First Interstate Bancsystem (NASDAQ:FIBK) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of First Interstate Bancsystem (NASDAQ:FIBK) from a sell rating to a hold rating in a report released on Wednesday, Zacks.com reports.

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. “

A number of other equities analysts have also recently commented on FIBK. BidaskClub raised shares of First Interstate Bancsystem from a hold rating to a buy rating in a research note on Saturday, August 3rd. ValuEngine cut shares of First Interstate Bancsystem from a hold rating to a sell rating in a research note on Thursday, August 1st. 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. First Interstate Bancsystem has an average rating of Hold and an average target price of $43.98.

FIBK stock opened at $38.54 on Wednesday. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.82 and a quick ratio of 0.82. First Interstate Bancsystem has a one year low of $34.61 and a one year high of $47.05. The stock has a market cap of $2.46 billion, a PE ratio of 12.74, a P/E/G ratio of 1.37 and a beta of 1.18. The firm has a 50 day simple moving average of $39.18 and a two-hundred day simple moving average of $39.99.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 21st. Investors of record on Thursday, August 8th will be issued a dividend of $0.31 per share. 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 yield of 3.22%. The ex-dividend date is Wednesday, August 7th. First Interstate Bancsystem’s dividend payout ratio is currently 42.47%.

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

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Meeder Asset Management Inc. raised its stake in First Interstate Bancsystem by 5.8% during the 1st quarter. Meeder Asset Management Inc. now owns 5,323 shares of the financial services provider’s stock worth $212,000 after acquiring an additional 292 shares during the period. Stephens Inc. AR grew its holdings in First Interstate Bancsystem by 6.3% during the 2nd quarter. Stephens Inc. AR now owns 5,471 shares of the financial services provider’s stock valued at $217,000 after buying an additional 322 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in First Interstate Bancsystem by 2.3% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 15,704 shares of the financial services provider’s stock valued at $622,000 after buying an additional 360 shares in the last quarter. Stone Ridge Asset Management LLC grew its holdings in First Interstate Bancsystem by 4.9% during the 2nd quarter. Stone Ridge Asset Management LLC now owns 8,529 shares of the financial services provider’s stock valued at $338,000 after buying an additional 400 shares in the last quarter. Finally, Wrapmanager Inc. grew its holdings in First Interstate Bancsystem by 6.0% during the 2nd quarter. Wrapmanager Inc. now owns 8,817 shares of the financial services provider’s stock valued at $349,000 after buying an additional 501 shares in the last quarter. Institutional investors and hedge funds own 52.31% 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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