First Interstate BancSystem (NASDAQ:FIBK) Price Target Increased to $25.00 by Analysts at Wells Fargo & Company

First Interstate BancSystem (NASDAQ:FIBKGet Free Report) had its price objective increased by research analysts at Wells Fargo & Company from $24.00 to $25.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price target would suggest a potential downside of 12.62% from the stock’s current price.

A number of other equities analysts have also recently weighed in on FIBK. TheStreet cut First Interstate BancSystem from a “b-” rating to a “c+” rating in a report on Monday, March 18th. Barclays lifted their price target on First Interstate BancSystem from $28.00 to $29.00 and gave the stock an “equal weight” rating in a research note on Friday, April 26th. StockNews.com raised First Interstate BancSystem from a “sell” rating to a “hold” rating in a research note on Monday, June 24th. Piper Sandler lifted their price target on First Interstate BancSystem from $32.00 to $37.00 and gave the stock an “overweight” rating in a research note on Monday, April 29th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $29.00 price target on shares of First Interstate BancSystem in a research note on Monday, June 17th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $30.40.

View Our Latest Stock Analysis on FIBK

First Interstate BancSystem Stock Performance

Shares of FIBK opened at $28.61 on Tuesday. The company has a market cap of $2.99 billion, a PE ratio of 11.40 and a beta of 0.82. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.90. First Interstate BancSystem has a 12-month low of $20.81 and a 12-month high of $32.54. The stock has a 50-day moving average price of $26.94 and a 200-day moving average price of $27.12.

First Interstate BancSystem (NASDAQ:FIBKGet Free Report) last announced its quarterly earnings data on Wednesday, April 24th. The financial services provider reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.04. The company had revenue of $242.20 million for the quarter, compared to analysts’ expectations of $236.80 million. First Interstate BancSystem had a return on equity of 8.51% and a net margin of 17.76%. As a group, equities analysts forecast that First Interstate BancSystem will post 2.28 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other First Interstate BancSystem news, Director Jonathan R. Scott sold 29,499 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 $746,029.71. Following 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Jonathan R. Scott sold 29,499 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 $746,029.71. Following the completion of the transaction, the director now owns 1,021,663 shares in the company, valued at $25,837,857.27. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 owns 879,869 shares of the company’s stock, valued at approximately $22,251,887.01. The disclosure for this sale can be found here. Corporate insiders own 6.90% of the company’s stock.

Institutional Trading of First Interstate BancSystem

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in First Interstate BancSystem by 6.2% during the fourth quarter. Vanguard Group Inc. now owns 9,180,595 shares of the financial services provider’s stock valued at $282,303,000 after acquiring an additional 533,293 shares during the last quarter. Franklin Resources Inc. increased its position in First Interstate BancSystem by 36.2% during the fourth quarter. Franklin Resources Inc. now owns 5,453,783 shares of the financial services provider’s stock valued at $167,704,000 after acquiring an additional 1,449,219 shares during the last quarter. Dimensional Fund Advisors LP increased its position in First Interstate BancSystem by 20.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,590,707 shares of the financial services provider’s stock valued at $110,418,000 after acquiring an additional 620,682 shares during the last quarter. Wellington Management Group LLP increased its position in First Interstate BancSystem by 5.0% during the fourth quarter. Wellington Management Group LLP now owns 2,970,727 shares of the financial services provider’s stock valued at $91,350,000 after acquiring an additional 142,069 shares during the last quarter. Finally, American Century Companies Inc. increased its position in First Interstate BancSystem by 4.1% during the third quarter. American Century Companies Inc. now owns 2,224,365 shares of the financial services provider’s stock valued at $55,476,000 after acquiring an additional 87,039 shares during the last quarter. Hedge funds and other institutional investors own 88.71% of the company’s stock.

About First Interstate BancSystem

(Get Free Report)

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.

Further Reading

Analyst Recommendations for First Interstate BancSystem (NASDAQ:FIBK)

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