First Interstate BancSystem (NASDAQ:FIBK) Price Target Raised to $39.00

by · The Cerbat Gem

First Interstate BancSystem (NASDAQ:FIBK – Free Report) had its price objective boosted by Keefe, Bruyette & Woods from $37.00 to $39.00 in a research note issued to investors on Wednesday,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the financial services provider’s stock.

Several other equities research analysts have also recently weighed in on the company. Wells Fargo & Company increased their price target 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. Wall Street Zen lowered First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Friday, November 28th. UBS Group increased their target price on shares of First Interstate BancSystem from $33.00 to $34.00 and gave the company a “neutral” rating in a research report on Wednesday, November 5th. DA Davidson raised their price target on shares of First Interstate BancSystem from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Friday, September 12th. Finally, Weiss Ratings downgraded shares of First Interstate BancSystem from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday. Four equities 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 company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $36.86.

Check Out Our Latest Stock Report on First Interstate BancSystem

First Interstate BancSystem Price Performance

FIBK stock opened at $35.76 on Wednesday. The company has a market capitalization of $3.68 billion, a P/E ratio of 15.09 and a beta of 0.82. The company has a fifty day moving average price of $32.50 and a 200-day moving average price of $31.12. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.73 and a current ratio of 0.74. First Interstate BancSystem has a 52-week low of $22.95 and a 52-week high of $36.35.

First Interstate BancSystem (NASDAQ:FIBK – Get Free Report) last posted its quarterly earnings data on Thursday, November 6th. The financial services provider reported $0.69 earnings per share 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%. As a group, equities analysts expect that First Interstate BancSystem will post 2.53 EPS for the current year.

First Interstate BancSystem Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 20th. Stockholders of record on Monday, November 10th were given a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, November 10th. This represents a $1.88 annualized dividend and a dividend yield of 5.3%. First Interstate BancSystem’s dividend payout ratio (DPR) is 79.32%.

Insider Activity

In other First Interstate BancSystem news, Director John M. Heyneman, Jr. sold 30,432 shares of First Interstate BancSystem stock in a transaction on Friday, November 21st. The shares were sold at an average price of $31.03, for a total value of $944,304.96. Following the completion of the sale, the director directly owned 1,414,636 shares of the company’s stock, valued at approximately $43,896,155.08. The trade was a 2.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Jonathan R. Scott sold 4,800 shares of the company’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $31.27, for a total transaction of $150,096.00. Following the transaction, the insider owned 941,024 shares in the company, valued at $29,425,820.48. This represents a 0.51% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 92,232 shares of company stock worth $2,913,388 in the last quarter. 8.20% of the stock is owned by corporate insiders.

Institutional Trading of First Interstate BancSystem

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. First Horizon Corp bought a new position in First Interstate BancSystem in the third quarter worth approximately $26,000. GAMMA Investing LLC raised its position in shares of First Interstate BancSystem by 186.5% during the second quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 647 shares during the period. Quarry LP lifted its holdings in shares of First Interstate BancSystem by 63.8% in the 1st quarter. Quarry LP now owns 1,155 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 450 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of First Interstate BancSystem by 139.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 862 shares in the last quarter. Finally, Jones Financial Companies Lllp grew its position in First Interstate BancSystem by 1,485.1% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,601 shares of the financial services provider’s stock valued at $52,000 after purchasing an additional 1,500 shares during the period. 88.71% of the stock is owned by institutional investors.

First Interstate BancSystem Company Profile

(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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