First Interstate BancSystem (NASDAQ:FIBK) Price Target Increased to $30.00 by Analysts at Wells Fargo & Company

First Interstate BancSystem (NASDAQ:FIBK) had its price objective upped by analysts at Wells Fargo & Company from $25.00 to $30.00 in a research report issued on Monday, Benzinga reports. The firm presently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price objective would indicate a potential downside of 7.26% from the company’s previous close.

FIBK has been the subject of several other research reports. StockNews.com cut shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a report on Thursday, July 18th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $29.00 price target on shares of First Interstate BancSystem in a report on Monday, June 17th. Piper Sandler upped their target price on shares of First Interstate BancSystem from $32.00 to $37.00 and gave the company an “overweight” rating in a report on Monday, April 29th. Stephens upped their target price on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the company an “overweight” rating in a report on Monday. Finally, Barclays upped their target price on shares of First Interstate BancSystem from $28.00 to $29.00 and gave the company an “equal weight” rating in a report on Friday, April 26th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $32.20.

First Interstate BancSystem Price Performance

Shares of FIBK opened at $32.35 on Monday. First Interstate BancSystem has a fifty-two week low of $20.81 and a fifty-two week high of $33.00. The firm’s 50 day moving average price is $27.76 and its 200 day moving average price is $27.13. The company has a market cap of $3.38 billion, a P/E ratio of 12.89 and a beta of 0.82. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.90.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.58 EPS for the quarter, topping the consensus estimate of $0.55 by $0.03. First Interstate BancSystem had a net margin of 17.76% and a return on equity of 8.22%. During the same quarter in the previous year, the firm posted $0.66 earnings per share. On average, research analysts forecast that First Interstate BancSystem will post 2.28 earnings per share for the current fiscal year.

Insider Activity at First Interstate BancSystem

In related news, major shareholder Julie A. Scott sold 209,831 shares of the company’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $25.29, for a total value of $5,306,625.99. Following the completion of the sale, the insider now owns 879,869 shares in the company, valued at approximately $22,251,887.01. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other First Interstate BancSystem news, major shareholder Julie A. Scott sold 209,831 shares of the company’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $25.29, for a total transaction of $5,306,625.99. Following the completion of the transaction, the insider now owns 879,869 shares in the company, valued at approximately $22,251,887.01. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jonathan R. Scott sold 29,499 shares of the company’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $25.29, for a total transaction of $746,029.71. Following the transaction, the director now owns 1,021,663 shares of the company’s stock, valued at approximately $25,837,857.27. The disclosure for this sale can be found here. 6.90% of the stock is owned by insiders.

Hedge Funds Weigh In On First Interstate BancSystem

A number of large investors have recently bought and sold shares of FIBK. Bank of New York Mellon Corp increased its holdings in shares of First Interstate BancSystem by 1.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 887,559 shares of the financial services provider’s stock valued at $24,648,000 after purchasing an additional 11,493 shares in the last quarter. TNF LLC increased its holdings in shares of First Interstate BancSystem by 1.7% in the 2nd quarter. TNF LLC now owns 25,009 shares of the financial services provider’s stock valued at $694,000 after purchasing an additional 410 shares in the last quarter. Hennion & Walsh Asset Management Inc. purchased a new position in shares of First Interstate BancSystem in the 2nd quarter valued at about $267,000. Leeward Investments LLC MA increased its holdings in shares of First Interstate BancSystem by 5.6% in the 2nd quarter. Leeward Investments LLC MA now owns 657,946 shares of the financial services provider’s stock valued at $18,271,000 after purchasing an additional 34,817 shares in the last quarter. Finally, SteelPeak Wealth LLC purchased a new position in shares of First Interstate BancSystem in the 2nd quarter valued at about $241,000. Hedge funds and other institutional investors 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.