First Interstate BancSystem (NASDAQ:FIBK) Given New $30.00 Price Target at Wells Fargo & Company

First Interstate BancSystem (NASDAQ:FIBK) had its target price boosted by Wells Fargo & Company from $28.00 to $30.00 in a report issued on Tuesday morning,Benzinga reports. They currently have an underweight rating on the financial services provider’s stock.

A number of other equities analysts have also recently weighed in on FIBK. Piper Sandler lowered their price objective on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating for the company in a research report on Monday, October 28th. DA Davidson raised First Interstate BancSystem from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $32.00 to $42.00 in a research note on Tuesday, November 26th. StockNews.com upgraded First Interstate BancSystem from a “sell” rating to a “hold” rating in a report on Thursday, November 28th. Stephens restated an “overweight” rating and set a $36.00 target price on shares of First Interstate BancSystem in a report on Thursday, October 10th. Finally, Barclays lowered shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $32.00 to $30.00 in a research note on Thursday, October 31st. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, First Interstate BancSystem presently has an average rating of “Hold” and a consensus target price of $34.17.

First Interstate BancSystem Price Performance

FIBK stock opened at $34.31 on Tuesday. First Interstate BancSystem has a 52-week low of $24.16 and a 52-week high of $36.77. The business has a fifty day moving average of $32.09 and a two-hundred day moving average of $29.90. The stock has a market cap of $3.59 billion, a price-to-earnings ratio of 15.05 and a beta of 0.84. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.71.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.04). First Interstate BancSystem had a net margin of 15.94% and a return on equity of 7.48%. During the same quarter in the previous year, the business earned $0.70 earnings per share. As a group, research analysts anticipate that First Interstate BancSystem will post 2.28 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Monday, November 4th were given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 5.48%. The ex-dividend date was Monday, November 4th. First Interstate BancSystem’s dividend payout ratio is currently 82.46%.

Insider Transactions at First Interstate BancSystem

In other First Interstate BancSystem news, Director Jonathan R. Scott sold 6,500 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $34.18, for a total transaction of $222,170.00. Following the completion of the transaction, the director now owns 958,710 shares in the company, valued at $32,768,707.80. The trade was a 0.67 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder James R. Scott, Jr. sold 6,067 shares of the firm’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $34.50, for a total transaction of $209,311.50. Following the completion of the sale, the insider now owns 75,387 shares in the company, valued at $2,600,851.50. The trade was a 7.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 54,837 shares of company stock valued at $1,839,583. 6.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP lifted its stake in First Interstate BancSystem by 8.7% during the second quarter. Dimensional Fund Advisors LP now owns 4,580,800 shares of the financial services provider’s stock worth $127,204,000 after purchasing an additional 367,212 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in First Interstate BancSystem by 1.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 2,051,632 shares of the financial services provider’s stock worth $56,974,000 after purchasing an additional 32,348 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of First Interstate BancSystem by 3.1% during the 3rd quarter. Geode Capital Management LLC now owns 1,992,873 shares of the financial services provider’s stock worth $61,152,000 after buying an additional 59,367 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of First Interstate BancSystem by 6.5% in the 3rd quarter. Wellington Management Group LLP now owns 1,288,214 shares of the financial services provider’s stock valued at $39,522,000 after buying an additional 78,596 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in First Interstate BancSystem by 5.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,073,814 shares of the financial services provider’s stock worth $32,945,000 after acquiring an additional 52,919 shares in the last quarter. 88.71% of the stock is owned by institutional investors and hedge funds.

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. It offers various traditional depository products, including checking, savings, and time deposits; and repurchase agreements primarily for commercial and municipal depositors.