First Interstate BancSystem, Inc. (NASDAQ:FIBK) Receives $33.33 Average Price Target from Brokerages

Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK) have earned a consensus rating of “Hold” from the six ratings firms that are currently covering the company, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $33.33.

FIBK has been the topic of several analyst reports. Piper Sandler reiterated an “overweight” rating and set a $38.00 price target on shares of First Interstate BancSystem in a report on Monday, August 26th. StockNews.com cut First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Tuesday, August 27th. Keefe, Bruyette & Woods raised their price target on First Interstate BancSystem from $29.00 to $31.00 and gave the stock a “market perform” rating in a research note on Monday, July 29th. Wells Fargo & Company upped their price objective on First Interstate BancSystem from $25.00 to $30.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Finally, Stephens lifted their target price on First Interstate BancSystem from $32.00 to $36.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th.

Insider Activity

In related news, Director Jonathan R. Scott sold 29,499 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $25.29, for a total value 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 $25,837,857.27. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, major shareholder Julie A. Scott sold 209,831 shares of the business’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $25.29, for a total value of $5,306,625.99. Following the completion of the transaction, the insider now directly owns 879,869 shares of the company’s stock, valued at approximately $22,251,887.01. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Jonathan R. Scott sold 29,499 shares of the company’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $25.29, for a total value of $746,029.71. Following the sale, the director now owns 1,021,663 shares of the company’s stock, valued at $25,837,857.27. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 239,880 shares of company stock worth $6,069,480. Company insiders own 6.90% of the company’s stock.

Hedge Funds Weigh In On First Interstate BancSystem

Large investors have recently added to or reduced their stakes in the company. Franklin Resources Inc. boosted its holdings in shares of First Interstate BancSystem by 36.2% in the 4th quarter. Franklin Resources Inc. now owns 5,453,783 shares of the financial services provider’s stock valued at $167,704,000 after buying an additional 1,449,219 shares in the last quarter. Norges Bank acquired a new position in shares of First Interstate BancSystem during the fourth quarter worth $26,584,000. Dimensional Fund Advisors LP lifted its holdings in shares of First Interstate BancSystem by 20.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,590,707 shares of the financial services provider’s stock valued at $110,418,000 after purchasing an additional 620,682 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of First Interstate BancSystem by 6.2% in the 4th quarter. Vanguard Group Inc. now owns 9,180,595 shares of the financial services provider’s stock worth $282,303,000 after purchasing an additional 533,293 shares in the last quarter. Finally, Wellington Management Group LLP grew its stake in First Interstate BancSystem by 5.0% during the 4th quarter. Wellington Management Group LLP now owns 2,970,727 shares of the financial services provider’s stock worth $91,350,000 after buying an additional 142,069 shares during the last quarter. 88.71% of the stock is currently owned by institutional investors.

First Interstate BancSystem Stock Performance

Shares of NASDAQ:FIBK opened at $30.53 on Wednesday. The firm has a fifty day simple moving average of $29.51 and a two-hundred day simple moving average of $27.51. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.92. The stock has a market capitalization of $3.19 billion, a P/E ratio of 12.16 and a beta of 0.82. First Interstate BancSystem has a 52 week low of $20.81 and a 52 week high of $33.00.

First Interstate BancSystem (NASDAQ:FIBK) last released its earnings results on Thursday, July 25th. The financial services provider reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.03. The firm had revenue of $244.30 million for the quarter, compared to the consensus estimate of $246.07 million. First Interstate BancSystem had a return on equity of 8.19% and a net margin of 17.22%. During the same quarter in the previous year, the company posted $0.66 EPS. On average, analysts expect that First Interstate BancSystem will post 2.34 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 5th were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.16%. The ex-dividend date of this dividend was Monday, August 5th. First Interstate BancSystem’s payout ratio is 74.90%.

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.