First Interstate BancSystem (NASDAQ:FIBK) Price Target Raised to $41.00 at DA Davidson

First Interstate BancSystem (NASDAQ:FIBK) had its price objective raised by investment analysts at DA Davidson from $39.00 to $41.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. DA Davidson’s price objective would suggest a potential upside of 15.66% from the company’s previous close.

A number of other research analysts also recently issued reports on the company. Wall Street Zen downgraded First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Saturday, April 25th. Stephens cut First Interstate BancSystem from an “overweight” rating to an “equal weight” rating in a research note on Thursday, February 5th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $37.00 price target (down from $38.00) on shares of First Interstate BancSystem in a report on Friday. Piper Sandler decreased their price objective on shares of First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating for the company in a report on Thursday, April 2nd. Finally, Wells Fargo & Company lifted their price objective on shares of First Interstate BancSystem from $30.00 to $36.00 and gave the stock an “underweight” rating in a research report on Monday, March 30th. Three analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $37.33.

First Interstate BancSystem Stock Performance

Shares of First Interstate BancSystem stock traded down $0.04 during mid-day trading on Friday, hitting $35.45. 1,385,009 shares of the stock were exchanged, compared to its average volume of 1,192,104. First Interstate BancSystem has a 12 month low of $25.81 and a 12 month high of $39.26. The company has a 50-day simple moving average of $34.19 and a 200 day simple moving average of $34.41. The company has a market capitalization of $3.58 billion, a P/E ratio of 11.55 and a beta of 0.77. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.72 and a current ratio of 0.72.

First Interstate BancSystem (NASDAQ:FIBK) last released its earnings results on Wednesday, April 29th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.01. The company had revenue of $41.10 million during the quarter, compared to analyst estimates of $242.78 million. First Interstate BancSystem had a return on equity of 9.07% and a net margin of 21.40%.During the same period in the prior year, the company posted $0.49 earnings per share. Sell-side analysts anticipate that First Interstate BancSystem will post 2.71 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Northern Capital Management Inc. lifted its stake in shares of First Interstate BancSystem by 0.5% in the 4th quarter. Northern Capital Management Inc. now owns 52,100 shares of the financial services provider’s stock valued at $1,803,000 after purchasing an additional 275 shares during the period. HighTower Advisors LLC grew its stake in First Interstate BancSystem by 2.7% in the fourth quarter. HighTower Advisors LLC now owns 14,177 shares of the financial services provider’s stock worth $491,000 after purchasing an additional 375 shares during the period. Alliancebernstein L.P. grew its stake in First Interstate BancSystem by 0.4% in the third quarter. Alliancebernstein L.P. now owns 108,600 shares of the financial services provider’s stock worth $3,461,000 after purchasing an additional 397 shares during the period. First Horizon Corp raised its holdings in First Interstate BancSystem by 56.0% in the fourth quarter. First Horizon Corp now owns 1,268 shares of the financial services provider’s stock worth $44,000 after purchasing an additional 455 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in First Interstate BancSystem by 49.6% in the fourth quarter. GAMMA Investing LLC now owns 1,556 shares of the financial services provider’s stock worth $54,000 after purchasing an additional 516 shares in the last quarter. 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.