First Interstate BancSystem (NASDAQ:FIBK) Hits New 12-Month High – Time to Buy?

by · The Cerbat Gem

First Interstate BancSystem, Inc. (NASDAQ:FIBK – Get Free Report)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $38.18 and last traded at $37.9420, with a volume of 1054234 shares changing hands. The stock had previously closed at $36.11.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on FIBK. Wells Fargo & Company upped their price objective on First Interstate BancSystem from $28.00 to $30.00 and gave the company an “underweight” rating in a research note on Monday, September 29th. Barclays boosted their target price on First Interstate BancSystem from $36.00 to $38.00 and gave the stock an “equal weight” rating in a report on Friday, December 19th. Keefe, Bruyette & Woods raised their price target on First Interstate BancSystem from $37.00 to $39.00 and gave the company an “outperform” rating in a report on Wednesday, December 17th. UBS Group reiterated a “neutral” rating and issued a $37.00 price objective on shares of First Interstate BancSystem in a report on Tuesday, January 6th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of First Interstate BancSystem in a research report on Monday, December 29th. Four research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $37.29.

Get Our Latest Report on FIBK

First Interstate BancSystem Stock Performance

The stock’s 50-day simple moving average is $34.54 and its 200-day simple moving average is $32.43. The stock has a market cap of $3.91 billion, a price-to-earnings ratio of 16.05 and a beta of 0.80. The company has a current ratio of 0.74, a quick ratio of 0.73 and a debt-to-equity ratio of 0.09.

First Interstate BancSystem (NASDAQ:FIBK – Get Free Report) last issued its quarterly earnings results on Thursday, November 6th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter. The business had revenue of $250.50 million during the quarter. First Interstate BancSystem had a return on equity of 7.25% and a net margin of 17.62%. Analysts forecast that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, November 20th. Stockholders of record on Monday, November 10th were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 4.9%. The ex-dividend date of this dividend was Monday, November 10th. First Interstate BancSystem’s dividend payout ratio is 79.32%.

Insider Buying and Selling

In other First Interstate BancSystem news, Director John M. Heyneman, Jr. sold 30,432 shares of the firm’s stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $31.03, for a total value of $944,304.96. Following the transaction, the director directly owned 1,414,636 shares of the company’s stock, valued at $43,896,155.08. This trade represents a 2.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Susan Scott Heyneman Trust, Su sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $32.75, for a total transaction of $327,500.00. Following the completion of the transaction, the insider owned 224,460 shares of the company’s stock, valued at $7,351,065. The trade was a 4.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 67,232 shares of company stock worth $2,138,746. Company insiders own 8.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Yousif Capital Management LLC acquired a new position in First Interstate BancSystem during the fourth quarter valued at approximately $866,000. Nisa Investment Advisors LLC boosted its holdings in shares of First Interstate BancSystem by 62.1% in the 4th quarter. Nisa Investment Advisors LLC now owns 4,382 shares of the financial services provider’s stock valued at $152,000 after purchasing an additional 1,679 shares in the last quarter. Hoese & Co LLP bought a new position in shares of First Interstate BancSystem in the 4th quarter valued at $104,000. Exchange Traded Concepts LLC raised its holdings in shares of First Interstate BancSystem by 16.7% during the 4th quarter. Exchange Traded Concepts LLC now owns 31,775 shares of the financial services provider’s stock worth $1,099,000 after buying an additional 4,536 shares in the last quarter. Finally, SG Americas Securities LLC lifted its position in shares of First Interstate BancSystem by 180.6% during the 4th quarter. SG Americas Securities LLC now owns 75,583 shares of the financial services provider’s stock worth $2,615,000 after buying an additional 48,648 shares during the last quarter. 88.71% of the stock is owned by institutional investors.

About First Interstate BancSystem

(Get Free Report)

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.

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