Zacks Investment Research Downgrades First Interstate Bancsystem (FIBK) to Sell
Zacks Investment Research downgraded shares of First Interstate Bancsystem (NASDAQ:FIBK) from a hold rating to a sell rating in a research note published on Wednesday morning.
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. “
FIBK has been the topic of a number of other research reports. BidaskClub cut shares of First Interstate Bancsystem from a hold rating to a sell rating in a research note on Thursday, January 24th. Stephens began coverage on shares of First Interstate Bancsystem in a research note on Monday, January 14th. They issued an overweight rating and a $37.90 target price on the stock. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the stock. First Interstate Bancsystem has a consensus rating of Hold and an average price target of $47.15.
First Interstate Bancsystem (NASDAQ:FIBK) last posted its quarterly earnings data on Wednesday, January 30th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.76. The company had revenue of $153.20 million for the quarter, compared to the consensus estimate of $151.76 million. First Interstate Bancsystem had a net margin of 25.98% and a return on equity of 10.93%. On average, research analysts expect that First Interstate Bancsystem will post 3.1 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, February 21st. Investors of record on Monday, February 11th were paid a $0.31 dividend. The ex-dividend date of this dividend was Friday, February 8th. This represents a $1.24 dividend on an annualized basis and a yield of 2.95%. This is a boost from First Interstate Bancsystem’s previous quarterly dividend of $0.28. First Interstate Bancsystem’s payout ratio is presently 42.47%.
In other First Interstate Bancsystem news, Director Ross E. Leckie sold 2,204 shares of the company’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $42.13, for a total transaction of $92,854.52. Following the sale, the director now directly owns 17,027 shares of the company’s stock, valued at $717,347.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jonathan R. Scott sold 15,670 shares of the company’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $41.14, for a total transaction of $644,663.80. The disclosure for this sale can be found here. Insiders own 40.23% of the company’s stock.
A number of institutional investors have recently modified their holdings of FIBK. Quantamental Technologies LLC bought a new stake in First Interstate Bancsystem during the fourth quarter worth about $26,000. Captrust Financial Advisors grew its stake in First Interstate Bancsystem by 122.3% during the fourth quarter. Captrust Financial Advisors now owns 767 shares of the financial services provider’s stock worth $28,000 after buying an additional 422 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in First Interstate Bancsystem by 19.9% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,479 shares of the financial services provider’s stock worth $91,000 after buying an additional 411 shares during the last quarter. Great West Life Assurance Co. Can grew its stake in First Interstate Bancsystem by 71.4% during the fourth quarter. Great West Life Assurance Co. Can now owns 3,760 shares of the financial services provider’s stock worth $132,000 after buying an additional 1,566 shares during the last quarter. Finally, Tower Research Capital LLC TRC bought a new stake in First Interstate Bancsystem during the third quarter worth about $181,000. 49.59% of the stock is currently owned by hedge funds and other institutional investors.
About First Interstate Bancsystem
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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