First Interstate BancSystem (NASDAQ:FIBK) Price Target Raised to $36.00

First Interstate BancSystem (NASDAQ:FIBK) had its price objective raised by Wells Fargo & Company from $30.00 to $36.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have an underweight rating on the financial services provider’s stock.

Several other research analysts have also commented on the company. Barclays reduced their price target on First Interstate BancSystem from $38.00 to $36.00 and set an “equal weight” rating on the stock in a report on Friday, January 30th. Keefe, Bruyette & Woods upped their price objective on shares of First Interstate BancSystem from $37.00 to $39.00 and gave the company an “outperform” rating in a report on Wednesday, December 17th. DA Davidson restated a “buy” rating and set a $42.00 price objective on shares of First Interstate BancSystem in a research report on Thursday, January 29th. Wall Street Zen raised shares of First Interstate BancSystem from a “sell” rating to a “hold” rating in a research note on Saturday, March 7th. Finally, Stephens lowered shares of First Interstate BancSystem from an “overweight” rating to an “equal weight” rating in a report on Thursday, February 5th. Three equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $39.17.

First Interstate BancSystem Price Performance

NASDAQ:FIBK opened at $33.55 on Monday. First Interstate BancSystem has a one year low of $22.95 and a one year high of $39.26. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.72 and a current ratio of 0.72. The stock has a market cap of $3.39 billion, a PE ratio of 11.37 and a beta of 0.77. The stock has a 50 day moving average price of $35.49 and a 200 day moving average price of $34.12.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings data on Wednesday, January 28th. The financial services provider reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.44. The firm had revenue of $205.10 million for the quarter, compared to the consensus estimate of $256.89 million. First Interstate BancSystem had a return on equity of 8.83% and a net margin of 21.40%.The firm’s revenue was up 19.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.50 earnings per share. Equities research analysts expect that First Interstate BancSystem will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 20th. Stockholders of record on Tuesday, February 10th were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.6%. The ex-dividend date of this dividend was Tuesday, February 10th. First Interstate BancSystem’s payout ratio is 63.73%.

Insider Activity at First Interstate BancSystem

In related news, major shareholder Jonathan R. Scott sold 3,173 shares of the stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $36.20, for a total transaction of $114,862.60. Following the completion of the transaction, the insider owned 937,851 shares of the company’s stock, valued at approximately $33,950,206.20. This trade represents a 0.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 8.20% of the company’s stock.

Institutional Trading of First Interstate BancSystem

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. AQR Capital Management LLC boosted its position in shares of First Interstate BancSystem by 37.2% during the first quarter. AQR Capital Management LLC now owns 67,214 shares of the financial services provider’s stock worth $1,926,000 after buying an additional 18,210 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of First Interstate BancSystem by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 47,230 shares of the financial services provider’s stock valued at $1,353,000 after buying an additional 2,070 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in shares of First Interstate BancSystem in the 1st quarter valued at $238,000. Jones Financial Companies Lllp lifted its stake in First Interstate BancSystem by 24,352.5% during the 1st quarter. Jones Financial Companies Lllp now owns 24,697 shares of the financial services provider’s stock worth $708,000 after acquiring an additional 24,596 shares in the last quarter. Finally, Jane Street Group LLC acquired a new position in First Interstate BancSystem during the 1st quarter worth about $5,125,000. Hedge funds and other institutional investors own 88.71% of the company’s stock.

About First Interstate BancSystem

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.