Wells Fargo & Company Raises First Interstate BancSystem (NASDAQ:FIBK) Price Target to $25.00

First Interstate BancSystem (NASDAQ:FIBK) had its price target lifted by Wells Fargo & Company from $24.00 to $25.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has an equal weight rating on the financial services provider’s stock.

FIBK has been the topic of several other research reports. Piper Sandler upped their price objective on shares of First Interstate BancSystem from $32.00 to $37.00 and gave the company an overweight rating in a research note on Monday, April 29th. Barclays upped their price objective on shares of First Interstate BancSystem from $28.00 to $29.00 and gave the company an equal weight rating in a research note on Friday, April 26th. StockNews.com raised shares of First Interstate BancSystem from a sell rating to a hold rating in a research note on Monday, June 24th. Keefe, Bruyette & Woods reissued a market perform rating and set a $29.00 price objective on shares of First Interstate BancSystem in a research note on Monday, June 17th. Finally, Stephens reissued an overweight rating and set a $32.00 price objective on shares of First Interstate BancSystem in a research note on Monday, June 24th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of Hold and a consensus target price of $30.40.

First Interstate BancSystem Trading Up 2.2 %

Shares of FIBK opened at $29.25 on Tuesday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.90. The firm’s 50-day moving average is $26.97 and its two-hundred day moving average is $27.14. First Interstate BancSystem has a twelve month low of $20.81 and a twelve month high of $32.54. The firm has a market capitalization of $3.06 billion, a P/E ratio of 11.65 and a beta of 0.82.

First Interstate BancSystem (NASDAQ:FIBK) last issued its earnings results on Wednesday, April 24th. The financial services provider reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.04. The company had revenue of $242.20 million for the quarter, compared to analyst estimates of $236.80 million. First Interstate BancSystem had a net margin of 17.76% and a return on equity of 8.51%. On average, research analysts predict 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, May 16th. Shareholders of record on Monday, May 6th were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 6.43%. The ex-dividend date was Friday, May 3rd. First Interstate BancSystem’s dividend payout ratio is currently 74.90%.

Insiders Place Their Bets

In other news, Director Jonathan R. Scott sold 29,499 shares of the firm’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $25.29, for a total value of $746,029.71. Following the transaction, the director now owns 1,021,663 shares of the company’s stock, valued at approximately $25,837,857.27. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Jonathan R. Scott sold 29,499 shares of the firm’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $25.29, for a total transaction of $746,029.71. Following the completion of the sale, the director now directly owns 1,021,663 shares of the company’s stock, valued at approximately $25,837,857.27. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Julie A. Scott sold 209,831 shares of the firm’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $25.29, for a total transaction of $5,306,625.99. Following the transaction, the insider now directly owns 879,869 shares of the company’s stock, valued at $22,251,887.01. The disclosure for this sale can be found here. 6.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Global Retirement Partners LLC boosted its holdings in shares of First Interstate BancSystem by 132.8% in the 4th quarter. Global Retirement Partners LLC now owns 929 shares of the financial services provider’s stock valued at $26,000 after buying an additional 530 shares during the period. Wolverine Asset Management LLC acquired a new stake in First Interstate BancSystem during the fourth quarter valued at approximately $39,000. Parallel Advisors LLC lifted its stake in First Interstate BancSystem by 205.3% during the fourth quarter. Parallel Advisors LLC now owns 1,273 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 856 shares during the last quarter. CWM LLC lifted its stake in First Interstate BancSystem by 42.1% during the fourth quarter. CWM LLC now owns 2,368 shares of the financial services provider’s stock valued at $73,000 after purchasing an additional 702 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in First Interstate BancSystem by 28.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,378 shares of the financial services provider’s stock valued at $104,000 after purchasing an additional 744 shares during 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.