of $178,193.52. Following the completion of the transaction, the insider now owns 81,454 shares of the company's stock, valued at $3,768,062.04. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, major shareholder James R. Scott, Jr. sold 3,852 shares of the firm's stock in a transaction that occurred on Thursday, November 10th. The shares were sold at an average price of $46.26, for a total value of $178,193.52. Following the completion of the transaction, the insider now owns 81,454 shares of the company's stock, valued at $3,768,062.04. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Russell A. Lee sold 2,500 shares of First Interstate BancSystem stock in a transaction that occurred on Monday, November 7th. The stock was sold at an average price of $45.30, for a total transaction of $113,250.00. Following the completion of the transaction, the executive vice president now owns 4,771 shares of the company's stock, valued at approximately $216,126.30. The disclosure for this sale can be found here. Over the last quarter, insiders sold 38,852 shares of company stock valued at $1,719,869. 6.40% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
A number of institutional investors have recently added to or reduced their stakes in FIBK. Advisor Group Holdings Inc. lifted its stake in First Interstate BancSystem by 5.7% in the first quarter. Advisor Group Holdings Inc. now owns 7,822 shares of the financial services provider's stock worth $288,000 after acquiring an additional 422 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in First Interstate BancSystem by 225.1% during the first quarter. JPMorgan Chase & Co. now owns 281,299 shares of the financial services provider's stock worth $10,344,000 after purchasing an additional 194,783 shares in the last quarter. Raymond James & Associates raised its holdings in First Interstate BancSystem by 13.0% during the first quarter. Raymond James & Associates now owns 9,640 shares of the financial services provider's stock worth $354,000 after purchasing an additional 1,107 shares in the last quarter. American Century Companies Inc. acquired a new stake in First Interstate BancSystem during the first quarter worth approximately $1,046,000. Finally, PNC Financial Services Group Inc. raised its holdings in First Interstate BancSystem by 263.2% during the first quarter. PNC Financial Services Group Inc. now owns 2,081 shares of the financial services provider's stock worth $77,000 after purchasing an additional 1,508 shares in the last quarter. Hedge funds and other institutional investors own 77.78% of the company's stock.
About First Interstate BancSystem
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First Interstate BancSystem, Inc is a financial holding company, which engages in the provision of community banking solutions. The firm offers commercial and consumer banking services to individuals, businesses, municipalities, and other entities. It also provides Internet, mobile, and other banking and financial services.
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