First Interstate BancSystem (NASDAQ:FIBK) Price Target Lowered to $29.00 at Wells Fargo & Company

First Interstate BancSystem (NASDAQ:FIBK) had its price target cut by Wells Fargo & Company from $30.00 to $29.00 in a research note released on Monday,Benzinga reports. They currently have an underweight rating on the financial services provider’s stock.

Several other research firms have also weighed in on FIBK. Barclays increased their price target on First Interstate BancSystem from $30.00 to $31.00 and gave the company an “underweight” rating in a report on Thursday, December 5th. Piper Sandler reduced their target price on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating on the stock in a research note on Monday, October 28th. UBS Group assumed coverage on shares of First Interstate BancSystem in a research note on Tuesday, December 17th. They set a “neutral” rating and a $35.00 price target for the company. Stephens reissued an “overweight” rating and issued a $36.00 price objective on shares of First Interstate BancSystem in a research report on Thursday, October 10th. Finally, Keefe, Bruyette & Woods boosted their target price on First Interstate BancSystem from $32.00 to $36.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $35.00.

First Interstate BancSystem Stock Performance

Shares of NASDAQ:FIBK opened at $32.19 on Monday. The firm has a fifty day simple moving average of $33.24 and a two-hundred day simple moving average of $31.04. First Interstate BancSystem has a 52 week low of $24.16 and a 52 week high of $36.77. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $3.36 billion, a P/E ratio of 14.12 and a beta of 0.85.

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

First Interstate BancSystem Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 4th were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 5.84%. The ex-dividend date of this dividend was Monday, November 4th. First Interstate BancSystem’s dividend payout ratio is presently 82.46%.

Insider Buying and Selling

In other First Interstate BancSystem news, Director Jonathan R. Scott sold 6,500 shares of the company’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $34.18, for a total value of $222,170.00. Following the completion of the sale, the director now directly owns 958,710 shares in the company, valued at approximately $32,768,707.80. This represents a 0.67 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Julie A. Scott sold 20,220 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $32.78, for a total value of $662,811.60. Following the transaction, the insider now owns 635,069 shares in the company, valued at approximately $20,817,561.82. This represents a 3.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 54,837 shares of company stock valued at $1,839,583 over the last quarter. 6.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On First Interstate BancSystem

Hedge funds have recently modified their holdings of the business. Caprock Group LLC lifted its holdings in First Interstate BancSystem by 1.7% during the second quarter. Caprock Group LLC now owns 25,673 shares of the financial services provider’s stock worth $713,000 after buying an additional 422 shares during the period. Massachusetts Financial Services Co. MA raised its position in shares of First Interstate BancSystem by 1.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,051,632 shares of the financial services provider’s stock worth $56,974,000 after acquiring an additional 32,348 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of First Interstate BancSystem by 8.7% during the 2nd 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. Renaissance Technologies LLC purchased a new stake in shares of First Interstate BancSystem during the 2nd quarter worth $825,000. Finally, Edgestream Partners L.P. boosted its position in First Interstate BancSystem by 98.7% during the second quarter. Edgestream Partners L.P. now owns 116,628 shares of the financial services provider’s stock valued at $3,239,000 after purchasing an additional 57,938 shares in the last quarter. Hedge funds and other institutional investors own 88.71% of the company’s stock.

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