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

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

A number of other analysts have also issued reports on the stock. Stephens reiterated an “overweight” rating and set a $36.00 price objective on shares of First Interstate BancSystem in a research note on Thursday, October 10th. Piper Sandler cut their price objective on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating on the stock in a report on Monday, October 28th. Keefe, Bruyette & Woods upped their price objective on shares of 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. Barclays lifted their target price on First Interstate BancSystem from $30.00 to $31.00 and gave the stock an “underweight” rating in a research report on Thursday, December 5th. Finally, DA Davidson raised First Interstate BancSystem from a “neutral” rating to a “buy” rating and increased their price target for the company from $32.00 to $42.00 in a report on Tuesday, November 26th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $35.00.

First Interstate BancSystem Stock Performance

NASDAQ:FIBK opened at $31.84 on Monday. First Interstate BancSystem has a twelve month low of $24.16 and a twelve month high of $36.77. The firm has a market capitalization of $3.33 billion, a price-to-earnings ratio of 13.96 and a beta of 0.84. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.71. The firm’s fifty day simple moving average is $33.25 and its 200 day simple moving average is $31.08.

First Interstate BancSystem (NASDAQ:FIBK) last issued its earnings results on Thursday, October 24th. The financial services provider reported $0.54 earnings per share 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 company posted $0.70 earnings per share. As a group, equities research analysts expect that First Interstate BancSystem will post 2.28 earnings per share for the current fiscal year.

First Interstate BancSystem Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Monday, November 4th were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 5.90%. The ex-dividend date of this dividend was Monday, November 4th. First Interstate BancSystem’s dividend payout ratio is currently 82.46%.

Insider Buying and Selling at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder James R. Scott, Jr. sold 6,067 shares of the 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 sale, the insider now directly owns 75,387 shares of the company’s stock, valued at approximately $2,600,851.50. This represents a 7.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Julie A. Scott sold 20,220 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $32.78, for a total transaction of $662,811.60. Following the completion of the transaction, the insider now owns 635,069 shares in the company, valued at approximately $20,817,561.82. The trade was a 3.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 54,837 shares of company stock worth $1,839,583 over the last quarter. 6.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On First Interstate BancSystem

Several institutional investors have recently made changes to their positions in FIBK. BNP Paribas Financial Markets boosted its position in First Interstate BancSystem by 97.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 31,779 shares of the financial services provider’s stock valued at $975,000 after purchasing an additional 15,649 shares during the period. Jane Street Group LLC boosted its holdings in shares of First Interstate BancSystem by 13.9% during the third quarter. Jane Street Group LLC now owns 188,084 shares of the financial services provider’s stock valued at $5,770,000 after acquiring an additional 22,899 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of 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 valued at $127,204,000 after acquiring an additional 367,212 shares during the period. Barclays PLC grew its position in shares of First Interstate BancSystem by 18.6% during the third quarter. Barclays PLC now owns 206,213 shares of the financial services provider’s stock worth $6,326,000 after acquiring an additional 32,298 shares during the last quarter. Finally, Empower Advisory Group LLC increased its holdings in shares of First Interstate BancSystem by 4.8% in the 3rd quarter. Empower Advisory Group LLC now owns 466,687 shares of the financial services provider’s stock worth $14,318,000 after acquiring an additional 21,191 shares during the period. 88.71% of the stock is owned by institutional investors.

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.