First Interstate BancSystem (NASDAQ:FIBK) Given New $29.00 Price Target at Barclays

First Interstate BancSystem (NASDAQ:FIBK) had its price objective raised by Barclays from $28.00 to $29.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has an “equal weight” rating on the financial services provider’s stock. Barclays‘s price objective points to a potential upside of 6.23% from the company’s current price.

Several other brokerages have also commented on FIBK. Keefe, Bruyette & Woods boosted their price objective on First Interstate BancSystem from $28.00 to $29.00 and gave the stock a “market perform” rating in a report on Friday. Wells Fargo & Company upped their target price on First Interstate BancSystem from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 10th. Stephens reaffirmed an “overweight” rating and issued a $32.00 target price on shares of First Interstate BancSystem in a research note on Thursday. Finally, TheStreet lowered First Interstate BancSystem from a “b-” rating to a “c+” rating in a research note on Monday, March 18th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $29.20.

First Interstate BancSystem Price Performance

Shares of FIBK traded up $0.35 during midday trading on Friday, hitting $27.30. 112,056 shares of the company traded hands, compared to its average volume of 825,561. The stock has a 50-day moving average of $26.08 and a 200-day moving average of $26.66. First Interstate BancSystem has a one year low of $20.81 and a one year high of $32.54. The firm has a market cap of $2.84 billion, a P/E ratio of 10.91 and a beta of 0.87. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.77 and a quick ratio of 0.76.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings results on Tuesday, January 30th. The financial services provider reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.04. First Interstate BancSystem had a return on equity of 8.55% and a net margin of 18.04%. The firm had revenue of $252.30 million for the quarter, compared to analysts’ expectations of $254.50 million. As a group, sell-side analysts predict that First Interstate BancSystem will post 2.17 EPS for the current fiscal year.

Insider Activity at First Interstate BancSystem

In related news, EVP Kristina Robbins sold 2,710 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $25.83, for a total transaction of $69,999.30. Following the completion of the transaction, the executive vice president now owns 9,047 shares in the company, valued at $233,684.01. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other First Interstate BancSystem news, EVP Kristina Robbins sold 2,710 shares of the stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $25.83, for a total value of $69,999.30. Following the completion of the transaction, the executive vice president now owns 9,047 shares in the company, valued at $233,684.01. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Karlyn M. Knieriem sold 2,900 shares of the stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $26.76, for a total value of $77,604.00. Following the completion of the transaction, the executive vice president now owns 20,599 shares of the company’s stock, valued at approximately $551,229.24. The disclosure for this sale can be found here. Insiders sold a total of 7,531 shares of company stock worth $197,645 over the last quarter. 6.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On First Interstate BancSystem

A number of institutional investors have recently added to or reduced their stakes in the company. Global Retirement Partners LLC increased its holdings in shares of First Interstate BancSystem by 132.8% during the fourth quarter. Global Retirement Partners LLC now owns 929 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 530 shares in the last quarter. Wolverine Asset Management LLC bought a new position in shares of First Interstate BancSystem during the fourth quarter valued at $39,000. Parallel Advisors LLC increased its holdings in shares of 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 acquiring an additional 856 shares in the last quarter. CWM LLC increased its holdings in shares of 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 acquiring an additional 702 shares in the last quarter. Finally, Headlands Technologies LLC bought a new position in shares of First Interstate BancSystem during the third quarter valued at $81,000. 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.