First Interstate BancSystem, Inc. (NASDAQ:FIBK – Get Rating) – Stock analysts at DA Davidson issued their Q1 2023 earnings 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 post earnings of $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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FIBK has been the topic of a number of other reports. Keefe, Bruyette & Woods cut shares of First Interstate BancSystem from an "outperform" rating to a "market perform" rating and dropped their target price for the company from $49.00 to $38.00 in a research note on Monday. StockNews.com cut shares of First Interstate BancSystem from a "hold" rating to a "sell" rating in a research note on Wednesday, October 26th. Janney Montgomery Scott cut shares of First Interstate BancSystem from a "buy" rating to a "neutral" rating in a research note on Monday. Stephens upgraded shares of First Interstate BancSystem from an "equal weight" rating to an "overweight" rating and dropped their price target for the company from $44.00 to $43.00 in a research note on Wednesday. Finally, Wells Fargo & Company dropped their price target on shares of First Interstate BancSystem from $48.00 to $42.00 and set an "overweight" rating on the stock in a research note on Monday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, First Interstate BancSystem currently has an average rating of "Hold" and a consensus target price of $43.80.
First Interstate BancSystem Stock Up 1.3 %
FIBK opened at $37.06 on Thursday. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.30. The stock has a market cap of $3.87 billion, a price-to-earnings ratio of 20.03 and a beta of 0.87. First Interstate BancSystem has a twelve month low of $32.40 and a twelve month high of $46.34. The company's 50-day moving average price is $39.07 and its two-hundred day moving average price is $40.89.
Hedge Funds Weigh In On First Interstate BancSystem
A number of institutional investors have recently made changes to their positions in the stock. Cypress Capital Management LLC WY increased its holdings in shares of First Interstate BancSystem by 1.4% in the 4th quarter. Cypress Capital Management LLC WY now owns 141,880 shares of the financial services provider's stock worth $5,484,000 after buying an additional 1,910 shares during the last quarter. Bailard Inc. bought a new position in shares of First Interstate BancSystem in the 4th quarter worth $215,000. ProShare Advisors LLC increased its holdings in shares of First Interstate BancSystem by 7.1% in the 4th quarter. ProShare Advisors LLC now owns 223,010 shares of the financial services provider's stock worth $8,619,000 after buying an additional 14,852 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of First Interstate BancSystem by 23.8% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,748 shares of the financial services provider's stock worth $493,000 after buying an additional 2,448 shares during the last quarter. Finally, Elizabeth Park Capital Advisors Ltd. bought a new position in shares of First Interstate BancSystem in the 4th quarter worth $2,847,000. Institutional investors own 77.78% of the company's stock.
Insider Buying and Selling
In related news, CEO Kevin P. Riley sold 2,500 shares of the company's stock in a transaction that occurred on Wednesday, December 7th. The shares were sold at an average price of $41.45, for a total transaction of $103,625.00. Following the sale, the chief executive officer now owns 48,549 shares of the company's stock, valued at approximately $2,012,356.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Kevin P. Riley sold 2,500 shares of the company's stock in a transaction that occurred on Wednesday, December 7th. The shares were sold at an average price of $41.45, for a total transaction of $103,625.00. Following the sale, the chief executive officer now owns 48,549 shares of the company's stock, valued at approximately $2,012,356.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder James R. Scott, Jr. sold 3,852 shares of the company's stock in a transaction that occurred on Thursday, November 10th. The stock was sold at an average price of $46.26, for a total transaction of $178,193.52. Following the sale, the insider now directly owns 81,454 shares in the company, valued at approximately $3,768,062.04. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 38,852 shares of company stock valued at $1,719,869. Company insiders own 6.40% of the company's stock.
First Interstate BancSystem Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, February 17th. Investors of record on Tuesday, February 7th will be issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 5.07%. The ex-dividend date of this dividend is Monday, February 6th. First Interstate BancSystem's dividend payout ratio (DPR) is presently 101.62%.
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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