Wells Fargo & Company Cuts First Interstate BancSystem (NASDAQ:FIBK) Price Target to $29.00

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

FIBK has been the subject of a number of other research reports. Piper Sandler cut their price objective on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating for the company in a research report on Monday, October 28th. UBS Group assumed coverage on shares of First Interstate BancSystem in a report on Tuesday, December 17th. They set a “neutral” rating and a $35.00 price target for the company. StockNews.com lowered First Interstate BancSystem from a “hold” rating to a “sell” rating in a report on Tuesday, December 24th. DA Davidson raised First Interstate BancSystem from a “neutral” rating to a “buy” rating and increased their target price for the stock from $32.00 to $42.00 in a research note on Tuesday, November 26th. Finally, Barclays lifted their price target on First Interstate BancSystem from $30.00 to $31.00 and gave the company an “underweight” rating in a research note on Thursday, December 5th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $35.00.

First Interstate BancSystem Stock Performance

NASDAQ FIBK opened at $31.84 on Monday. The business’s 50-day moving average price is $33.25 and its 200 day moving average price is $31.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.71. The firm has a market cap of $3.33 billion, a P/E ratio of 13.96 and a beta of 0.84. First Interstate BancSystem has a 52-week low of $24.16 and a 52-week high of $36.77.

First Interstate BancSystem (NASDAQ:FIBK) last released its earnings results on Thursday, October 24th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). First Interstate BancSystem had a net margin of 15.94% and a return on equity of 7.48%. During the same period last year, the business posted $0.70 earnings per share. On average, equities research analysts expect that First Interstate BancSystem will post 2.28 earnings per share for the current year.

First Interstate BancSystem Dividend Announcement

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

Insider Buying and Selling at First Interstate BancSystem

In other news, Director Jonathan R. Scott sold 6,500 shares of the stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $34.18, for a total value of $222,170.00. Following the sale, the director now directly owns 958,710 shares in the company, valued at $32,768,707.80. This represents a 0.67 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder James R. Scott, Jr. sold 6,067 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $34.50, for a total transaction of $209,311.50. Following the transaction, the insider now directly owns 75,387 shares of the company’s stock, valued at approximately $2,600,851.50. This trade represents a 7.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 54,837 shares of company stock valued at $1,839,583. Insiders own 6.90% of the company’s stock.

Institutional Investors Weigh In On First Interstate BancSystem

Large investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP lifted its position in shares of First Interstate BancSystem by 8.7% in 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 in the last quarter. Jennison Associates LLC lifted its holdings in First Interstate BancSystem by 57.3% in the 3rd quarter. Jennison Associates LLC now owns 885,802 shares of the financial services provider’s stock valued at $27,176,000 after purchasing an additional 322,578 shares in the last quarter. Hotchkis & Wiley Capital Management LLC boosted its stake in shares of First Interstate BancSystem by 100.0% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 211,390 shares of the financial services provider’s stock worth $6,485,000 after purchasing an additional 105,670 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of First Interstate BancSystem by 6.5% during the third quarter. Wellington Management Group LLP now owns 1,288,214 shares of the financial services provider’s stock worth $39,522,000 after buying an additional 78,596 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of First Interstate BancSystem in the third quarter valued at approximately $2,362,000. Institutional investors and hedge funds own 88.71% of the company’s stock.

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.